Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-01-11
A Bill 70 LegaIIzs the Suspension Of Specie
Payment by Ohio Banks.

Payment Dy Unao Banks
In the Ohio Legislature, on Thursday,
Mr.. Odlin, from Che House Committee on
Currency, on leave, introduced bill to au-
thOri1e the Banks of the State to suspend
specie payment, which was read the first
time. The following is the bill:
WHEREAs, The existing embarrassed con.
dition Of the financial affairs of the country,
consequent upon the rebellion, the suspension
Of specie payment of banks located at the
marts of commerce, the large issue Of demand
notes ct present irredeemsble in coin by the
Government of the United States, presenting
state Of currency unprecedented and novel
in the history of the country, the operation
of which will withdraw from the banks Of
the State their basis of coin, destructive TO
the public interest, and probably occ1sioning
a suspension and forfeiture OF the charter
of some of the banks of this State, thereby
producing irremesble injury TO the public
generally, and to the banking institutions
Of the STATE; therefore
Be it enacted by the General Assembly of the
State Of Ohio, Section l. That until other
wise provided by law, all of the existing
1b1HublsI pLUNA1AOnH uOh II III kul5
prescribing penalties, remedies and proceed
ings, to be had against banks of issue in this
State in consequence of their fail5re to pay
and redeem their notes of circulation with
coin, be and they are hereby suspended; and
until otherwise provided as aforesaid, the
suspension of said banks, or any OF them, 10
redeem their notes of circulation with coin,
shall not operate to divest the title and rights
of any such banks, to any of its rights, cred
its, property, money security or effects, or to
transfer the possession Of the same out of
said bank or banks, or work forfeiture of
its charter.
Section 2. Until otherwise provided by
law, it shall be lawful for any Of the banks
Of this State to receive and pay out the
notes of circulation of any Of the solvent
banks Of this State, although in q state of
suspension as aforesaid.
Section 3. That it shall be lawful for said
banks to receive and pay out as money, the
demand notes of the United States.
Section 4. Any solvent banking institu.
ton Of this State availing itself Of the pro.
visions Of this suspending act, shall, during
Its continuance in suspension under this act
if required by the Treasurer of State, to fur
nish him sight exchange, payable in New
York in coin, for its own notes in the pro-
portion that the circulation of the solvent
banks of this State, at a rate not exceeding
one-half Of one per cent. premium, to the
extent required to pay the Semi-annual in
terest on the present foreign debt of the
State.
Section 8. The demBud notes Of the uni
ted States and the notes of the solvent banks
Of this State shall be received BY the several
county Freasurers of this State in payment
Of taxes.
Mr.. Odlin moved, that the constitutional
rule and the rule Of the House be suspended,
for the bill to be read the second tirae now.
A discussion ensued thereon.
Mr.. 0dlin of Montgomery, and Er. Dick
man of Ouyahoga, explained and defended the
bill, and argued that there was an imperious
necessity to pass the bill tonight, as brokers
were running upon the banks for coin.
Mr. Flagg Of Hamilton, claimed that the
demand made BY the banks In this bill, was
a conspiracy against the people and the Gov
ernment-that the doctrine was a pestilent
beresy-that the banks should be allowed to
pay out, as specie, the demand notes Of the |
Government; that the banks Of Chic were
sound and able to weather the storm.
Mr.. Converse called for the yeas and nays |
on suspension Of the rule, which resulted |
yeas 81, nays S5. There net being three |
fOurths vote, the rules were not suspended.
The vote was Is follows:
Those who voted in the affirmative were,
Meaars. Bsbcock, Bsrtrsm, Bates, Bsyard, |
Brachman, Bradbury, Cook, Grouse, Dick |
man, Ferrell, Glossner Griswold, Harrison.
Harsh, Hills, Howard, Howe Johnston,
Keck, Kennon, Keyser Of Noble, Lemon,
Lind, Master, Means, Miller, Montgomery,
Myers, Mcclellan, Norris, 0dlin, Osborn,
Patterson, Peirce, Pursell, Randall, Reamy,
Reilly, Roberts, Rockwell, Ross Sayler,
Schell, Scott, sieR, Smith, Stanton, Stewart
Silver, Tiffany, Wallar, Warner, West, Whit
Dey, wilkins, Woodbury., and Speaker.
Those who voted in the negative were,
Messrs. Ault, Blocker, Clark, Converse, Cory,
Crane, Drstsal, Fee Of Brown, Fee Of Vinton,
Ferguson, Flagg, Gribbin, High, Hixson,
Holden, Huston, Jeffries of Monroe, Krum,
Lott, Mafett, Marsh, Monroe, McGill, Reis-
niger, Robb, Smyths, snider, Stiers, Taylor,
Thorp, Uhl, Vance, and Wells.