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VOLUME XI. CADIZ, HARRISON COUNTY, OHIO, DECEMBER 18, iSli. NUMBER 39. 0 GOVERNOR'S MESSAGE. Gentlemen of the Senate and House of Representatives: On the fifteenth day of April last, Wil on Shannon resigned the office of Gover nor of this State, in consequence of which the office, according to the terms of the constitution, devolved on me, as the presi ding olhcer ot tlie Senate. In obedience to the requisitions of the constitution, I have, since that period, exercised the du ties enjoined on the supreme executive officer of the State. In fulfilling the obli gations of this trust, it is made my duty upon your assembling as the Representa tives of the people, to give you informa tion of the state of the government, of the manner in which the duties assigned to the executive department of the State have been performed, and to recommend to your. consideration Jho measures which I conceive to be expedient and proper in the present posture of our public affairs. Since the Representatives of the people were last assembled, our country has con tinued to be highly favored, in all the elements which contribute to individual comfort, and to national prosperity. The unexampled growth of the State in popu lation, wealth and resources, has been unimpeded. And the intellectual, moral, and social improvement of our people, and their advancement in all the means which appropriate the beneficence of Heaven to felicitate the condition of human existence on earth, evince that the never slumber ing eye of an overruling Providence has continued its guardian care over the wel fare of our country, for which we cannot too devoutly and fervently render the homage of our gratitude. The laws of the State have been exe cuted, during the last year, with usual promptness and fidelity. Detailed accounts of the finances and condition of the seve ral departments of the government will be laid before you by tho several officers who are required to make reports during your session. The amount of revenue receiv ed for tho year ending the 15th November, 1844, from the several sources o! revo- nue for State purposes, as distinguished from schoul and canal purposes, $277,155 52 The amount remaining in the Treasury, Nov. 15, 1843, 94,807 92 Total rev. for State purposes, 371,903 44 Am'nt applied to the purposes of the public insti tutions in Co lumbus, $'39,280 99 Am't for support- ' ing the Stato government, 155,092 7 Ain't of transfers from general revenue fund to canul and school funds, 44,767' 52 239,141 27 Bal. remaining in Treasury, 132,822 17 The .following stater.cnt shows the condition of the Canal Fund, which is ap plied to the purposes of the public works and public debt of the State: Amount arising from taxation and transfers from other funds, $060,191 00 Amount of tolls, to wit Ohio Canal, $338,367 31 Miami Canal, 74,904 20 Miami Extension Canal, 12,053 18 Wabash & Erie Canal, 49,266 50 Hocking Cunal, 4,925 90 Wulhonding Canal, 1,918 44 Muskingum Improvement, 28,241 11 W. Reserve & Maumoe Road", 5,817 18 Tu rnpike $ Canal dividends, 29,450 01 544,949 84 Am't from the other sources of canal fund, 22,197 77 Total of canal fund, 1,233,338 01 Of this amount 25,000 is applied to the sinking fund, $1,107,444 69 is ap plied to pay the interest on the State debt, and tho balance to pay for repairs, cj-c., on the public works. The aggregate amount of the valuation of taxable property on the grand levy for thoyear 1844, is .$136,142,606 00. The rate of taxation for State purposes is one mill on the dollar; for canal purposes, five and a half mills; common school pur poses, one half mill; and for county, township, and other local purposes, eight mills, making in tho aggregate fifteen mills on tho dollar. Tho revenue yielded to the several funds, by this direct taxation, is as fol lows : For Stato purposes, $745,640 21 For canul purposes, 135,570 94 Common school purposes, 67,785 47 Total, 948,996 00 Tax on Lawyers and Physi cians added, which goes to common school fund, 6,473 39 Total, 955,470 02 I he items ot tho assessment for 1844, for local purposes aro i For county and county school lax, 642,532 13 For road, 178,559 81 For township and poor, 197,004 82 iror corporation, public build ing and bridge, . 