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Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, August 11, 1843, Image 1

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Mftlt-:Mr., OSlIO-S'KlSAV, A1MVI , 43.
IVo. 43--WHOLK Nft. 40
Edited by .1 PEAttCE,
and kuushio
Every Friday Vloriiiiig by
At 2 OOper milium payable half peat
from abroad to increase our currency, for nnv future Iftslitium, at any timo. lor every dollar o! in capital Hob
would, ID the end, impoverish Uf by I ho upon any excitement, end lor any pur- opinions are equally erroneous, ''tie
pay nf 01 of interest, ami ruin the coun pose, justifiable or not, Ifl amend or hank issues as shown csti never exceed
"Jff change the whole law upon I; rig, r the amount of capital actually paid, but
I also allowed you, that while New i any of its provision so as to render the ihey may sometimes equal three to one
lorn, Massachusetts, Connecticut, New ' banks uioless to the people, and the ol specie m bank.
Ilumpsliiro and Rhode Island, with an stocks not onlv valueless hut ruinous to h a case in mnt
the stockholder C.,n receive one cent on Borlley amend'flenti, fronn and after
hiittock; andtheaa hab.liii.a of a well first of M,,rcb next, which will drtvo
r-gu .ten bank would seidom or never them to . close ol business, end they err
exceed the half ol the bank funds. By now eculiv preparing hllltWII
individual responsibility the stookholder '"f8 '' TLT
hj in advance, or $2 Mi) if not paid until , O'" pulaHoo 01 but 3037,001, had the bidder ! The door it left wide open
tut' en a nf the year. No paper discon
linurd until all arrearages are paid up
Three insertion, one square, $1,00
Every subsequent insertion, 25
Larger ones in proporton
out nanus, wriiownn a population ol ! tor sun more enormous taxes than are
1.519,407, had but ten banks that the : now provided; liabilities, forfeitures and
currency ol Massachusetts had decreaa-' penalties to which n' mnn of ordinary
ed but about 27 per cent, in six years, 'capacity will subject his money or him
while that ol Ohio had been forced self lor a room
down more than fine hundred per cent. money in bank,
The following would ol a hundred d lira in slunk of half a
If a hank at us c n- mulion, where the circulation or other
meneernent possessing a specie capital indeb'ednuss am Hot to that sum, be
of one hundred thousand dollari, were comes liable to fire thousand 1 1 men the a
to loan nn eoosl amount of ita naonrna mount tfkit Stock, and the discrepancy
authorised by the law referred to, and between his interest nd liability n thua make up
three lourlhs of lh latter were to be ibown to be enormous!
nl Vho would place returned and p"Cin drawn to the amount It wou d work injustice as between the
if one legislature could leaving but twenty five thousand dollars stockholders. The boldar ol a sing'n
been crushed a! with the loidioflbe hot.
in the su mi e lime, ; and that these were, levy a ruinous tax, another reduce the in hank, the latter might reissue fifty share of slock would be equally hound
A liberal tliscoun. win be given to those the great causes why money was abun-;amount of interest, end a third repeal lhouand dollars ol the returned paper, wilh him who owned a hundred
uho advertise hi the near.
I dant at the blast and distressingly scarce j the charter, or enact such lawsas would , making is outstanding issue! or cirrula- the latter mtji hi have his all
w h i I e
Coliiiiibinna Coimly.
among us!
