Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1861-01-19

hPe.s-Ss., Weaith 0nd business Of this State, 10
Nns making capital and issues of most Of the
vepet tr otAles' and, AZ CONSEQUENCE, we fnd our
9ene,eney Is supplied BY their excess OF issues.
~ nsraly an ovef.eutimste 10 say, that the a.
sues 81 toreign banka nov n the bands Of the
people ONO, are equal TO the issues Of our own
panks' or about eight and half millions Of dol
laIs. vi thus sum, very considerable portioa
co.siss s Ol tne issues Of banks which bave sus.
pended specie payments, embracing the bauts Of
Pennsylvania, MarylaRd, Virginia Missouri. and
pare OF me issues Of other States. All such is-
sues nave deprecated in the hands Of the people
ol Onlo, ~ J. ast ten per cent amounting In the
aggregate 70 several hundred thousand dollara--
When u remembered that, in the Fail Of 1857,
ehy thtee years ago, q like assa was sustained by
.ne people OF this State from the same source, 4
becomes question Of serious moment 10 consider
Whether any, and II aay. what measures can De
eoopteo 70 guard the people from such frequent
ana noaYy PecuEiaFy disasters. So long as the
supply Of circu.ating notes issued by our own
oaaks' ~ insufficient for the transaction Of the
business OF the State, It will, in my opinion, be
IN vain to attempt. by Legislative eaaetnents, to
expel the issues Of foreign banks. Tho laws Of
trade and the necessities Of the people will prove
more potent than statutory restrictions and pro.
lotlons. II the fact may be considered as
Demonstrated, as I clearly thiuk Il NAV. that we
aust depend chiefly Cor currency for the busi.
ness transactions OF the people Of the State, either
on the issues Of foreign banks, Of the hanks Of
our oWn State, 1 thiRk no citizen Of Ohio can
hesitate moment as 10 which he would prefer.
and especially IN view Of the fact, that, while
within three years, the banks Of nearly an the
other States have suspended the payment Of spe-
Gle, and many Of them twice in that space of
time the Banks Of Ohio have proved true 10
their obligations, and equal to these tests Of their
strength, and row cosnmaRd the universal con.
hdenes Of the people Of the State. I respecfh,I-
ly submit 10 the Legislature, the question whetb.
er any plan can be devised for the increase of lhe
banking capital and consequent enlargement of
the issues OF banks within our own State "a the
only practicable means Of expelin the issues Of
foreign banks. and Of protecting the people from
the manifold disasters Of a debased curreuev- =
This question is also important in another view.
lt is bat i've years from the first Of MAY next.
when the charters Of the banks Incorporated uns
der the act of February. le45, will expire. This
embraces the thirty-six branches OF the State
Bank, and the seven independently the cir
enlHtioR OF which being withdraw, we would
Be praeticsiiy without an Ohio eireulaiion. and
dependent upon fOreign banks for our entire eur
TeRcy. The State may follow the example Of the
GeReTAl Government IN restricting the ciTeula-
tiOa and disbursement Of iis revenues in gold and
silver. Bot after all, this will be Epund TO exert
but little Influence the great business inier.
ests Of the people. The fact, then, is but brief
period in the history Of SrAte-when The exist
IHk Oohhihb VIII teTtbknHtes anO IN view
OF the very important consequences which must
follow this event unless provisions be made in
time 10 meet It, are sufficient reasons for recon-
mending this important matter 10 your consider
alton. There is abundant reasons to believe that
a large majority ofthe people are not only sats-
fled with their present system Of banking, but
that they would regard il as great public czlaD-
ity to see it pass cut Of existence. 1t has met
its obligations under AL circumstances, maintain-
ed its credit, and furnished currency at all ]
times convertible into gold and silver. These
are advantages which the people duly appreciate
and would very reluctantly forego With amend-
ments of the system which may be deemed desi.
rable, il any, for the better projections Of the cred-
itors Of the banks and, in terms subjecting the
property Of the banks TO a taxation equal to that
imposed on the property Of individuals, as pro-
vidsd by our Constitution, do not doubt the
system would, during its renewed existence give
as universal satisfaction to the people Of the
State as il has heretofore, and is now giving.
again invite your attention to our Public
Works. During the past year the expenses of
that department have considerably exceeded the
receipts. This, it is said, is manly owing to
the extraordinary foods of April, Which caused
much damage to portion of the works The |
fact that for the last ive years the result has |
been the same, has induced the opinion that they
will continue permanent tax so long as they |
are controlled by the State; and feeling pre- |
walls to considerable extent that the entire into
rest Of the State in them should be disposed Of
There are grave considerations connected with
this subject, which will, doubtless, receive youc
careful attention. That the people Of the State
will demand the sale OF these works when they
become satis6 that they cannot be made self I
sustaining. hdnk admits of little doubt.
! am not iasensible to the great advantages these
works have been made to the State, in develop
ing its resources and increasing its Wealth.
kav tar raneo eaF Fifal than thaxr |