199,406 28 For school house, 15,382 21 Total am't taxation ior'44, 2,188,335 29 Amount of delinquencies for all purposes for 1843, 152,307 96 Grand aggregate of liabilities , for taxes in 1844, 2,340,663 25 - Tho public improvements which have .boon undertukon by the State aro now within a brief period of their entire com pletion. The Miami Extension Canal is finished, with the exception of about thirty-four miles, which is in progress and will be fully completed early the next seasion. The VValhonding Canal is entirely completed, with the exception of the two short branches, neither ol which have as yet been put under contract, and one of which, at lea6t, is necessary in or der to make the investment in the main work productive. The entire cost of all the public improvements own ed by the State, including the estimated cost for com pleting Miami Extension Canal, is $15,577,233 18 The investments of the State in the stock of canal and turnpike companies is 2,431,430 88 Loans of credit to railroad companies, 747,133 00 Total investment of State in public works, 13,755,790 00 The product of this investment of the Stute has amounted, the last year, to $544,949 84. Some of the public works will doubtless be more productive in the course of a few years. The present condition of our resources, commercial advantages and otherclements of national wealth and prosperity, are in a high degree flattering. The people of Ohio possess an area ot territory, in u temperate and salubrious climate, with a fertile soil, containing a fraction over 40,000 square miles, or 25,000,000 acres; of which at least 20,000,000 of acres are suitable for cultivation, and of which a- bout 9,000,000 of acres, including mead ow and pasture hinds, are now actually cultivated. The actual value. of the real property in the State, with all its im provements, cannot be less than 420,000,- 000, and the value of all the personal property and ellects, not less than one hundred and eighty millions of dollars. The population of the State is about one million eight hundred thousand. The in ternal commerce of tho Stato is aided by the facilities which are afforded by eight hundred and fifty-three miles of canal, one hundred miles of railroad, in actual use at this time, by one thousand one .hundred and twenty miles of macadamised road, ninetv-one miles of slackwutcr navigation, and by over three hundred miles of streams, now actually navigated, besides four hundred and thirty-seven miles of the Ohio river on tho eouth and cast, one hundred and eighty miles of Lake Erie on tho north bordered' iho Stute. The value of the products of Ohio, during the last yeur, us near as tliov can be ascertained from tho data within our reach, is as fol lows: Agricultural, 45,302,400; Manu factures, 17.595,600; Commerce, 9,600, 379; Mineral, 2,931 ,2 18; Forest and lum ber, 1,013,003; Fisheries, 10,525; making in all, 76,483,105.- 1 he vniuc o' the products ol Ohio, ex ported from the Stale, during the past year, have been about 25,000,000 dollars. 1 lie.se estimates mav not approach per fect accuracy, but they are computed from the most accurate means which at this time exists for ascertaining the true facts. This immeiiij field for industry, enter prise, human happiness ana national greatness, has been created and opened out upon a soil, which, hut little over fifty years ago, was covered with an unbroken wilderness. 1 he extensive, complex, and rapidly increasing interests of the people ol Ohio, properly lall under your close and scrutuniziiig examination, and cull for the exercise of your wisdom, as the law-making power ol tho State. The means, at this time, afforded for acquiring full and accurate information of the coa lition and growth of these great interests in Ohio, are extremely imperfect and de fective. Extensive statistical information showing, annually, the condition of the agriculture, manufactures and trade, and the growth ofihe resources and wealth of the State, would not only be of groat util ity to the people, in order to enable them the butter to appreciate- and understand correct Legislation, hut it is of essential importance to the Legislature, in order that the extensive and complex interest of the people may he fully comprehended. which it is tho purpose of that body to protect and promote. Hasty enactments and legislation, based upon loose, partial und imperfect information, often proves oppressive, and inflicts wrong upon one part ol community, when the desire is to advance the interest of all. The effect of legislation is not easily to be seen always at its first enactment; and laws apparently harmless at first, may, in the lapse ol many years, carry with them consequen ces of potent and fearful magnitude, For tho purpose, therefore, of a more perfect knowledge of the results of our institutions and tho workings of our laws upon the interests of tho people, I recommend to your consideration the importance of a dopling measures for obtaining annually complete, compact, and woll digested sta tistical statements of the various resour ces and interests of tho State. This ob ject can be, to a very great extent, effect ed by the several township assessors, in connection with their present annual du ties. A prudent foresight and vigilant regard for tho cause of humanity, teach us tho importance of availing ourselves of the opportunity afforded at a time of peace and prosperity, to strengthen and forlify tho foundations upon