And from all these and other facts, I
drew the inference, irresistible to all
well informed unprejudiced minds, that
banks were nocessary for ihe prosperi
lyofthe Stale; ihat we could not rea-
The very flattering manner in which
my pamphlet ol the 4th of March has
been received bv n'osl men of al! politi-j
cal jiBfties, the almost immediate ox-
haustton of the edition, which was a
larce one, the ropnn'ed cells for more i
copies which I cannot supply, the mis I ,nal lho llial specie would flow
rrpreseniationi which are doily being int0 lho country to take the place ol pa
made upon the subject of banking and ! f,Br "n ils "joenm, trom circulation as a
bank laws; and moro especially the i rurreney. was fallacious in puWpfe,
nhundiint testimony which at nil ,mP. ' fnlsein fact, and a gull trap to catch the
work a forfeiture of the stock! Money lion M-senty five thousand dollars, or , and ihe smsll stockholders be compelled
is. in i his country, from its scaicity, con- three dollars in paper to one of specie 'o make up any deficiency. As the dis
sidered more valuable than any other! then in vault. Hut it never cou'd ex - j eovery ol the law humbug was left In
species of properly, and men will not ; ceed three lo one at the time of issue, i the might) intellect of a philosopher and
place it in a situation where its value ! and if IH" specie were lo be increased to statesman of our own time, so has the
can be disturbed or changed by any ex ny amount, nt greater isue than a discovery of individual liability in cor
lonably expect for nranf years to come. ! perimeniinii legislature looooal the hundred thousand dollar i-onlrl ever he uora ions bean left to honor OhiT for-
to change our pecuniary relations Irom , Stale were to offer its canal lands for ! made; and whoever claims a d'tfercnt ever, through her notable patriot, a
depression lo prosperity, much further salo to be held subject to such restric-I construction in relation lo ihe amount ol Bvmg"n, a Hartley, a MrNullv, and a
tnan lo enable u to increase our specie Inons, penalties and payments as might
wilh the increase of our population, and i be imposed bv future legislatures, who,
better than idiols or mad men, would
become purchasers?
''Section 4 Kvery snch hank thai
may bo incorporated under this act, be
fore it makes my loans anl discounts.
parneu nrlv of late, has been furnished voles of ihe ci edtilius and unimp'ctiitg ! or shall be entitled to have registore
me. that the great mass of the people j'ineciarea to you mat owing m the in
correct lu advised of facts mill alwavs act convenience and troublo of counting apa
for the public good us well as their own,
induce me to offer you yet another ad
dress connected with the currency, and
especially relating to the banking lea's
ol Ohio. From these laws 1 will give
extracts of such parts as are particular
ly fatal to hanking, hut ihey shall be of
entire sections or clauses, and contain
all the ma'ters of moment upon the sob
jects relerreti to, so as to present no
garb'mg of language or misconception
o' idem; and so lar as 1 am capable of
judging, my comments shall in every
case be the lair and only true exposition
of the subject mailers contained in the
In my former communication I show
ed you, among other things,
1st. That the gold and silver com and
bullion, in the Stale snd countries here
alter named, were about us lolluws, for
each pei son:
In Ohio. $1,38
In the United States, 4,ti8
In France, 10.75
In Great Britain, 88,88
That in the two latter countries, not
withstanding their immense gums ol
gold and silver, a large amount of bank
paper was found convenient and highly
useful, for the mooted transactions ol
the people; thut in the now States of tha
Union there was much Isss of specie
than in the old; and that in the whole
country the specie contained in it was
totally inadequate to the wants of the
people for a currency.
2. That there were but four ways of
increasing our specie-.
1st Hy manufacturing it from our
own mines, or from bullion purchased
abroad, which cost specie or ils equiva
lent ;
2d By the bringing in of emigrants;
3d. By purchase; and
4lh. Hy borrowing. That moro
than all the sums manufactured from
our mines or brought in by emigrants,
wasconsiimod in the mechanic arts; that
owing to the interest on our foreign
debt and the annual exportation of spe
cie to procure articles of necessity, we
could not expect to increase our our
specie by purchase for many years in
come much beyond the mcreaso ol pn
pulation.j and that by borrowing specie
cie; the expense, dilhvuiiy, anJ danger
of transporting it Irom place to place;
and for other reasons; a paper currency
based upon specie, redeemable at a I
times with it, and good and current all
over the country . would be worth morn
as a currency only, than gold and silver,
and under our circumstances was indis
pensible to Ihe prospeiity of the country
that under the then existing laws of
Ohio, no man capable of acting wilh
prudence won d ever act under them;
and that some ol these laws were made
with the full, but covert intent, of de
siroying hanking in Ohio.
