Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1861-01-18

nave suspended tue pay HcRt % sPocie
Il was TO obtain relief from such cur
rency that our existing system of bank
ing was established ander the act OF
1S45, creating the State Bank of Ohio
and other baking companies.
1t appears from the quarterly report
of the Auditor, for November last, that
the entire banking capital Of the incor
poratcd banks Of
the State Bank is ~st S5,S6l,3 ,3s4
Thirty-si branches Of the A.s2 : =
,zsstats% Bank of Ohio. 81, ,1045o0 -
Seven independent banks 632,264
Elsscn free Banks...."... IT, ,l24,600
The entire circulation at the same
time,
was viz $6,634, sS7
Braaeffirssv " the State B'k 81, ,4os.e5e 's'
Independent banks.... SIS, ,6s5
Free banks....s............. 655, ,24a =gss=4s
This amount of bank ing capital and
issue bears avery small proportion, as
compared with the population, wealth
aud business of this State, 10 the hank
ing capital aud issues Of most of the
other States, and, asa consequence, we
ind our deficiency is supplied by their
excess Of issues It is hardly an over
estimate to say, that the issues Of foreign
banks now in the hands Of the people of
Ohio, Are e1uaisto the issues Of our own
hanks, or about eigh: aud half millions
of dollars. Qf-this gum a very consid-
erabie portion consistsaof the issues Of
banks which. have suspended specie pay
ments, seubracing. the banks Of Pennsyl-
vania,, Maryland, Virginia, Missouri, and
parts of the issues of other States. All
such issues, iravr depreciated' in the
hands of.the people Of Ohio, at least ten
per cent, amounting in the aggregate to
several alhundred thousand dollars. When
it Is remembered that, IN the fall Of 1857,
only three%years go. like loss wassns,
iaiped By fhe people Of this State ftom
the same soarce; it hccomes;a question
of serioass moment to consider whether
any, andsif any, what measures can be
adopted to guard tbs people from such
frequent and heavy peosniary disasters
So long as the supply of circulating
notes is issued by our own banks, is
insufficient for the transaction of tie
business Of tho State, it will, in my
opinion, be In vain to attempt, by legis-
latiye enactments, to aexpel the issues of
foreign banks. The laws of trade and
the necessities of the people viii prove
more potent than statutory restrictions
and spr6hibitions. IF the fact may be
considered as demonstrated, as / think
ii clearly may, that we must depend
chiefly for currency for the business
transactions of the people Of the State,
either on the issues of foreign banks, o.
of the banks Of our soN n State, T Tthfnk
no oitfsenAof Ohio can hesitate moment
az to which he would prefer, aud espe;
cially in, view ot the fact, that, while
within three years, the banks Of nearly
all the other States have suspended the
payment Of specis, and many of them
twiec-in that space. Of time, the bapks-of
Obio have proved ,trusstosfheir obliga
ticas, saad; saaalsto thesei tssts Of their
strepsth,.and now command the uniser.
sal confidence Of the people of the State.
+ respectfully submit to decentralization
of the Legislature, the question whether
any plan can. be devised for the increase
ofthe. banking capital, and consequent
enlargement Of the issues of banksWithin
our .uRn State. as the only practicable,
means of expelling the issues of foreign
bank 81 and of projecting tia. people from
the manifold disasters Of adehased cur
rency. The question is also important
in another view. It % but FIVE years,
from. the first of May next, when the
cLas.ers of the banks incorporated under
the act of February, 1915, will expire.
This embraces the thirty-six branches
Of the State Bank, and the seven indie
pendent banks, the cireulatien of which
being Withdrawn, we would be practical
ly without all Ohio circulation, and de-
pendent upon fareign banks for our en-
tire currency. The State may follow the
example Of the General Government in
the circulation and disburse-
Iaent of its revenues in gold AMI silver.
But, after all, this viii be found to ex.
eft little influence over the great busi-
ness interest Of the people. The fact,
then Of the near approach of the time
for Eve years is but brief period in the
history Of State--when the existing
banking system viii terminate, and in
view Of the very important consequences
which must follow this event, unless
be made in time to meet it, are
sufficient reasons:for recommending this
matter to your consideration.
There is abundant reason to believe that
. large majority. Of, the people are not
only Satisfied with their present system
Of baking: but that they would regard
it as a great public, calamity to see it
pass out Of existence. It has met its
obligations under all circumstances,
its credit, aud furnished .
currency at all times convertible into
gold and silver. These arc advantages
which the people duly appreciate, and
would very reluctantly forego. With |
amendments of the system which may
be deemed desirable, if any, for the bet,
ter protection Of the creditors of the
banks, and, in terms, subjccting the
Of the banks to a taxation equal
to that imposed on the property of indi-
as provided By cur Constitution,
I DO not doubt the system would, during
its renewed existence, give as universal
satisfhctfon TO the people Of the State as
it has heretofore. and is now giving. I
[coNcLrbEh NEXT WEEK.
-
orrtcE NEwYofx AssociaTrD PRESS, I
= January 10th, 1851.
TEn ..h :, .oao;o+ of Hlo eoIla-,.