Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-01-16

W
Ss..rh "A WN Il. FIAao. Of Cincinnati, IN the
6S;o Ho,,.s M ReDyesentatiues. upon Ma. On
,,',,s Riu "a a,fkorire the Suspension Of Spe.
- pr,,,,sn,s. .Jan. lin. 1856.
..,r,.,,< ~ x1NH ~
N a to0n'FYsi' ~
IA dhh jhrominR Hood OF tho new Treasury
our,encv. hank psper ipstinctlvely recognizes lis
and seeks to foftify itself By legislation
Bank organs assail the Treasury. Bank advo'
Gates in this House reject nv pfoposition Tor
subatiNite which, while It would relieve the
banks to every lawful extent, would at tn same
time aid and extend the Treasury issues. Inis
needless. this reckless bill 10 but o weapon Oh
war In the contest fully begun between banks
and Government. 80 is1g ia 1fsstv =.
There is no doubt, the Treasury notes wlli
tend TO dive In bank paper. and for the time
hold tho field ofsciculation with It's profits apd
advantages all to themselves. II 30, u snouiu
not only be permitted, but encouraged, Sure.
ly, II the question be between the prerogauv,e ,e
Of the Government Of the Union 70 issue DIS
of credit and by sheir means borrow o. S1e
people $3.50, ,000, 900 without interest, ana lne
privilege Of the banks to do the same mag we
ought 10 know with which to take part; Let
the power OF the Union have the nelo, Ihouss
every bank dollar be driven 70 i's counceT non
II it be necessary, too, to replace our $s9v,voV
900 Of specie with further treasury ISSUE ~
that amount, 30 as TO extend the loan .ee " "
terest to $40O. .OOO,0U we should suomiS W Inas
still greater evil withoutresietance' whenever
the demand notes shall have been apsorpeu y, an
funded debt, on interest,", ofshny nsy VII WI.
readily seek as soon as the war Is uiumPnan.iy
ended, then bank paper will retufn auo speole
return, each to it's old ehanpel goia circulation;
and meanwhile the fret effect of !ne new loney
will be to swell the bulk OF loanaDle captai ana
induce investment in the funded debt; and 20
this mode Of relieving the Treasury acts bene-
ficially In three waysr-lsto i obtains money
without interest; I'd, II induces Investment In
the funded debt: and, 3D., The demand notes
being convsrtibIe into fuaded debt at par, the
restoration of the Union will result 10 an ab'
Isofbtioa of the entire issue, in a gradual way,
Withont ehock.or injury TO any Interest of the
country. = giI N, 's }sols.gft t.,;,lt ,.sg,f
| If the banks want the whole field y, them
selves, they may as well know that they can't
have It, Their patriotism has been lAudea
here. | say nothing agalnst their pRners or
managers only say that banking corpora
tohs are machines contrjved for making money,
aud who can no more help working in the dlrec-
4 tiobi where their interest lies, than wildcats
resist their instinct to scratch, serpents to
ibite And when the profits Of the greatpligar-
| chy Of banks are endangered even by the ne
cessary efforts Of the government Of this great
republic Of men to preserve It's very existence,
the banks can no moro help combining TO rcsist
than can ball Of snakes help nteFcpiiing their
scaly folds to ''knot and gender In the heat Of
summer. NY substitute, which allowed the
banks TO redeem their issues with the demand
treasury notes would have enabled them 70 go on
! With case aud avoid forfeiture of charter IL
rronld bava anahlad thnfn 10 kaep their stock
Of coin, or sell it and pocket the four or five
per cent. II would have permitted them 20
bank to the fullest extent they ever did, and
give their customere every accommodation they
ever enjoyed. II conceded more than | thought
right to concede, and would not have voted Tor
it, en- its final passage pnlets found It mecca
sary to 80 vote in order TO save US, from the
greater evil of the original bill ,.,,I.,,
| WhV was it reiected1 The gentleman from