And now, fellow citizens, let me ask
you il in fourteen years experiment you
have approached any nearer the golden
era promised, "when the yellow boys
should (low up the Mississippi, line your
pockets with gleaming gold, and shine
liko carbuncles through your silken
A specie currency ishopelenio our
day; hui we must have some currency,
nd thai currency must be in part papof
for the want ol specie, ii
we nave not a oSDer currency of our own,
we must depend upon the bank, borough
city sr.d c uniy paper of othar8iaiee
over which ws can have no control, and
of ihe goodness of which we ahould, ia.
manv cases be total! y ignorant. Would
such currency be better than one of ottf
own, u'ijCl to searching inquiries, pow
erful io do good, and so guarded a to bo
aim' si iecapab e oi injury? That bank
can lie u.de as good, sale and useful a
tuber human ins itutions, I cannot allow
wiysell lo doub' (or a moment. Th
baflt ot England, almost all the hankint
N. w England, New Vork, Delaware,
and most of the other States havo an
swered the b'g'nesl hopes of their foun
ders, and a hank charter having thw
checks snd guards, proposed in my pair
oh 1 1 of trie 4th of March, and otherw sa
i properly 'drawn, would he stronger and
purses!" Or, has the prediction and
promise been to yon like the will o the
wisp, always inviting, but fleeing your
I will now show flint these lavs prohi
bit banking, and Ihat suck was the inten
tion of the makers!
And 1st Extracts from Latham's
Law, so called, passed March 7, 1842,
wilh accompanying remarks. See page
IJ9, Ohio Laws, vol XL
"Section I, lie il enaclcdly the. Gen
eral Assembly of the Stale of Ohio, That
all companies or association! ol peroutiB
desiring lo engage in and carry on the
business of bunking within this Siaie
which mev hereafter h" incorporated,
shall bo Mihj.'Ct lo ilm rules, regulations,
limitations, conditions and provisions
contained in ibis act, and such other acts
lo regulate banking as are now in force
Here, then, at the very commence
ment, is a distinct and full reservation
reduced the price upon most articles of
merchsndize about one third.
Manv ol our ultra men not on'y op
pose bunks, but are equally plamerou
llarmar Siansfield, of Leeds, F,ng
!and,an eminent hanker, estimates from
given data, the mnnied transactions ol
London at three thousands millions ol
pounds sterling per Bnnum, and those
of the remaining portions of the King-
lor free trade. L"t us see what kind
ol free trade we are permilled to have
witli Kurnpe. From the reports nnd
tables before me, 1 lind that in 1811,
we imported into the country goods, fir..
valued at 1 127 9 16 177, on which we
levied duties lothe innounl of onl v $14.
487.000 and a fraction, or about 1IJ
porcent; while our exportation! 10 Fu
rone din ine the same period and amount
dom at as much more, or thirty thousand jllf, , a(,,M,, njPy one millions of dol
mi II ions of dollars in all! while ihe gold BrSi d,,,,,., l0 the different F.iro
and silver which ho calls 'petty crrA,"i pf,,n governmental of one hundred and
actually used in thesn translations do MrMM and a half millions of dollars. ot
not exceed one hundred and fifty mil- about 124 per cent ; about eleven timet
lions of dollars, or one two hundredth i ,0 maefa , ,h duties levied by ibis 'ul,J
part ot the whole. I'npor lorins thn C0Uniry upon a like value of imports!
great balance, while the remainder ol The overage value of that portion of
tho immense sums of gold and silver of ,he tobacco crop exported in W?9 and
the Kingdom are locked up in thn vaults , '4() WM 9,tA,04B which in Rngland,
of tha bunks or in the coffers of tho i France. o"nd Holland mostlv. oaid a du
ty of ,:?2 4M MO
jOwing to the tariff act of I8'I2, the
ball nee of I rade from being heavily a
jainsl us has been changed 10 our lovnr.
Last year ii was (or us a million and
six or seven hundred thousand dollars;
ihe present year il is much greoler
(Jod save ihe country Irom any :ree
cr trade i h no this on our part.
In iSll the eriiiio amount of exports
from ibis country lo (ireat Hrituin nnd
all ils dependencies in the four quarters
ol Ihe giolie, was nii.mw, i t, wniio
This balsoee has been in pari applied ,ie small State ol Massachuselts, as
to the pii'ithasp ol specie, while largo
sums have been lent lo ihe country, bv
F.ng'ish capitalists, lo invest in stocks.
Tins will account for the large importa
tions of specie amounting to a fraction
over twelve millions of dollars since lho
first of January I'nil should specie con
tinue thus lo fkiw for ihe next quarter ol
n century, a mailer altogether improha
ble, nnd l he customary consumptions and
exportation continue, and a like in
crease of population, we should not even
then have specie enough for Ihe wants
of the people lor a currency.
