,. - .
it', i . fr,, - . . , .
- .1 - - .
r"' :7,-!"--,,- et- -a, ," ,,,,
1 -', ',' t .6-,--.1.
IF ', 4- - ,
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" 4 4 '', '
' ' 40., 4.; '4 4 .4"
''' 471 ; . 1Ak, : ,01106., ":e Ailár
- - - -
, . ,
, ' , ..tt
',-- ' '
10.,,I.,; 4 ,. ,
- " 4 1
7. HILL k ITCHENER.-PUBLISIfERS.
bdoinee41, demanding bt'rite capital and
, - extvnsive 9iedit. - -'
,-,4 f .
The'contrection of the banka, ana the
. , enuoarlunnt,1-scarcity, ' when enmpared
l';', With fdrinerjeerr, of a circulating me.
' .- rituto, have fiad et tendency to incrust)
- v Oa ombarregmente among our einzene
, tent mos be rethrmed and made secure, and
brought down to the necessary business wants
of the community. So far as this system is
:,-4 wkhen our reach, it will be nor duty to place
-k 'winks solid and substantial footing, and res.,
train it within those li .,its which public policy
and theijermanent good ()Nile country require.
, 4 Other 111 Celt Will, 110 doubt, in due time per.
, chive the necessity or pursuing a iiiMiltit pOlid3'e
,- We cannot hope, perhaps, tor an entire reibrm- 1
Minn of the paper system in the United btates,
until there is ft 'mention of the Garland Gov.
' ornment its fiscal action, from hanks and
, bank paper. fins should take place, it wilt
r Ws a salutary cheek on the issues of the banks,
,! ammi othnnn:Ell .11 tsmechikaai I 1
value is as imolai& in.' community like ours
st fixed and cenain standard of wheights and
olossures We are as pyteh brund, by a due
,Jogard to sound pok3f.411secure the one as the
Aber, proyieon. The ourrenct,
por . - . - ',4--
. ' ' 4 I , , -- ' ' ' -. '! (; - - , .
t. '-' ' ' , ttl:. - 4 - r., ' ' ,. P ' '
r . irl'i r A i 11 '(t
.ert only of. ihis, but of all our sister States, is
lly cpmpost d ef bank paper. It has be..
'lotus in ri great degree the only measure of val
ue ,by which the-price of every thing is fixed
and regulated. It has driven prMcipally an the
gold and silver oUt of circulation,' and usurped
the place of.the precious metals. The impnr
taut part that paper money is thus made to per.-
form in ail the butrinese transactions' of life. and
the impracticability of remining to a Circula
tion composed entirely of spicie, and the strong
tendency there is toward' increasing, instead of
tho quantity of bank paper. in ma.
ny. pills or the Piked States, impose on the
legielattee the important duty of regulating and
controiling, as far as possible, paper issues, and
guarding the puhlic against all possible lose ei
ther by the failure of 'hanks or a depreciation of
their paper. We are admonished of the nectar
sity of this from the history of the past, and
what we see daily transpiring around us. That
....., inm.ro-ne'ye'dP-Mitts.',: In.SleY eighteen taut part that paPer money is thus made to pet.- frac from UMW objectinne to which other svs.l. to extend its liabilities, exclusive olcle;i years atter the espirattort et Anew char
' t' ' tiara and'thirty seven, the iliecourt.s rot., in all the besinesa transactions' offile. and toms ire obnosiousthat it eiveld :not be clialg I poe
. itee, beyond three times ..the amount tors in eigliteenland forty three. - Many
,,,,) , ed with being a monopoly,ti Jae the stouk and i of specie in ite poseeeiontat the' time of of the banks of the . State lave coin.
of the banks in this state were nineteen
,;.. , ths 4mpracticability of rem:fling to a Cucuta-. profits would bothibelongloTthe Insoplethat .
, such exteneion.,:Each bank slieuld he thenced itteady the bueiness of winding
troegtuhlear lieng : tt ismaca ttei o nb,u
, ,.,-- W million's fiie hundred and five thousand lion nom d einiorewlyarodfs . sainngd, tihnes :1st ra do nogr
required to redeem he notes in gold oe.dp, under the pretext that,.. the litne
:inn! a ail clui 11
. -,;;t: ' ' : Sii hundred and eisty-two dollar,. On liPn:rieea' ihterwe inuoldreboelesemTly
, , ,n .. . .
the thirtieth of September last, they
, i pleven millions, two hundred and sixty
. , . were te... ndeneyPrere
ta I the .,11iii
1 3 eight thouSind ote hundred snd twenty le im . th .
'' .. five , &Alters. -' Showing a -reduction in g
. noyini. pitat.rishince, the quantity of hank pa
.ted States, impel'. in ma
pose on the banking than like institutions owned Ind cons I
trolled by irsdividual". There are objeutions,
however, to' putting tfiis sycein into operation,
re e important duty of regulating and which appear to me too formidable to be over
contr:ling as far as possible paper issues and come. The banking capital of the state on die
:. " the discounts of the banks since May - . 1 . . 1 . . ' . t - ,
' . eighteen hundred end th irty , r guarding the public against all possible loss et- . '
"Ten' e' I ther b the failuie of hanks or a do reci i'o f
',,,, e glit millions two'hundred and thirty I l hut sth day, of September last was over ten oU
t millions aud a half. A state bank to sup, ly the totes
P al n 0 place of the'present banks would require an es
their a en We are admonished of the neeea. ual amount of ca nal whiuh Would have teo be Getoltvoerriwfihtileeuit bad the means of doing their. Ostlers have to rðn is-7 not more
pend for.the ivant.ormeans than sufficient to enable them to close
beyond a 'limited time. in either cast it their businees. The enormons rate , bf
eh ld be deemed a forfeiture ofcharter, interest ,at which capitafists can loan out
and visited with suitable penalties. 'All a, strong inducement to them to - with
of a less.denomination than five, dratetheiefunds from .,batike.'' Estee
dollars should be carefully . excluded, ding the time of tbe banks for wioding
3. -, seven thouttand fies ,handred and thirty I P P . cl , . P. , from circulation. Each bank should be up, will do away with toy real micelle'.
