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

commerce' hepudlatlon OF some sort has taint-
ca the honor of Pennsylvania on the east, OF
Michigan on the north and OF Indiana on the
vest but 1t has never once touched our fair
iame. Commercial and State honor are in-
VOWED In this question. Needlessly, recklessly;
after years and years wherein we have promptly
and proudly kept all our obligations, thereby
earning good name in the financial world
which Ia worth gold and Jewels, houses and
lands, 1t is to-day proposed we shall strike our
nag In the presence Of the enemy, and fling to
the winds fair record millions, millions and
tens of millions could not purchase!
| hold in my hand secession envelope,
painted with the traitor flag of Jefferson Davis,
chief of the repudiators. IL was found on the
field OF battle, and contains bank note for
twenty-five cents. "Behold the feast to which
we are invited! Let the poverty stricken con.
federatesAn crime, whom want has driven to It,,
resort to ragged shifts like this, but spare the
disgrace TO State w-ose goods and lands are
worth thousand millions of golden dollars!
Rather let us stand alone, amid the surround
ing crash, and, fail and fall who may, cost what
iE may, maintiin our integrity to the end.
Again, the bill Is needless. For what Ia it
needed2 To keep gold in the State, am told.
1t is not needed to keep gold in the State, for
it will have no such effect; on the contrary, Il
will have the very opposite effect, and drive gold
out of the State. Gold cannot be driven or
drawn from US except In two waJs-one, is BY
our incurrng debt to the eastern cities be-
yond what our shipments of produce can pay,
30 that gold 10 needed TO settle the difference
to balance the account. In such case gold
ousM 70 go and ,OH go, whatever law you pass
The other way, 10 to allow 1t to be displaced BY
az inferior currency produced from within or
imported from other States. neither of which
we ought to or need permit A great infusion
OF treasury demand notes, would, indeed raise
prices by initiating the currency, but that will be
general over all the country, and so cannot af.
feet our stock OF specie, except that Ohio must
furnish her share OF what specie is needed to
export to Europe TO pay our honest debts there,
il we owe any, which doubt
Europe cannot draw from us specie unless we
owe it 70 her. If we owe her more than our
shipments In produce will pay for, why should
we not pay her the balance7 And if she draw
from US q hundred millions of specie In the
coming twelve months, il will only take from
Us what we In the last eighteen months have
added to our stock by making her pay her debt to
US, and by retaining at home our California
yield. II the whole four millions In the vaults
and control Of the Stare Bank were to be ship
ped tomorrow to New York, and shipped thence
TO Europe, it would only move In fulhllment Of
its destiny In obedience Of laws Of trade, which
are az exact, Us wise aud benehcent as any laws
OF the vegetable or animal kingdom. It would
be as healthtul Q movement as the flowing OF
the currents Of the ocean or the movements OF
the winds Of heaven. }" ya .t
But what bugbear is thls7 From my youth
/ have heard this CRY about the drain of specie,
till my ears are sore with it. From having but
a beggarly allowance Of the precious metals
twenty years ago, we have gradually acquired
q stock now in store and 10 circulation within
the limits of the loyal Union of at leasi two
hundred and fifty millions OF dollars. This, ed
ded 70 one hundred and fifty millions of bank
notes, constitute circulating medium of full
four hundred millions of dollars, abundantly
sufficient one would think, in the present Ian.
guid condition of commerce. OF this stock OF
gold Ohio's share Is good twenty-five millions
and doubtless she hollis her share In pocket
purse, bank vault, brokers safe and hidden
hands.
Ikucw temporary excitement In the golt
market has been caused by the sudden calling
in of money deposited and loaned In Eastern
cities by foreign capitalists who have been fright
ened by rumors Of war; but THE must pas
away; and admitting that il will not, and tha
those capitalists continue to draw till they paI
themselves, they cannot possibly hold q deb
az ainst US amounting to the surplus Of gold W,
have laid In during that eighteen months.
for one do not belive they will take out thirty
millions Of II for any present indebtedness
Phe surest way to keep gold with Us is Il
make 10 useful. Leave untouched those law
which demand Its activity In the redemption o
currency and In treasury payments, and enougl
for those purposes must remain. Dispense will
Its use, as the bill does, and you take one of th
surest n cans to get rid Of it. t..
| II this bill is 70 have the effect of enabln
the banks to keep their entire present circula
ton aHOat 90 that none of it shall retire, az
ought to do, before the coming influx of one hur
4 dred and fifty million treasury demand notel
and thereby the currency of the State
sWeled beyond its present level, there will ma
urally be an overflow from this TO other State
unless their currency be also at too high
stage, In which case the overflow must be
! Europe. -ts'5T s1es4i a.. %
Il q The power of an inferior currency to drIy
out superior one is well known. In this II
spect, cola reverses the law of Auids; for pape
the lighter, causes coin, the heavier medium,
dow away. And just to the extent that th
bill will help banks to keep out their circuatio
ljuss to that extentit will help to rid US of o.
specie. -'A 4aa- sss ..-- tl
Mr.. MYERs. If q lighter or inferior curren,
. will drive out q heavy or superior currenc
then If our State Bank should continue spec
payments, while all around us other banks su
pend, what will be our condition7 IT
| Mr. FLAed. SHOULD that bank keep up Il
!, character of its issues by apecie payments, aI
!. a food of irredeemeble paper from outsiC
sources BE- permitted to have currency 10 OF
State, then certainly the sound currency fu
; niehed by the State Bank would tend to tray
| of. But this circulation of worthless notes fro
other States need not be permitted. Il wou
: be o strange way to seek to preserve the Sta
{ Bank notes within our borders, by debasing
with the stamp OF insolvency, az this bill woul
| But even should what the gentleman fears r
r ally happen, the bank need not complain. F
its interest, the further her notes go the bette
7 But suppose the gentleman from Luc
would imply that In the case supposed the bi
of our bank would be run in for redempto
They would not be run In any faster in cons
quence of the suspension of other banks, Tn
may be run in, but IL would not be from th
I cause, nor as o retult Of the law Of currency
!. which the inferior drives out the superior cV
I rency. But, since the returning of the cireu
Q tion Of the bank for redemption is in cons
quence Of the late sudden rise in the rate of (,
q eign exchange, which has raised the premir
!, on gold to the point where it pays profit to Q
! lect il together in Ohio, and ship it to M
: York; aud since this shipping Of gold fro
: Ohio will cease as soon as enough gold shl
, have gone to New York to satisfy the dehal
9 shat is, enough to pay our foreign debt
Q follows that the more rapidly gold goes ea
/ ward, the sooner will the time come when
: demand for it here will cease. This being
}. 1.-The esooner other banks than ours suspend /
II better; for their suspension will let loUse
10 travel eastward tens of millions now in th
}, vaults, spiek they thsmsslues will be very prom
d to ship and sell, and for the profit Of trhick op