The larill' has had this other effect
Owing mostly to ihe Competition produ
red bv iis protection, smutif our manu
facturers, in9icud of ramng prices, il bus
shown by Legislative report, purchased
Ihe last year of her sister Slates, to the
amount of $12,000 0110. The markets
of Massachusetts and Rhode Island tske
more value of th" productions of ihe
olher Stales n( this Union, than the en
tire market of Great llntain und all its
dependence. Why thru not encour
agn domestic industry, especially when
you secure bv it a good market for )our
own produciions!
Tho volumes of Statutes lo which I
refer mav bo found wuh lho Township
Clerks, Justices, Ate. in Ihe several
lownibips; nnd if any person c'nims tlul
my quotaiions and inferences are nt
true, search the pfOMI ucl und tlioj will
be vontiid,
ns hereinalter provided, any notes or
bills lor circulation , or issue or pay out
of any notes whatever, or commence
the business of banking, shall have sub
scribed and paid in in goud faith, ihe
whole amount of its capital as perma
nent investment, for the business of
hanking, and be noma I y possessed of it
as a hanking enpiiol , the whole o which
shall be in gold and silver coin."
'Sue. I.'l It shall not be lawful for
any such bank within ihe provisions ol
this act, to issue nnd put in circulation at
nny one time an amount oj notes fir bills
of such bank, designed, calculated, or in.
tended lo circ.ilale as monsv, greater
ilian the amount of capital stock nctually
subscribed and paid into anil remaining
in such bank; and every such bank shall
be required lo have and keep, in the
vaults thereof as the actual properly ol
such bank, an amount of gold nr silver
com equal to one dollar for every three
dollars of such circulation; and in case
it shall so happen that any bank bv the
redemption of its word and the payment
of its liatiilities, in gold or silver coin
shall violate so much ol this section as
relates lo the proportion of us circu'a
lion, il sha'l bo unlawful for the direc
tors of such bunk from the lime such
disproportion arises, lo discount any
note, bill, bond, or other surety, or in
ony manner pay out or put in circulation
any of the circulating notes of such
bunk until the legal proportion of circn
lation end gold and silver coin shall bo
regained." The remainder of ihis sec
tion ii foreign to the amount nl issues.
"Sec. 5 Provides that there shall be
bank commissioners to examine the a
mount of stock actually paid into ihe
bank, an.l if Ihey shall be satisfied that
lho hank hns complied in good laiih with
the requisitions of the law, they are to
make out duplicate cenifioaies of the
compliance," &c.
"Sec 15 Prohibits to bank officers
under the penalty of the penitentiary,
the issuing of any of the bills of the
bank till numbered and endorsed by the
Slate Register." Aic , and
"Sec. 16 Provides for the election of
a State Hegisier, snd authorises him nn
ihe presentation of one of the duplicate
certificates of the hank commissioners
to deliver to the bank Officers an amount
of notes or bills, numbered and endor
ed by him, intended for circulation, not
greatt r than the amount certified hy the
bank commissioner il he exceed ihe
amount he is to be punished hv impri
sonment in the penitentiary'1 The
three last sections are referred to for
substance, and not set down in their
I nave not nuoied the 4th. 5lh and
5ih sections by way of objection lo
their general provisions, unconnected
wi h the 13ih mid Itiih seciions, A por
tion of these provisions I would retain,
ect to amendment; but I have given
them in connection with ihe two latter
sections lo show what extraordinary
checks and guards 'he legislature have
established to prevent the issue bv banks
of moro paper than the amount of Ctpt
tal pnid.
h will here be obsorved, that by the
4th section the whole amount of the ca
pital slock of s bank musi be paid in gold
and silver coin, beloreany issues can bo
bd and hv the 1 3 ' h section the amount
of bills to be issued bv a bank shall ne
vcr exceed the amount oi capital paid;
lhal is. dollai lor dollar; so mo' a una
with a capital of one hundred thousand
dollars, and the whole amount 111 ipecie
in lis vaulis. can never issue over one
hundred thousand dollars uf its billf!
andlo render lho result doubly certain,
bnnk commissioners are lo examine and
certify. nd the doors of ihe penitentiary
ore thrown wide open lo receive Ihe
Stall Uegisier nod bank officers it they
exceed in issues the amount of payment
i bus been supposed by some that
Ihere was a discrepancy between tho
firsi and second clauses of the 13ih sec
tion ol Letbam'i WW hi' f'
hate contended ihat under that set n
bauk mi.lit issuu three dullais ill paper
issues mistakes lho law. or is dishonest 'core ol others. The Sts'e ond these
in purpose. I patriots ere entitled lo the lo'e honor.