-. -7; ' eleven dolibie. L'Irbeir ciiculaticie
' ' been, dirnioishrsd since the 30th April to
-'4'' . the' 30th Siptember . last,' one miliion a baaa
-..,,,4 . eight hundred mid twenty-four thousand ad
, , , k
...A' four buntild and ,, nineteen ',dame end
' 7 4! ' ' twenty-. thtie cents. Under Ole
. . ,
' , - ; -Vowed citeulation our citizens are now
. sae InIdosu.iythtte, hipstoryg of the p , .
il ans irin around us That 1 1 - d bt d d b
state UMW arge y ta e an clogs in pu -
I lie improvement' winoh cannot be abandoned
stsd vitiated come is tme ad) g
est and procured by a loan in some shape or other. The
1 without losing a large amount of money and a.. required to pub!
evils with which we oduld be afflicted, can. : bor alreadylexpended. The compietion of these directors
not be doubted by any one wife is Tye
coif-. appreciaiing the benefits of a sound and steady 1
'- .-'4 ',tailed upottl to Meet their engagemente' system has filled the cbuntry with a
i, ,-5. bi, or, works will "well our actual debt,which we will row ish, at stated times, tin. ty which they may consider themselves
der the oath of the proper officer, a true under 110Vi to commence . the business.
statement, showing its condition.. The of closing up their dregs. , You' will be
should be prohibited frem bor. letter able to judge -of the.' expediency
in2 mnnev out of their -own bank' f th. asu e however When u
i he compelled to nay as it falls due to,upwards , 0- 19 Me r- 9' Yo
of fifteen millions. Would it then 'be wise pots
circulating medium. ' That the present banking icy for the state to adopt a system of banking post
fluctuating, twhich woud increase the debt of the state, say
five ot ten millions? Ootild the funds be obtain. .
No bank should be permitted to iisue shall have received ihe report of the
note, for circulation. The banks Bank :Commissioners. Their' report
, should be prohibited, ender severe penm :will give you a detailed-statement of the
' - ! -entered into '-iinder- Our 'extended and unsteady, and at time', a depreciated currency, 1 Butes from dealing in produce or merlo present condition'ef the banks, and en
I' 4 ed on a loan without extending our credit bas .
Ti I's ' highly inthited, eirculetion when- money is demo. nstrated by its histeryfor the kill MOW. yond the limits of prudeneet Or could they be. chandtze. or buying the issues of- Wet, able you to determine hPw far- ' any of
--,11 - , . .
'II '4't, was plentyi. and. eredit easilyobtainee, ty-five yea's. That it hai been occasionally .obtained on any terms, or such as would justify' banks at a discouet; While these res them are entitled to public cfififidence.
1 -'-'''' ' d h it d reason to belt te
,,, ,,, an whoa et et a . . e used by men destitute of moml principte as a the state in taking them? These are questions,- trictions would remedy to a greater eii.;- , The practice el lbaning money at an
' , ' - that they .;i0ould ' bedible. to , meet. their
.,, it 1 means of defrauding the public out oflarge aums iii my judgment,. wort y
h the serious consideras
- non of those who advocate me creation or a
. . .. tent,' the evile which now exiet ipthe exhorbitant rate of interest, ranging
-' ' ,.. '., . eugagetneetcwithont any difficulty. This of money, is equally true. . The public has wit- present system, they would in. no' way from ten to fifty per. cent, hislecome a
state bank. It would be difficult to keep ouch an
.'''V'' AlluetrateCkho inpnious coneequences to needed, year eller year, a
. ' ,., ,
- the commeetty of it, currency:capable of wrongs by irresponsiblecorporationi, until the ,
perPetuation of these institution entire!' free from 'political influences 0
and party conflic,ts. p is greatly . to be feared' ing, Or prevent
that it would partake of the political impulses' perate. against lair and legitimate bank,' great and growing evil, and should be
zing a liberal profit on their ba
capitalists from midi. arrested by a Well guarded and highly
i '',",-1.', :great and audden,expaueion aud contrite.. poltcy of permitting diem to exist has become a nk Invest penal usury law.' I would be willing to
of the party ni yo.wer, whi.ch .woul.d ctitimly . Meal". They would ceerateselely on allow canitalists the libertv of ' contrat.
:great auu autiouvrapouciuu au4 mull au poucy or permitting mem ro exist nal women
of the party ni power, which would efitirely mecicia. They would operateiolely on allow capitalists the liberty of .contrac
tam, r1.-, , ' il doubtful question with some, and the propriety destroy its usefullness as -a banking institution
..The piominent causes, however, of and .g. n o a
necessity of relhiming them Is conceded by and brin i th political field a corruptin the fraudulent or reckless banker. and. ling for a fair and liberal rate of interest
- 1. Q '41
4he present difficulties, under whion tile all whose,judgments are not swayed by inter, moneyed influence, hostile to the genius of our
o : .... RAMA nhiertann halt tini
, country, labors, are to be sought for in sst,, or influenced by the party conflicts of the free institutions. The same objections, but not
t7,$;,,, tue large amount. of, interest, annuallv , to the same extend,apply to a state bank, where
may. In I matter or such great moment to the the stock is in part , owned by the state, and in
, paid ',to foreign eapitaliets, (variously uhlis we shoulelay aside our party feelings part bY individuals. No peculiar advantage ot
- I ist...A ounews &tufa hnnk Wham ths stesniz
'''i '4 eatimsted at front; eight to , twelve mil.