which tho fabric of our liberties rests, and to erect barriers a- gainst those evils which may at any time in future endanger tho purity or perma nency of our free institutions. This pro pitious opportunity, in tho early age of our Republic, should not bo neglected. For when disturbed by civil commotions, or in future, whon overburdened with a dense population, far more difficult, if not utter ly impracticable if now neglected, will be tho task to stay tho inroads of curruption, and provide securities against tho dange rous devices and machinations of ambition and cupidity. The most certain reliance for the secu rity and permanency of our civil institu tions, is to bo found in an efficient and well conducted system of common schools, by which the benefits of education can, upon liberal terms, be placed within the reach of every person of suitable age in the State, bvery citizen is entitled to a voice in the management of our public af fairs. Our laws are but the emanations of popular opinion. It is a matter, there fore, of vital importance, that popular o pinion should be aided and enlightened by int Hectual culture, and moulded by a pure and elevated tone of moral feeling. The European systems of education con fine the means of instruction chiefly to the favored and fortuuate classes, to the ex clusion of the mass of the people, and thus keep up and augment those artificial and arbitrary distinctions in society which constitute one great source of the oppres sion and degradation of the great body of thii people. The youth of this country aro born to nobler privileges and higher responsibilities. 1 be very genius and spirit of our institutions require that a public system of instruction should be kept open and free to all; placing those in the most humble walks of life upon the same platform and equal footing with those who are in more fortunate circum stances; elevating the intellectual, moral and social condition of the mass of the people, and perpetuating that degree o! moral, intellectual and social equality, which is essential alike to the permanen cy of our government, and the happiness of our people. The great conservative influence of a public system of education on the future destiny of our country was fully appreci ated by the eminent statesmen who framed the first elements of our civil in stitutions. It was provided in the Ordi nance of 1787, for the government of the Territory northwest of tho Ohio river, that "religion, morality and knowledge, being necessary to the good government and the happiness of mankind, schools & tin-, means of ediicatioh shall forever be encouraged." In the organization of our Stato government, this provision was, in substance copied into tho bill of rights, and now constitutes a part of the Consti tution of the State, imperatively enjoining upon the representatives of the people, that "schools and the means of instruction should forever ho encouraged by legisla tive provision, where not inconsistent with the rights ol' conscience." The subject of education has been urged upon the con sideration of the Legislature in almost ev ery annual message of the Governor since the origin of the State Government. I. he solemn injunctions of the fuudamental laws of the State, which it is our sworn duty to support, and the warning voics of every successive supreme officer of the State, ought not to be treated as mere cer emonious formula, entitled to but slight and superficial attention. They are the authoritivc and livin,' promulgations of public sentiment, expressed in characters as visible and impressive as if wri'tcn in stars on the arch of the firmament. To the mode of instruction, discipline, and I raining, given to the juvenile portion of our population, we arc to look for the model of the future character of our peo ple, and the elements which will control the future destiny of our Republic. It is to this source we are to look for tho for mation of that elevated standard of intel lectual superiority, moral excellence; anil public virtue, which shall preserve our country from ignorance and superstition stay the tide of corruption usually flow ing from a dense population, and rescue our posterity from the intellectual and physical degeneracy so commonly produ ced by luxury and its enervations, after a continuance of national prosperity. The system of common schools, in this State, although productive of much bene fit, and in its general provisions well a dapted to tho accomplishment of its ob jects?, is yet susceptible of very great im provements. The .'act cannot easapo the most superficial observation, that great inefficiency and want of energy exists in its execution and management, and that during the last two or three years it has been rotrogading, instead of progressing towards a higher degree of perfection. 