Now, fellow eitir.cn. woubl it not b j tor ii isconfideniiy believed thaj no in
a most magnificent speculation for a i corporate I company in th't world is
company to collect a hundred thousand banking under BD individual liability
, I j r. r n ,,,1,1 ,. , , I ., ,, elfinHH ;t - . i , V I l r I A I It U t n( I ! ,i
I, l t i i i- I i i tietier qua ified to enforce ciuttnn, punc-
at immense labor and heavy expense,! I he individual liahilnv upon bank stock t , .,,., ,,r
r . i . . .... u . ii j 1 lua'ilv and sa eiy, thsn the cnaner "i
lor the glomus pnvi ege ol loaning a I owners any where ese in the I, ni'ed ' . . . , nA
i, . a. . ii s anv exiittna uank on the e'ooe. ana
like amount of it own piper at six per ! Elates, so lar as I can learn, is tht of ., , . . " :.
cent, unhiaet in .nneeve r,f nni mnra directors at banks fornver lasuessnd If.
than two or three per cent in taxes ard , Irauds
other expenditures at present, and the! As to the amwiut of profit I am nn
tender consciences of future legislatures banker, and have attempted no estimate
to be added, with the privilege of the j of the precise amount of p'ofit which
penitentiary lo boot! Who bids for i can be made by a bank under existing
stock? j laws, but the amount must be ex remeiy
Sec, 23, lait clsuse, "And if any hank : limited, and no inducement to peop'e to
shsll hecome insolvent or be lound In engage in banking lam however in-
huve been wilhin six calender months
after any transfer of stock , such trans
ler shall be deemed and taken to be
fraudulent, and the person making it
shall be held liable sa a stockholder of
such bank, in the same manner and to
ihe same extent as if no such transler
had been made "
Sec. 25 provides for the individual re
sponsibiliiy of all the stockholders; but
this section has been repealed bv Hart
ley's amendatory act, passed February
2lst, S4'1, ihe 51!! section of which so
far as to fix the. individual linbity ol all
stockholders rends s follows:
Sec 5. Tho stockholders of such bank
hall te severally liable in their imlind
uiu capnciiu for tncli and every vniid
claim affainit the bank of which ihey are
stockholders, except in cases where de
posilois end ihe bonk otherwise Hgreo
in relation lo the liability o( their de
posltes." The remaining part of the section a
mong other things, prnvid-a for the
manner of enforcing the bank and indi
vidual liability, which is tripple against
the former and two fold against the di
rectors and stockholders. A writ of
scire facias may be issued nnd execution
awarded at l ho return term of the writ;
nr a scire facias may be issued during
term und execution ordered before its
close. I ho Oih section ot the same a
mendatnry net provides for a judgment
against foreign stnekho'der though not
formed, or authoriiy deemed unqoe
tionab'e, that the cummitsioners appo n
ted last winter to organize tho only
bank 1 believe applied for under La
tham's act. have held meetings, appoin
ted akiil'ul committees to inves"gsie.
and upon lull examination came unani
mously lo the conclusion that not more
than three p-r cent, profit per annum
could be made, while there might be
danger nf losing the whole slock , de
pending upon the acuol- future legisla
tures Here, thpn, are a few of the many ob
jeciions to tho bank laws of Ohio.
I, They may be altered at the will
or caprice nf any legislature, so as to
injure or totally destroy the value ot
2 Thev permit no issue of papr great
er lhan than the amount of gold and si
ver paid into bnnk as capital; Ihat is,
only dollar for dul'ar!
il. Individual stoi kho'ders, whstevpr
ihe amount ol their slock, are held liab t
lor all i he bsnk I labilities!