'1" 1. trod pr'ejudices, ,if w-o. haVe any, 'and'act Mon'.
,,,, ,,,i,;, , tons,) for money borrowed by the States. for the permanent good and prosperity of Our
7:,,74,''' , ; and Vorporetions; find in the great arm,
country, in which we all have an equal stake,
',-,:,' '-': 'excessive imPortationwof foreign goods and the welfare of which we all, no doubt, de.
8, ., , ' into I Is countrye end the debt thereby.
sire, whatever may fié our party preditictions.
" '' ' created, Our imPotte foe several years 1 ... The means of obtaining a sound, stabis and
,. . , liaie annually exceeded our eiports to a
safe circulating medium, is it subjiict on which
iirgb Amount, loping heatiy4 obibil a. -
, IL am aware, a great variety of opinions exist in
- -- - gamut us to be paidin ceitt.-,, Thiti debt
Ili conun unity. In a matter, bower. ofso much
' '' - te new called tor and must be paid.;The 6
It ; A , - importance,' a free and frank interchange of o
.' coin necessary. to per our foreign 'mot
::, pinion, and a full and candid investigation of
tleini principally abstracted:from the
, benks4 .they are forced to curtail Ahem the whole subject will he likely, in due time,
..i,., . : .o, circulatieu and call in thelr discounts; 14.. bat couree of olic best
to enable us to adopt 1 p y
, , . Inenn,S of which-, mit. circalating medium -calculated to prumote the general good. The
,-',,,. ., hats- reduced fer the last year by,
. bepot ' ' ' tile is ninth)? approaching, when some settled
' - . the. deuble..prneetie aspects a lc portaðon.'and defilkiI0 Polin-nnAls ha adopted, in relation
A'Iii 7';''- '.
,,.,, i k . . end bonk contraction. .tThe great evil to our banking system, and the currency. Must
li.,;; ' '.,. of whicit we' have' Caine to 'complain is,- ofthe 'present bank charters expire by their own
'.Plt:::;11 ''. the , excessive :importation of foriegnf tin-lifitiono On the And of January 1843. The
.,1'-g',?i..'. goods, greatly exceed,ng the necessary, policy bereattei lobo pursued, should be settled
s''.i.:4i..1;.,:;,',' wants end d,etutinda of We 'iountry, end , biters thi expiration of the present bank chars
.4',,:;.',YZ - .. ititir ability là pay.- . Ili ie evil bae had its tars. Whether the present i
.. a propitious time
- ,','",,..,', . origin in, the overgrowing sysiern of banking, . to fix upon the settled potiorto be adopted in
.-,, ',,,,,x,' :which has sprung up in the United States ;Atli
relation to banking and the currency, or .whe
t . , in the last few leers; and the consequent mai.
,.:-''' '11.... tiplication ()flank paper beyond ilie real buoinede ther it would he more prudent le wait develop.
14i, ,-.':,' . wawa sif the cOmmunity The increase of pa. moots ot atiother year, is submitted to your own
:.,,,s... per, mon ey by, rendering' Abe circulating tuelli. er j g
bett id manta. - '
. Jr Um cheap, nsturally predueed.au inereade !ape, .
I consider it impracticable this stets to retort)
..;,,';.' price of foreign goods. Dy this means their tin.
to a bard money' currency Etch state of this
.,t, , portationlias been invited into this country to
confederacy, pcssesses the power incorporating
'F' ' ' b , Id it our paper prices, but to be paid for
p,, . . e so
banks, gild regulating them at pleasure. This
4"12, . either byl our exports, or in coin, Our exports
''".f ' - be tt ' . d t th
,. , tug uvtil ic.eut, our coin. is require o pav e power has been, and most probably will con.
a tinue to be liberal& exercised by most of the
,'' ,,,, ''sf 4 '.. balance. ' Until our foreign debt is reducce we .
States. If we eho.uld dispense with banks, it
I ' - ,, ,. earrint expect much relief Inni the prese fit prigs.
would not prevent the circulation amongst us,
h' ' '''' ' sure. Vbe present crisis it tote that must be
'of bank paper. There is no way ef excluding
1, '.,".,. ... ' . mat; it, may be postponed but cannot' be avoided': hank paper from circutation, only by the con
'',, . by legislative action. , Our foreign debt must be I
teinperaneous action of thd several states. This
:',t' '. paid, not in paper money, but by our exports,
1 is nnt to be expected, ,If we should abolish
::;... or in guid and silver.
All lliermile l'i. PaPer !' banks of eircumtion,the Consequence would be,
.1 ., . - circulation will not enable its to PaY "r rureign': that the nthes of other states would,flow in a.'
, , . rp tt, while it will induce a continuatiou of ex. i
1 mong us, and circulate in the place of our own
... ,,',', ccrisiie importations by keeping tip the. high .
, , h,i,...ce...,.. na. Au. n.n..nt ...1,ne excluded note.; . -The profits of banking wonld
WAUIWID,1 tS1.0.C.. I 09 puma UR uounitig woUlti
I, , ',, . : pricier of fireign g ode. - OW-permanent relief i hos be transferred from our own,to sister states,
1 ".; . will be found in the abundant crops ofthe come 1
, " , try. When they are brought into market, and ,
4 v have a paper currency,tit is better to have ono
,,,.. ,... applied to the payment...I our improvident debts,
- the difficulties and embarrassments under w.ich ..
