Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-04-12

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Mr.. KEY thought il ., inpropes 'neaaorej
and bis motion prevailed. M
Mr. SMITH, from cue COMMITTEE on QurrenH
cy recommended amendnents to,a and the passage
of II. B. 305-to prevent bankers. brokers and
other persons from paying out notes OF speoie.pay
log banks at lees than par. II is to prevent
banks from putting Into circulation other than
notes ofspecie paying banks, The amendments
OF the committees materially chahgethe House
bill. ~ " sAAS ~ III k&k8tF
Mr.. COX raised the question whether the act,
as proposed to be amended, should spply gener.
ally TO toincorporated companies. He thought the
application would be too extensive.
Mr.. STANLEY was opposed to the exten
sion Of the principle, because it would operate
upiustly upon persons employing much labor.
Mr.. SMITH said the object of the bill Is to
prohibit the circulation of other notes than those
ofspecie paying banks by any banker, broker, or
incorporated company wbateger.f c,TT7rrff %
Mr. KEY favored the principle. - In
The amendment of the committee to this eff
feet was adopted-yeas 90, nays IL.
The second amendment restricts the paying
out OF notes 10 such paper as Is redeemaoe in
specie at the counter Of the banks issuing the
notes. Agree to.
The third amendment struck, ont the defini-
tion oil the word SPAR" q u " p"
The fourth amendment simply made the bill
comformable in every respect.
Mr.. STANLEY thought the bill prevented
any sort OF company from paying out depre-
eiated currency.
Mr.. FERGUSON said, "uuless said company
is wiling TO receive the same at par, but does
not prevent them from paying II out to be taken
out Of the State f'r REDEEM p,iOn -
Mr.. STANLEY thought that If corporations
are not Iermitte ed to pay out such money, indi-
viduals should not have the privilege. The
measure looked to him like an attempt to break
down the corporations because they are corpor
ations.
Mr.. GARFISLD said it was legitimate legs
lation to protect natural person against artif
cial persons. There is good reasons why cor
porations should be prohibited the exercise Iol
this power, because of their superior power tC
do injury He favored the bill F7EIf
| Mr. SMITH said brokers are in the habit oi
drawing specie for Ohio bank notes, end invest
ing the specie for deprecated Kentucky, Virgin,
and other State currency, to circulate Ia Ohio,
TO the manifest loss of our people. He thought
it the duty Of the Legislature to stop the abuse
The bill, as itstands, effectusly stops all per.
sons from circulating such paper.
Mr.. McCALL thought the borrower would
/
He thought the bill would operate against the
people, because brokers take deprecated cur
rency, and pay IL ont again, 90 that 1t answers
all the purposes of par currency. II often hap
pens that borrowers are glad to take this paper
II brokers are restricted by this law, it will Grip
Pile the capital of the country. .st
Mr.. STANLEY wanted to know how com
pany which has bill FIVE per cent. below pal
would get rid Of It.
Mr.. SMITH. suppose, according to suct
an argument, he must be allowed to cheat some
body. He may return 1t to the bond that iasuet
it.
Mr.. FERGUSON. He may sell IL to th,
brokers. They will aggregate such paper ant
send 1t home for redemption. This law viii
force all such paper out of circulation, and will
cause the introduction of good paper
Mr.. PARISH was 10 favor of law which
would get rid Of depreciated currency, but bill
which will prevent the circulation of currency
that may depreciate while 1t is on hand, at cur
rent prices, he could not favor.
Mr.. FISHER was in favor of the bill. 1t
will drive all deprecated money into the hands
Of brokers, who will return 1t home and get par
money for it.. 1t will therefore save the people
much loss and annoyance. If such money il
made unlawful railroad companies will not buy
such money to pay of their employees.
Mr.. WHITE said the bill was introduced by
q large stockholder in O bank OF issue uuder the
State law. The object Of the author was TO
correct an evil Introduced and sustained by car
pet sack brokers They assortl Ohio notes, a ge
the gold for them, make q profit on IL, buy de
preciated currency Of other States and circulat,
it here; thus exhausting the specie capital O
the State, and flooding t with deprecisted pa
per The bill is designed alike to protect th,
II State Bank and Branches, and the public. AL
the profit in these transactions is taken from ths
borrowers, because the per centage which the
brokers make off the banks must be made BY
the banks off somebody else, or the banks are
bound to 90 under.
| Mr.. PARISH moved to amend the bill by
striking out the word incorporated, ,pand insert
ing "raiiroad" companies He was 10 favor of
the object of the BILL but opposed to its mode OF
operation, because IL will interfere with private
| business. ta' T.r 'T 1, q
The amendment was lost, and the bill was
| read third time.
Mr.. MONROE had been inclined to vote for
the bill, but could not do 30 with the amend
ment including incorporated companies"
The bill passed-yess "a, nays 6.
1 Those who voted 10 the affirmative were
| Messrs. Brewer, Bonsr, Cuppy, Eason, Fer
guson, Fisher, Foster, Garfield, Glass, Har.
rison, Harsh, Holmes, Key, Lsskey, Moore,
Morse, Newman, Orr, Perrill, Potwin, Schleich,
Smith, Sprague, and White--N
Those who voted 10 the negative we're
Messrs. Cox, Mccall, Monroe, Parish, Ready,
and Stanley-6.
Mr.. MOORE, from the committee on Corpo
rations other than Municipal, recommended
the passage OF the HouseBili for the organiza-
tion OF market house companies. The bill
passed-yeas 90. nays0.
REPoRTs FROM SELECT COMMITTEES.
Me- MORSE. from select committee on H.
B. 79-Supplementary to the justices act, In
relation to minor criminal cases--reported it
back with an amendment, and recommend ton
thai it pass. II gives magistrates iual jurisdic.
ton In such cases. Mr.. Morse presented an
elaborate report, treating the subject matter Of
the bill at length = -..,, ',.. -.--- r
Report tabled.for printing. A'4'' ~ '-'
The bill was referred to the Judiciary commit
tee.
FIRST READING sF aFf
II. b 452-To authorize township Trustees
to examine the books, vouchers and MONEYS in
township Treasures.
CAPITALIZATION DILL.
The Railroad Capitalization bill as amended
by the House, was agreed to by the Senate and
will be law when signed.
Mr.. FERGUSON cailedtup H B. No 29l :
To lease be Public Works, BAT on account of
the absence of Mr.. Jones, on account Of sickness,
the motion was Wi,hdrawn.
The Senate took a recess.
HOUSE OF REPRESENTATIVES.
auFTg gIya FrD.s, Aprill2, 1851,
Prayer by Rev. Mr. Grammer.
Mr.. SCOTT. of jefferson, moved that the