4 The amount ol profit which wou'd
bo made is much less than sirnp'e inter
est, and no inducement lu people lo en
gage in banking
Numerous other objeclions exist in
these laws, some of which are intended
lo operate dliociiy tipun the people as
much as upon banks I will however
mention Inn one. flu the 4th section of
tbe act of March 83d, 140. and now in
lound in ihe Stale; and the 1 1 ih section i lorce, page 13 vol. 38, every individual
gives lo the S'ate a lien on all the real is prohibited under the penalty of ten
estate of the Directors and stockholders , dollars for every off 'nee, from taking
ol anv insolvent bank for the benefit ol or paying out anv note,bll. iic ol a less;
its creditors
denomination lhan five dollars,
The last clause of the 83d section of i by any bank , city, borough, county or
Latham's aci. as well as the 6th and 6th j oilier corporation out ol Ohio; or in oih.
Owing to the destruction of banks antf
the rtfusa1 to recharler others thouiande
havo lost or must loose their ail, p'op
eriy has deprecu ed nearly ihe half, our
own citizens cannot purchase to any
considerable extern the productions of
our soil, except as agent! to foreignerij
while wi- loose the advantage! ol higher
pricoi whicb wou d be obtained if we haj
the means amoog ourselves lo create or
swell competition Buiineis ii reviving
in almoit every p ace where no war ha
been waged against the currency. Out
of Ohio snd some few bankrupt itatea,
we hear ot ihe buiy bum of toduiiry.
couten'ment and happiness; and you arw
tantalized in some of our ultra paper
w.th the itory of abundance of money
and good times elsewhere. But, fellow
citizens, can you live and flourish upon,
the good lortune of your neighbors,
when from you, the mainspring, the sin
ew of prosperity is withheld! Had the
old solvent banks been recharted and a,
lew new charters granted upon princi
plei o mtnuat interest nn-t reciprocity.
times might al this moment nave pro
mied as much of prosperity to you as (
ihepeo.le of oiher States. Were yoi.
confined by the wa la of a priioc depri
ved of food while others without wero
fattening upon luxuries, would you grow
fat and sek from sight, sympathy or
hope; or p ne and starve for WBntof
nourishment! H een a few crumb
were cast to you through the iron gra
ting, would they res-ore your lank bod
ics to vigor, strength and healthiness;
or wou d they just keep your spirits end
bodies uni el? So far as our pecuniary
matters are concerned our condition,
does not vary much from that of the coo
fined prisoner on whom pittance of,
crumbs is hestowed! The olher State
fatten and thrive upon dollars and pros
parity, while we grow lean, weak and
sickening upon kicks, coppers, and
i'i a . lLIni, in Ohio has been
I lie roau iu un,ii'"n - -
issued .. . ..nj;,.f il, Sti,t.miin.,
cai;eu uy 100 ij'ii'"'
sections of Bsrtley's amendatory act
provides for individual liability wilh a
vengeance! If a bank, good at the time
of ihe assignment of stock, becomes em
barrassed in six calendar months there
after, you are to run back of the time ol
nssignnibnl to hunt up a victim! II
er words, not authorized by our laws;
and by the 5th and 7th seciions, county
treasurers and other persons are prohib
ited Irom taking for State ihxos or other
S ate dues, any note 01 bid whatever of
our own or other banks, of a less de
nomination than five dol'ars. under a
there be a failure ol a hundred or more penalty of one hundred dollars for every
thousand dollars, and in some cases ! olTonce, that is for each bid ol lesi de-
where the bank would be good for all its
liabilities, the owner of a hundred dol
lars of stock whn might chance to have
five or ewn fifty hnusand dollars of
property, might be turned upon the
world almost or quite a beggar! In
many cisps ihe estates of deceased per
sons would no! be settled for years, nr
if sooner done il would be at enormous
Under the most liberal system of bnnk j jsiing laws. I ventmed this assertion j wnjch the great head of ultraism in I ho
mg, ii a bank with a capital ol a liuiulreo ( ., 1 hei r objection1. ie teatures, and ; c,aIe ho ds towards a down trodden and
you as sis vsj
the road to the penitentiary ; 1 ne oanrt
laws and our legislature Inrceably re
mind us of the story of the negro prince,
who, suspecting the fidelity of his wife,
on account of the errors of one of her
numerous sisters, dug around her hut a
1 canal which he filled with water and
i peopled with crocodiles! He nexterec
i ted enclosures with strong walls; tho
I one he slocked with lions, hyenas and
UoltaU. the second wilh serpents, the
third be colonized with the gullah and
a variety of the polo cal and then planted
Ins goa ds to prevent the eniranco ot
suspeeied persons!