, . without an
. , that Ign0Mir Ain nirst Isausrillil Mill dSPiAll itt alti..kt . . y ad vTtsge in !return. If we must
of our own creation, aubject to our own control,
anu mumble to the people of our own state,
.,.,... aPplied to the payment...I our improvident debts, "''" r"P"' '""'""71- " "' ""' '' """ ""
of our own creation, 'object to our own control,
-, ., the difficulties and embarrassments under w-icit
and amenable to the people, of our own state,
0 1 . the coutitry is now laboring will cease to exist.
that One issued by corporetions beyond our JO
" , To avoid, a recorronce of these evils, we must
we !radiation, and the reach-of Our laws. Theliol,
. , Ilii, a nation, itnport less, and export mire.
end i icy, however. of tOpensing- with banksliti.ir.
' '', . roost rely more nook ,our own resourtea,
1 culation entirely. is advoctaed by but few, and
. tot so nitich,upen foreign capital. Th I credit syt.
perhaps without full considerstion of the cit.-
, . tent must be maimed and made secure, and
minuteness by which we are surroundedw,' The
brought dowu to the necessary business wants great majority of the public acknowlede the o
af the cominouity. So far as this system is
tility of banks, in the business lanssctions of
,-.1'', withen our reach, it will be nur duty to place
life,when they are established upon proper prin.
.i' . - k oponsa solid and substantial footing, end res.
, ... .si train it within those li oits which public'policy ciples,-aud confine their operations to legitimate
, ,,, and theijermanent good ()Nile country require. banking. - .., ,
In my maugerai address. I took oecasion die
, k.. . Other SWUM Witi, 110 doubt, in due time per.
,4., tinnily to state my views on this subject. I then
,,. : chive the necessity or pursuing a similar polidy.
stated as niv settled opinion. "That our aye.
-.4.- - We canuot hope, perhaps, tor an entire reibrm
Y, Minn of the paper system in-the United btates, tour of credit to which we have long been an.
customer!: eould not be destoyed without de
r. . until there is a seperstion of the General Gov,.
ranging to a great extent, the business order of
? fitment km fiscal Amnon, from hanks and
the conimunity.That our policy, therefore.
,,,,, . bank paper. , If this should take place, it will
should be, net to destroy, or impair thst part of
F - Imre a saletary cheek on the issues of the banks
,,! and sffinonish them at all times of the necessit; i our credit system, which exists in the shape of
T. . - . . . r I bank never. but to place it noon a more solid
bank paper, but to place it upon a more solid
an doubetantial footing.That currency which
ie best adapted to our varioun wants, long hum.
nem habite,,and all the ciroutnatances hy which
we are ;surrounded; is one comporied partly of
. , Oi F." la, 11019,1Of , W..... 11,5G.117 IA lg.,. WU". ...tem
,' : , of keeping up a due proportion betwoen their
an ilsubstantial footing. That currency which
lt circulation and their gold. and silver. The re
is best adapted to our varioua wants. long bust.
, . cent demonstrations of public opinion would
nem habitsond all the circumstances hy which
,' . mem to leave but littrwoom to doubt the apeedy we are aurrounded; is one composed partly of
. .. passage (Willie military measures into a law: gold and silver, and partkii of bank paper, made
The subject fettle eurrency ie one in which ' t i tt
I , sa e o ie public. and Convertible. at all times
: the people at this time very properly take a deep into gold or silver." These were the yiews
' Interest, arrd is entitled to your calm and dia. which I then expressed, and stilt entertain,on
. ht,gi this 'subject. -' However difficult it, may be to
"Wu"' ""itilralinn. in I gmw" -----.1 reform our tanking systeimso as to make it safe
i .) sem community Like ourri, a sound and stable to the community, and at the mme time render
, , .
', . rummy. adopted to the business habits and , the circulating medium in some degree atable
' wants of the people, ie. of the utmost iinpor. and uniform, I believe it is not entirely. imprcos
IV ticable. Thegreat object to be obtained. is a
wince, and every exertion shoutd be made to se- 0 , , m of uniform value. converti.
. 1 - emulating me iu
banking Isw -- and a system or indepondont
hanks, such as now exist, whh modifications
' and restrictions, have all bean mentioned; and
the claims or each to euperior excellence have
1 twen pressed upon the conoiderotion or the COM-.
- CANAL, DOVER, TUSCARA WAS COUNTY, (OHIO) DECEMbER,, i3,' 183 , , , , OLUN p , UMBER 11 ,
, v - . ,
A IWO blink, with brooches, owned intirely evils which belong to the present eye- 1 If you ebould nordeem the present ' a
by the state, acd tinder the control of the agents tem. ., , .. ., : . I ouilable lime to adopt a permanent eye.
and representatives or I'm people, end where Each stockholder should be refidered i tem of banking , for the , State, I would
'the whole profits on the capital invested would
eroonally liable for his proportion Dr, respectfully suggeet the polity of eaten.
Lie paid into the publie trmsury for the public P
use, it is claimed by its friends, would coin- the debts or the bank, to be estimated i dieg the timd ofeuch of thikbanks as you
'nand as niuch public confidence, and furnish ee according to the amount of stock owned manodgii worthy, of public confidence,
sound, and as sare a circulating medium, aa any by hltn- No bank should be permiued for 'winding up theist business, for three
oystem that could be adoptedthat it would be . ,
, to extend its liabilities, exclusive of cle.. years aner the espiratioo of.their ' ober..
