Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-01-14
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MR.. FLAegs SPEECH.

N~A@SANs
Speech Of WIN. ]. FLAoo, of Cincinnati, in The
u Ono House Of Representations, upon Ma On
Inns Bill TO authorize the SaspsnsiOn of Specie
Payments, Jan. llth, 1862 d ,ty1iil
Mn. SPEAkER--The question being on the mo-
tlon OF the gentleman from Clinton, Mr.. Smith,
10 refer the bill with instruction TO 80 amend
as that its term of operation shall be limited to
sixty days, must necessarily discuss the mer-
lite OF the entire BILL / favor the reference be-
cause the bill is q very bad one, and being
bad one, OF course would prefer IL should, II IL
become law, be as limited o. possible ia its
operation. But | must be allowed TO show the
evil tendency OF the bill In the first place, in
order thence to argue for cutting short the term
Of it's evil life. tlVla 1Std3a 5l1l T1'
Whence comes this bil7 do not charge
that 1t comes from conspiracy to which its
mover is party, whose aim is to destroy the
Government. Iimpute nothing Of this kind 10
that honorable gentleman. Upon the first ap-
pearance OF the thing, was struck with real
olemay, and was impeHed TO make some impa-
tient remarks, which may have seemed discouE-
teous. / now intend, so far as my feelings on
the question, which are very strong, will allow,
70 continue the discussion 10 a calm aud dspas-
soaate manner--so much the worse for the bill:
it will not bear calm and dispassionate exam
nation lt was contrived 10 bewildef-started
aS a surprise, and its Godfather is the 'previ.
ous Qusstion." fHtLs t1a hiGyr Z
How and by whom is 1t presented before us2
10 is not reported by the proper committee ION
Currency),a committee of men selected with
careful regard TO their knowledge In matters to
which the bill relates. Il was before III st COM
mittee, but they declined to recommend it, and
was then, With my amendment, sent TO the COM
mittee on Finance, who have seen ft on short
reflection and with short report, to reject my
proposition, and recommend the original bill.
Sir, the measure Is not called for by any one
interest In the State, except the banks. Nei-
thtr farmere, merchants, mechanics nor manu-
facturers call for It.. No one petitions for It,
no one. II was never mooted In the CANVASS
has not been recommended in any public meet.
Ing, or advocated In any newspaper, 30 far as
am aware. Without warning from any quarter
this mortal blow is aimed at our well establish.
ed policy, both in banking and in the keeping
OF the public moneys, II is o thunderbolt in q
clear sky! ."' .."
1t comes from the banks, and the banks
alone; and now will prove to you that IL aims
TO promote the interes. Of the banks, and ofIthe
banks alone. '.'''.7 'Ats' '" '' 'i
Will not stand before you characterized aG
the gentleman from Montgomery Mr.. Odlin,
| has sought to characterize me, as an enemy oI
all corporations, and especially banking corpo.
rations--as one who, In his Language, goes mad
az q bull before whose eyes red Dag is Jared
whenever such institutions are named. / am
from State where corporations are allowed 60
organize Themselves for, the prosecution of any
lawful business, and will one day move for Q
similar law here. During the session of the
last Legislature, was BY come read out Of my
party because, with only one other Democrat,
dared to vote Co tax banks on equitable plinci
ples, the same as indiyiduals--t0r would moi
lend my voice to murder them, but would, II
they merited death, execute them according ia
law, and in straghtloraard way. But have
lived long enough to know how manifold are
she evils that doW from q currency of bank pa.
4 per- and especially Of irredeemable bank paper
From 1887 10 1887, have been an attentivG
witness OF all the commercial revolutions, viii
Ior without bank suspensions, and have learned
that an expanding and contyaetipR currency,
swelling and bursting credit system, can biinl
upon an otherwise prosperous people, evils liz
tie short OF war, pestilence and famine. n j"
Sir, there 10 no need fer this act. There is N
commercial crisis, There was one year ago
but it hes passed We are financially and com
merciaily rich and strong Oar gamers ant
our trains groan With abundance, and our hock
on field and prairie multiply and fatten. Oa
State Bank, with eight millions In circulation
has four millions in specie. In the panic o
1854 it did not suspend. In that Of 1857, thouEl
the Institutions of the East bent and broke be
fore the estorm, the State Bank of Ohio, stauncl
az rock, budged not one inch from its founda
tions. Neither did 1t yield in 1850, though
we'll recall bow q frightened member rose Il
that seat, and, reading q dispatch from one Q
our large cities, demanded the House shout
instantly authorize bank suspension, and hot
the members, controlling their startled nerve
sufficiently to refer the case to the Financ
committee, that committee reported againt
I the measure.l Anu we all know whether or tt
che banks found II necessary to suspend - Th
State Bank 10 stronger TO day than it was the
, stronger, Ithink, than it ever was before :
: Well may the gentlemen from Montgomery aG
NIT that it oan 60 through and redeem It's note
in specie, for IL would be useless to deny it,
That bank is the best Ia lite organization of an
; In America. Il was made to stand every shoe
Ito redeem its pledges and sustain lts honor
sunshine as we'll as storm. 1t was expressl
: oontrived TO meet this very danger which no
threatens It, The central idea of It's creatic
was that IL should never fail. | Iam glad tt
gentleman has not dared to slander its ia
Dame. bis an honor to the State and o moi
trived II. And would that the portals of deaf
might permit Alfred Kelly 10 come again ar
stand upon this floor, where he has stood befor
to defend the system of hia creation again
those 6ho would destroy IL! 5sH - - -
Sirs, the bank need not fail-it wiN not fail
In its charter there Is no such word as "FAIL!
Isay our Stateis rich aud strong; but, sour
as the State Bank is, our wealth and atrengt
do not by any means fow from Ice existence :
Itis rather because we have SO few banks th
we are as We are. And inasmuoh as one arg
ment used against me is bssed on the assume
utility of banks of Issue, i will say that o,
happy condition results very much from theta
that we have so few banks OF issue, and not |
any means In consequence of those few v
have. Let the history OF the last twenty-fiv
Years prove this. II 10 only those whose hair
gray or turning gray, who can recall the disa
. tere of 1887 and the anarchieal condition Of o.
: commerce for the many years following til
a great CRISIS; but all know how we have prospe
. ed since the sweeping away of the old tFibs
banks aud the creation Of the very few we hs'
isince then permitted to exist q The capital
all the banks Of circulation in the u Dit
States is about $420 100000. In Ohio, IL 10 o
ly about sc, ,000, 600. So that, where an equ
population Ia other States rejoice In an av
rage of over $30,000000 of this very doul
full blessing, we have got along with on
J$6,OO0,OO0, or only one-ffth as much
Others. In Cincinnati we have not a sing
30 bank of issue--not one. Ny friend from Guy
. Ihoga (Mr Dickman) will wonder how we Z
!. along. 1 will tell him. In our city, as ell
). where, men sometimes fail; but we never &
Y In consequence Of commercial crisis. sThS
. visitations, the fruits Of paper credit syste
i n % II. ~ IT'S =. :.