Hut we are now told that there are tot
be no more concessions; that power hasj
grsn'ed to the people all of banks thai ,
ia intended tn be given; end that w
nomination than five dollars so tnkon!
Truo. the act has not yei been enlorced
oviof to the scarcity ol money on the;
one hand, and the tears of an'ibankj
men to prosecute on the other but let
ihe latter oguin triumph snd prosecutions
will be started by wholesale!
I said in my former communication
that no banking coiniany would he or- mu navp banks under the presnt law ik
gamzed and go into operation under ex ! or tint at all! And is this the langua gfe
thousand dollars, loan a thousand lor ; ihn inteiiliou ol the legislature that bnnk
sixty days, ihe stockholder of a hundred I jng gfintdd be crushed in Ohio! I have
dollars could make but ten cents profi';j iubseqnently seen Hartley's amendatory
and who ought under any contingency 1 acit which proves 10 ho one absurdity
which might hapjien, for the pitilul sum 1 added lo another! Now, most parts of
ol ten cents, to he.'omn liable for a thou- tne Smie have been heard Irom. and
sand dollars! The subscriber p aces in j nontl 0I ihe companies wh eh had char,
bank a given amount of money, while l(,r granted them lust winter without
his slock in bank and all other slock and , asking, have the leost intention ol ac
projierty belonging to the bank, wheth-1 ceptance. Capi a'isis are leaving the
er in specie, bank bills, bills of exchange j S81e One nl the largest in the Eas
common dejiosites. real csioie and debts l(,r parl 0f Ohio, has left with a large
due ihe bank, stand pledged for the pay
ment of all the bank liabilities, before
f ho term insolvent is used arbitrari
ly in the bank laws, nnd not to denote
portion ol the lunds of an expired bank,
10 swell thn capital stock of banks in nn
adjoining State; others are preparing to
Itttvo; and arrangements a re now ma
king lo carry lo other Slate for banking
that the asietsol Ihe banks are insula- ihcre, the lunds of other expired bank
cie nl lo pav its liabilities. If for iO.f , ,,J ,1 y ga now expected neither has il
came Ihe officers of a bank neglect or , ,m hy Bnv Wl. informed man of any
reluse lo redeem a single bill, upon pre .,,,1 mral part y in Ohio, that any hm king
seniaiion lor payment, or a imlM lost company will organize and go into oper
Bccrue in the capital, the law pronounces ' lllwn uiuler existing laws; and should
the bank insolvent, notwilhsionding ilaasj Acar of such compann depend upon it,
available assets are twice tne amount 01
liabililies. Tho charter is declared for
feited, and the law rather forces a scram
hie between the bank commissioner and
creditors for a division of the spuiis!
it will prove a humhiig. in ended lo whee
die you ou', of ior voles!
Of exisiing banks the charter 0f two
will expire ihe present ve,r. five have
been placed undu Latham's act wilh bcusu uud serpttutsudver approach U.
distressed people! and w
bend your knees to the yoke of a
Your oppressors are not of themiielvoji
great and strong like giants of old; ihesr
are no! numerous and led by glory life
the armv of Napoleon; they ara not tho
greet body of the people, for the latter
always mean to do right; but they are of
themselves a small band, with eyes belli
upon power, and their stomachs gnaw
ing Bnd their months watering for the
loaves Bnd fishes! You have ampla
power at this very lime and in this coun
ty to csst them down from the high pla
ces ihey hnvo profaned , and erect ihere)
on temples SBcred to liberty and human
happintMj snd you will like patriots and
freemen arouse to action, or cower and
fawn like squaws in breeches!
Von must come to the issue, Bank,
or w Banks, prosperity or adversiiy!
You cannot evade il! That isiue ii en
g'aven as with a pan of steel on tablet
ofnmrblc through all the bank acts of
The gullah is a most loathesome ra
nt tv ul the load. Ilia mid that evoH

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