fres. from Mikfil obieetiout to which other sys
tems ere ohnosiouethat it mold ,00t be charg- positest beyond three times ..the aMount tors in eighteenland forty three. - Many
ed with being a monopoly,ti nue the stook and i of specie in ite posaseiontat the limo of of the banks of the . State lave com
profits would both ipelong lothe P"Pithat such extencion,,:' Each bank abðuld be thenced already the bueiness of wiading
it woutd be more regular in its action,- mut, ad-1
required to redeem its notes in gold orAp, under the pretext Abaft, the time
here more closely to the legitimate bueiness off
banking than like institutions owned and corn.' silver while it bad the means of doing their. Ostlers have to rðn ie. not rnore
trolled by iedividuala. There are objeutions, so,or if it eta pend for.tho Want ameens than sufficient to enable them to close
however, to' putting tfiie sycein into operations beyond a 'limited time. in either case it their businees. The onormoits rate , bf
which appear to me too formidable to be over- ehould be deemed a forfeiltire ofcharter, interest at which capitalists can loan out
come. The banking capital of the state on the
and visited with suitable penalties. All a, strong inducement to them to - with
thirt stli day' of September lest, watt over ten
millions aud a half. A state bank to sup, I" the notes of a lessdehomination ,than five, drawitheiefunds from ,batike.'' Extep..
place of the'present banks would require en es dollars abould - be carefully , excluded, ding the time of the banks for wioding
goal amount of capital, whiuh Would have to be from circulation. Each bank should be up will do away with. Soy real oecessi..
procured by a loan in some shape or other. The t .
' required to publish, at stated times, un.. ty which Illey msy consider themselves
state is now largely in debt and ragged in pub
der the oath of the proper officer, s true under nOVi to commence . the business.
lic improvements whioh cannot be abandoned
,a, , .
benefii belongs to a state bank where the stock
rriscipally owned by individuals, which
r wonii consequently give them the management
, and control or it.. The policy of mixing the
f unds of the state with the fund, of individuals
, in any enterprise, I consider questionable. If
Any 10PC is sustained it will generally be made
to fall on the state. I am aware that in several
of the states Ns system has beet, adopted, and
has w R great extent the confidence of the pen.
pie. But when we COMe to eximine it, we will
' find it liable to all, or nearly all the objections
that can be urged against a system of indelien-
r dent hanks properly limited and restrained. It
would seem te me we would gainbut little by
' this system of banking, while if we adopt it, we
would be forced to increase the debt of the
state in some haps) or other, to a considerable
The 'Mem of free banking ie, com;
paritively of recent origin in this coun
try, and may be viewed in the light of
, aa experinient. Whether it will an-,
sWer the purposes and fulfil the satiric.
rations of its friend's, is .doubtftgl.,The
objection to it as a system calculated in
tufnish a pound and steady currency, is
the unbounded field it would open to pa
per issues. Requiring bankers to pay
their notes on demand in specie is not
an. effectual check againit over ironies.
Bank paper is easily made, ind the.
tereptatton to put anundue proportion ie
circulation is occaionally: great.- Il
wit! not do to trust entirely to the.com.
inercial levier supply and demand to
regula.te the antoont ofiniper met:dation.
The demend for money, or that' which
passes for 'noise), is is' unbounded as
the avarice of. man.. Too much peper
money is more injurious in its ultimate
effects on tba coinmunity, titan loo ,
t should consider any listen) ' ol
banking radically defective, tvhich did
not regulate the issues of the banks. and
the imount of paper which they could
put in circulation bý some. fixed rule.
in a state bank, tor a system of inde,
pent banks,- the amount of honk 'capital
can he fixed by law and made.to corres
pond with the wants' of the community; ,
and the amount of paper which they may
out in circulatiotr Call " be limited by
their rharters, and regulated by the a
mount of epecie in their Vbillibl This ,
realms ba done in any. eystem , of tree ,
banking winch has come under my ob
porvation, without destroying its distinct ,
character.....1Ve have seen in the stele
Of New, York, whers this..-system bab
been. recently introduced, banks organ. 1
lzed under it, one yearAtaving an ag
gregate amount of incnrporated capital ,
of four hundred millions: Jo the stale ,
of Michigen the same system has been ,
tried and failed. The difficulty of pro
curing state stocks - 8nd converting
them into money -when reqnired and the
uncertainty of raising money by the sale. ,
of tondo, mortgaged, constitute hien
"NI Nir ler Nir ' N
vi 'undue Yit -
great pert ape lUstlessualis, indiffet4 ' .
ed b 42,534-611Zearr: .4' -- 1
guard the public against all loss.- If tfie It invites capital into" The State, and ,,,.r, ,
system of independent bank, should be is frequently an advsnlage to 110.44,40 eitY referred to 'ihiii co . A very ,,.... , - -
adopted in Ohio with these principles rbwer to be able to'gdtmonetv..
laud general delinquenct, which . are nos ' .:-.',- ' I
of reform incorporated in it, with (Rime' er rate of interest. JtuAylvii-- ., ' once, inattention to famity, affairs, lost; 4 ' .:''
which arwepoken of only ailliaturel fail.r; -... '1
others of minor importance, and firmly But capdaliets eh distif.The follow. "time, weer of ente4olee and ,energyelyi :,.' ',,,",,, i
I 'iced all!eng -the poorerclatives,' ted i;s'- :hr'..: I
adhered to, I believe it would in due to take eavani a by a correspotelini!
time command the entire confidence of and massif owWitiotchBinaainti,liinofreaw who
the communitybe enKetsafe and Be by loanine?
cure to the public. and furnii;;;:-'1''-.L'Pnt rat d Oct, 29.' :i ,,,' c , t'" ,::' iuti t).1. mural rt efe;let- ergs ,41411bzieao thit ''''..:: .-::,4
others of minor importance, and firefly' Bo
adhered to,.I helieveit would in, due to I
time command the 'entire confidence of sot
the communitybe enKeteafe and se by
cure to the public, and
circulation which would apisroxiiiiiI. r-áti
near uniformity and steadiness of ealue, .14c,
as 'can be'hoped for under ' illy' paper bc
system which we can conveniently adopt. ribi
Tbis system coulff be adopted .in this prit
State and carried into succeeeful eper.
