Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1862-02-06
[FOr the GallipOlis Journai.I
LETTER FROM COLUMBUS.
CoLuxBus, O.. Jan. 80, 1862.

EDITOR OF JouRxAL:-Since my last
letter to you, much progress has been
made in the way Of Legislation. Some
bills have become laws, others are un-
der consideration in Committee, and
others again have received their quietus
by an indefinite postponement. To q
locker on ii would seem as il little had
been done, and yet such is not the fact.
The work of legislation is done princi-
pally In Committees, and when they
shall have sufficiently mstured the pro-
posed changes in the present laws to
bring the matter before the House, it
will then be perceived that much has
been done.
The bank suspension act has become
law. l am satisfied that it was q mes-
sure Of imperative necessity. The sus-
pension of the banks In New York
created 8 demand for gold. and made
it an object to obtain it for sale; conse-
quenlly all the brokers and money
sharks in the large cities, not only in
this State, but in other States, even to
far off Wisconsin, actively commenced
running" the paper Of our banks
home, and drawing therefron the gold;
in consequence OF which the reserve Of
the banks was rapidly being exhausted.
and forced suspension necessary re-
suh. (sI7o.ooo was Withdrawn from
the Capitol city banks in twenty-four
hours.) The question then was mar
rowed down 70 this: Whether the
banks should suspend and go into liqui-
dation as provided for by their charter,
or should the legislature legalize it, or
rather, suspend the penalties. Thought l
the latter course the more preferable.
and for the following reasons:
First. A forced suspension would
have obligated the winding up of the
banks. This would have caused de-
probation of their paper from FIVE TO
ten per cent and perhaps even great
er depreciation, and bringing into
market for immediate sale all the State
stocks deposited to secure the circula-
ton Of their notes. 1t would also have
deprecated State stocks very consider
ably, and eventuated in loss to the
bill holder; and. also, prevented the
State from borrowing money on its
stock at par rates.
Second. The demand notes of the
Government would have deprecated,
and become to these money sharks an
object OF merchandise. You will read
lily understand the evils Of such state
Of affairs.
With the amendments made to the
bill in the Senate, the following good
results from it:
Firstly. The paper Of the banks re-
mains at par. and insures good and
safe currency for the people.
Secondly. The hanks are compelled
to pay taxes ms individuals, which will
put several thousand dollars in the
treasury.
Thirdly. They are compelled to re-
ceive the demand notes Of the Govern
men, at par. and thereby prevent de-
preciaticn Of them.
FourthFv. 1t does not prevent any
one having one of their bills from OBJ
tanning the gold by snit. If he so do
Sires.
Your valuable paper did not reach
me until some time after its publication,
owing, suppose, 10 the high water and
consequent irrruularity of the mails.
The question of adjournment has not
yet been seriously considered. We
might get Hrough by the first Of March.
but will not before all fools day. Too
much "gab" for expeditions working.
In regard to the Senatorship, l can
speak with no certainty. There are
numerous candidates, but who is the
most prominent and likely to succeed,
it is difficult to say. The question is
hardly mooted as yet. All guesses
made BY the correspondents Of the
Cincinnati dailies are of small value;
got up 10 sy something sensational,
and perhaps create feeling in favor Of
or against some particular person. For
instance. the correspondent Of the Com
mercial is "writing" Wade "do~n,"
and Chase "up;" while the correspon-
dent Of the Gazette, "Turner," who IS
Mr.. Coggeshall. the intelligent and
gentlemanly State Librarian, and has
"no axe to grind" gives you a more
correct statement Of the feeling of the
legislature upon the question. As l
see no particular reason for making the
election this winter. I shall vote for
postponement until next winter. unless
advised otherwise as to the wishes Of
my constituents.