ation without producing .any sodden ditt
ehock in the business relations of the the
community. ' - .- , fun
All that of necetteedy,Tto violate the ,'
exchangesol the- country, and -spring
them down to the 'wet point , te,, to se- I
Me 11 Setilid CUrfelley capable at all
times dhoti) converted into gold or An
eilver. 'Bitchange ,10 an, order; for the'
payment of money in another place,'
and should never much exceed the coat
of trunapOrtiog specie to' that place. Fri
Wherlier;ii is beyond this, it is 'too t
high, Itrid oeitig to, artifieial cause. ' r
It is obviotts 'kalif we had. a perm- F
bent and settled pohcy of banking; mid Ara
bank pap. t was at all atoms conver
able into coin, that exchanges on the Am
eastern Rims would ultimately settle 1
down to something near the cost'of trait
sporting spesio Irmo:this to the 'desired e
point. ,This ought not to exceed, erdi.
fierily, more than one per cent, and is Am
the true'principle which must in time b
regulate the exchange of this country.. tr
The banks ie thie State,judging Om on
their 'sot quarterly liport ate gentrelly Am'
in R sound condition. It is highly cred rt
itable' to them that they Atm, - with. a it:it
few exception's. continued .to redeem '
their noteg on- demand, while like in.
stitutioini plewhere, have been, under
the neceesity ol suspending apectipay 'Lea
menet. touch to he regretted, 11
hewever, that e few. of our banks deem- Ff 01
ad it advisable to pursue a different al
course. Whether Om was With a view ei
of preventing specie fitint belig taken to
Qnt of the State, or whether they Were II
eveitie.d by other considetatione, I aril'
unable fo ear Hueevor correct:Am Itee'
elOtilied May have been in. emspendifig th
specie payments, the effect on the CUP.
rency unfavorable.- It ie much bet- The
ter to toes a portion of our specie for a 4 fu
time, than that public confidence ehould .ry
be destroyed in theme institutions, and The
pountry Cited with a 'depreciated eur oh
rency,w hich moo neeetioarilf take Om
when the bank fail to redeeer.iheir The.
note on demand. Most, if on' all the: T.pr
suspended bank are however Affixing de
specie for their 'rhe
lo presenting my views on thcaubject
of the currency, fled ,the improvement of , e3
ouribanking system, at' thie)ime; it je
uur uouning ryouni, as IMO 11111115, it JO ' ,
tions to the adoption!of this systdm do e mote with a desire ça'of eliciting a , , ' , 4478,453513
L ILL.". at
, 1 , i .. l r ,
me people at uns nme very property take a geeP into gold or silver." reads wiere the y.laws . - t. .
Ohio worthy or consideration. - How- : full investigation or Ana' eubject, , then The amount e , rev now 2. t, A ... , . i
. Interest, arrd is entitled to your calm and die. rIllivicshubl.etclti.en,eisiporwesesveer,irfficullit litenntlear;alline'ro ever plausible in theory it may appear - w th an sapeciation that they -will meet ',, transferekafter .pay,4t:,,,-'1 4 ;- ,:, -'..;!,
Pealeult lenblithlrall"n In I grnwing hneilrerorin 'lour banking systeimso as to make it safe ',doubt whether it is . the best ' means I w th the entire approbation of& majority , -,. ing interest.'4On do!.7,.,;,; '.. ,, .
seas community Like ourW, a sound and stable to the community, and at the mme time render that can be adopted ' to secure the end, 0 iyoui honorable body;' On 'a subject,' meetio debt, '-, . ,, i, ...;t:I., 87,925 91 5
. 'tram:icy, adopted to the business habits and , the circulating medium in some degre! atable in view..--a currency of uniformity and admitting of many various bod contlicm The ain't received from ' - ' .,-nt--,:t - P
it is not entirely Immo , .
. wants of the people, ie of the utmost iinpor. and uniform, I believe
I d I g views, unanimity cannot be expec-- : sates ol Ohio lands
.., x 3,57,I 49 ' 5
twice, and every exertion shoutd be made totes- ticable. 'rhe great object to be o mime , is a
"circulating medium of uniform value, converil.. steadine OS Of V blue.' ., , ,- -;, , -
A system of independent banks prop I d, '.i.Believing, however,..that the beet The- ain't from. titate,,,,; -,',.:- , - , -,?.,
sure this desirable object. The currency is one . restricted end limited in their pow- ay to arrive -.At 41067 sad satiefitctOry.,, - lots ana Water rents , ,,-.:. s.-,.5132 C3'..,9
-,;, , ble at all times into specie, and made entirely ell)?
' b at.;the necceseary means Graining On the coin; ' safe to the community.. Cennot .this I hjebot be ere, placed-. under the eupervition of nclusions upon ibis; lb bpon attoth'er The Int rim the tee .11 . . .'...., .'' 7-.',
onerce..,trade sod business, of the country.' obtecred. dbyt angbiltir:utenbi olfrahmankfrineri two 1,1,1;114c:int . bank commissioners, and being at all tmeations is,.by a free and bonest.foter! I ,; tens 'school (undo -, f ,, 85,60i 00 A
When irbenenies derangedcif nesteadY end i cbaennoetvielettirelý eatirelY Yet I believe we win tunes under the control of the. legisla7.2aange of opiipion6,: Vitae
flitetuitting talkieand either ioo plenty or too 1 come so near the attainment of this object, as to ture, if 001 the best system that could be,'" igen this.:,,,;;..,'.,;. .. - ., .;, , ...,..,,..--,,
otoaeion for presenting vnine, en 'the.; .,''',:,Total ',',' . ',158,1,828 4,48
dome, every. ip wrest in the Siete is mete or 1 1"111Wet ell practical piirposes.' In orbder to do adopted, is periled. the beet within oui currencyi and the improvement . of tut . rrom'this.deduct .. . .. -,,,,i.' ,.. '' r:
- boo ;ducted thereby. A standard' measure of this, various systems of banking hart en rtfug.
reach et the.pretsmt, or for some fun, blinking iyittem ,''Thowliole subject is.''... am't.paid fund - , ,- -,,--.-. ,.., --.;. -
. . vested a State bank with branches e tee , I .
by loantivr ow' in Bs Itiniorea 14e
,pn yet d Ott, 29; :i, ,''' c ,''''', '
Eh . o is Julian' Mims; frotw The
Kset , Canton i In Chios. ,' Hie fedi
s..s. i,th-eveheen anesteneove tea merehenr,
rioueg C11 Ibti trade with different ote.
ptieo Juliate wsi left fitherieeto st the
rýt nine .tsors:;, 'An'iliit,, four lettio
dito Wit indu'eed !lithe:0164s of
the athercto visit V01)104160
. lie rentstued there
. 71klerchrin then 'cent's' to
dito wow touutto
' - : ;;;
ifbtehommli'.114z,fillt;,11A M'84. e:ril I'M
15th Nov. 18,x;:2 'V"
Amount, from different
sources le 1839 - 528,81. lekst,4.
' Tot; 1 revenue ..Z1455,905 80 O.
From this 'deduct ,
the :amount of
revenue for canal ' --
pgrposee ' S173,68558 1,4.--.2';',
Amount of fink. (
ing fund , 25,000 000
Am't traoefered ' '
. from revenue '
to make up ' ' : - ,
State common ; -
school fund 45,25059 t'
Am't of tax -,
, banks. &cf. ' ' ,
tranefered to - ,
mime . 118,425 t9
Am't drafts' '!
received pro ' ,
Clotted 3,38327 0
.;t365.747 03 5
Leaving a 'Wanes fat
revenue purpores of 1,290,158 77 0
From this deduct the
am of bille redeem 't '
ed the Tresonry , , '
to the 15th' Nov. ''''
1839 , 267.07a 14 10
Leevinfi the (lance to -
the Traseury 1411- 523,082 63 0
,Canalt. ' '
The beiante of .hir -
4 fund to th-e Trensui
INfov..1S38 , $145,654 53 0
The em't pf , tolle ;. :
. the 00ito canal up .
It!t Nov:1839 539E053 22 3'
The. emit of same 7i...
thel,..04temi ' t
canal , : 7ei47:15 0
'rhe im't of same , ;, , ;-
08 Miemi canal ' ,
extenetoo 993 11'0 ,
to come. , In adopting :his ontem,hot submitted to your cossideration,, and up-,,, Commissioners , , ; '4-,,,
evet, there ere certsin principles and on your wisdom and prudence the pub. '. up lir Nov. 15th , ' , ,:,-,,
provisions which I would. deem esseti- lie rely with, welt fonnded con5depoo,'-',..-1833 --,, ., $708,651 80 1. , , ,
, . ., ,,,
holly necessary to be incorporated in, tt that the best will be done for the gest'. Amon' paid on 1 , .., .. ,12::
, in order to guard a8ainst the abuloo andl(f our common 09thitrie''. uncial 'ppm"' , ,
0 . . .
k , N.' , 4,,
47 ..11 .
, . 1; . . , ... .
. pat a ,- - ' . b 729 91 5 4.....,..-, 4,-, i I
1 ; , ) c . , ;;Pakimmadm a ,i : I
I. ' 'i ..4"" ' 'y .' : 71719 77 0 , ,
,.j1ata e 4LTenemy i 481,4007 2 . t., -
, - .4
-' Commune saot Fwd. , -i I, '
Am't se 'ling from bake, I - ' ' ' '''''
, r , A i .
eorplu relenue'and in.'. ' ' '. ' 4
lig ii4 :1: F - . ii
tereet ecbool fund for ,- ,, , ., ' '
' 1E333 , ...,1 , ,,, -,: 154,749 400 .,
A m't or I soarer or revenue 45,250 69 4 . - '
Ain't Itscc ing. from texts ''' ' . s .
., on ban Fp, etc. for 1S39 ,,:, 71,844 C3 0 '
'; Total - e ' ''' 1271,814 6.3 0 , : '
Deduct th ain't paid ' -, ' ' ' -.,' '
' the seve 1tounties ' 200,600 CU 0 '' '
,,, , , , , ,- , T-7 . ,
tialance in theareasury , 971,844 63 0 . '
. ' &hoot ',Fund for Distributim ; . -I- ,
Viiiinia military ,. .. :1..6-! ,,-., :-.6 ,:,,, : . ,. ".
school fund , ' -.. $11,618 ES 0' - '
, ,, National Read. ' '' ? - ' ' , J'
, . ,., , fi -A,
The balanteie the
Treasury Dia. 45,, , ,t, ,,, ,,,,,,, , ,. A . ' '",
- -.. ,
' 1838 ' , .' 6-: , 3,455 98 0 ' . ,
The amountof tolls nolo .... ,,,, - 6 o' 1.-' :, .
'-,-; limed tor 1839 . , 62,459 .10. i? :- ,,,:
- - Total- . . 16Voloo . , t
Deduct the amount paid ... " ' -,' ,,', - I
8uperin'end lit to Nov.',- ' - '' ' ' - ''
!15th, 1839 , ,, ' ' 65, 913791" ' -.-, ''
. 4, . .. , 4,. v.,,, ,,. ;
Balance in the Treasury- $78 Z7 0 ,:.. a '
The eggregate.of Canal toile receiveil ,..',',:-.,,,,,',
for'1838, was $435,949 34.,- The am'i ' , , i
reedited for 1839 is '$478, 483, $1,;;. ,,,.''' 51
,"I'.1"-tre4t eft inerillee of Wilill leili thillik- 4
-1, r , 1 ..;. 0-,
, 7. , l' t
which are epoken of Only seliatural
ios or moral defeoter are ,4140ziese tho
reeult of Oriuking; aad ibis Wein ontay ,
cosine wikich,. abaracier-:for.Natem r
perdue ie,never.scqui.rei's, : i
, , 2 , Nord A r,r , z
"19LL TIT eii 12 000 the-000Wet 0 "
, , .
the bumf General orderso. .
Itr take the aniniy's 'battery Br 440..1
water,;. Hs did. tryi sod, therti...
we's' a 1150404 of onsekatry :and
qhuader of ciinoinv-oLain...frtreerw iu& zN7
a (noon-41,6W cm's. two - '
god wolf, Owe'
. , n rm
-Lk ? .
6.1 SA 4E01 -
Ið w,,-;,"--di-4.t:toiiii.:4 -11;- at;;.1":i5 tri ne.1. ..-77.'-'7! 7V
side. J-2-0? ,:o- 5.,,,, AELensy----4.:' :', -'''' i
Frani the invortor. pont,. to ei, Siete n: --::
...., iirieus poin'te,' as intertreemay, dietate,r;, ',' ; '''
ea lire calculated greatly' at" phsocolbK. L-,,k.,'
, '--, value Odor eandrapen op kleadý (r.., t, :
", . Ito for tge productions of ottr:tooil,1aad ,,'.;4-,
--- -. promote in a high degree the prosperiti : ; -
,-.:' of the State; That our pysietri fiats-re . , ',
r 4tal impavemeitte, so far ito.it 'bait been ':" ,
, tuditiously coalmine-0 and pre4ecutedir ' , 1
,:,. is greatly calculated to PrOnots the in4:f- ,",.' ,
. ,, terest of the State, is unieernalli admit,', . ..
tad. To 'hie eyetem I have, always . - V
, been, and am delidedly,,friendly; and- ..- , , - k4
,7, 4' hope that It may'ultimately,be 'extended .,. :' i
s , ,. Into live' pertions of the,State thit hewn - , . 4,!,,
. 4,,,, bither(p been overlooked and neglected. ,-. 't
, While we all' icknowledge the utility , ..' ,- '
. , .
, of settertel ineproseminte to developiag ...,,, .' 3v4 1
' ', die 'resources of Ms, State, 'srs should , -;.,, i, !.
, not forget that prode,nce and sonnet polio - '4,1
' , cy required, that they should biti-1;.litted .N.,,. ,
-; . by their general Wilily, and the kcal it i ' , r, :1
30 bility of the State to carryibent on; Our ' : . t4.
,7i, State debt is already upwitt a a 'only .5 ;4, ,
,' millions. ,- On Aén millivolt and' i -bet. 1:::. ,,
r 0 of this we Are paying , intent-it' Which:, : ,:. ;; !
' contitutee 0 !, heavy 'tax. Wit lhe' peoltle '. - i- i
The improvittuentewhIcp we have alw '; . 4', 1
, ready' undertelten, and which the. State is sm.. - i'j f
. 4-, .t
- den ,zbligationt to,complete, will requite the itt4 - r 1,
Itl Cr I 0 ot nu fhate debt to peen smiliona Zig ,. 2 t;,
7.- large debt together with , the gmt difficulties '
and embarrassments ezRerienced at the -;resen; : ,,, ,, . t
8 0 '
time in themonetary Weirs ó f thtcountry, ani ,1.;,.,, -,t, ;
', the diffisulty Of botrowint money , on thvorable ,,"- ' , -
; terms tothe,,State. admontsVos that tho otqloot,?''' - ' ,,,t';
30 csittion should tee obit ti. Ted ',14,guard against." !- ', ' z ' e
: dertsking, for the Praent, any, new-solt7 , ! ,t ,:, .
The moterigid economy obould be, intr.., ':' ' rt ';2! t ' ' )
r , .
, -. into this branch of the public...service, IC' - &
, ,,-. -- 1-
,,. more money obould be borrowed for thet.' "',,',,417,7 ,
ing,year, thenwill be neoessary to 'enable ". '- ,, v '
. State to meet her present eugarmientl.' Fri. ., , ,, ,
- nresentappearances, it te doubtfut Whether I .:-- ,:. -,
, Fund Commissioners itill be able:to precut.. the 7,4.--:-.,,t.'
. muerte necessary to meet the coetracis on 'the: !': ,--
: - public wiirks';f2it would be rife iteto the &eta '-' -,"' ,
;13 to I, ermirthe preit-iie of thesa w'orlis tò bif In; r""'''' .
. ' , tom p ed for the want of fosidt," The ere', , : . -: ,
; , of the state would be impalredeeed a 'mei.... ,1 I
',. mount of toon.ey ant1 labor alraidy men& ' , ,:',,e,t, I
11 5 wouldbe lost and tht4ontractOrs,would be r . ,- , A ..-,
' terially injuried., , Every effort should t, .,'-'' - , - ,g '
)'0 to enable the State to meet the fr ,II- 1"7 ' ,' 2-, , -' ,
,, on the pubic woritse TIPP, ,,--- -. ' ' ,-
beat buena. tirthe Its a disease with which.:-1.,
wit ahould,,a) way, ly artliated mut f,
lima hag userul. ' Dr. ro:
rimed brthwi,tter to Dr. Alen"
coilidef .wta loot a (2 or t' "
mulotion 'tared wit.
authoalzo drrokera :
ta 'roil -
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