1 have no hesitation in saying, that if our system of common school instruction were conducted with proper efficiency, and un der the improved regulations and modes of teaching at this time in use in some other places, that greater benefits would be derived from half our expenditure of tune and money. 1 he Secretary of State, and several county auditors, to whom the general superintendence of our present common school system is at present in trusted, have doubtless performed their respective duties with fidelity, and done all w hich could reasonably be expected from them; but their time and attention has been chiefly occupied by the other and more appropriate duties of their offices. I submit to your consideration the propri ety of appointing a State Superintendent ol common schools, mid ol authorizing the election of a county superintendent, by the people of each county, for tho purpose of giving greater efficiency to the system by having tho cxclusivo attention of tho superintendents devoted to the manage ment arid improvement of this important branch of tho public service. I entertein no doubt but that theappointment of these officers, and tho payment of competent salaries for thorn out of tho school funds, would prove a matter of economy, in tho management of tho school funds, for the cause of education. A 'great want of punctuality has existed in tho reports of information required bylaw to bo made from the several school districts and town ships. This neglect of duty might be effectually remedied, by a provision re quiring the necessary reports to bo made before a school district or township should be permitted to draw its proportion of the public money. The subject of normal schools or smi narics for the education of teachers, is at tracting much attention in several of the States of the Union, and in other countries; and by the pre-eminent advantages affor ded by this means for advancing the cause of education, it comn ends itself to your favorable consideration. Departments for the education of professional teachers, in the Ohio and Miami Universities, could be established under tho authority of the State, and by a part of the means derived from the large endowments which these institutions havo received from tho gov ernment. The following statement will show the product of tho State Common School Fund, for the ypar ending 15th November, 18 44: ' Balance on 15th Nov. 1 84 i $40,132 47 Amount received arising frn) interests on surplus revenue, grand levy, tax on banks. &c. 195,600 69 Total 235,733 10 Amount apportioned and paid the several counties 200, 000 00 Remaining balance in treasury 35,733 10 In addition to the above, there has been paid to eouiuies entitled to the following funds : Va. Military School Fund 11,718 07 II. S. Military School Fund 7,149 70 Conn. Western Reserve School Fund 9,519 54 Section sixteen 56,133 92 84,521 89 This amount has been drawn from the canal fund, being the interest on the prin ciple of each fund. It is apparent that special and local leg islation in this Slate has been indulged un til it has truly become an evil. Within the last six years, two thousand and fifty nine acts have been passed, of which sev enteen hundred and forty-six are special statutes, and three hundred and thirteen fall under the denomination of general laws. That there are eases involving pri vate and local interests, which deserve and should receive the attention of the Legislature, no one doubts, but the chief part of the time and expenditui'6 assign ed to legislation, cannot be properly con sumed in the enactment of special statutes. Laws should be general and just, and like the air and light of heaven, extend their salutary and benign influence equally and alike to all. Special exemptions, special privileges, und local advantages produce injustice and oppression, and arc always more or less fraught with danger. In acts for local and private purposes, the Legis lature is very liable to be misled by mis representations, and the importunities of individuals. It is believed that genaral regulations, which would supersede the necessity of tho chief part of our special legislation, could be adopted upon terms and conditions fixed in a general law, and afford all the just and rightful advantages and protection which can be demanded. Of the seventeen hundred and forty- six special acts above mentioned,-, eleven hundred and twenty-seven relate to cor porations tho grants of exclusive privil eges, aiul special immunities tu associa tions ol individuals. 1 his class ol special legislation has been continued in nearly m equal ratio for the last ten veurs; and should it be preserved in, and corpora tions continue to multiply as heretofore, lur the next twenty years the State will be literally thatched with charters of in corporation, and the past subtcr'uges, pre tences, frauds and profligacy ol corpora tions will form but a miniature epitome of what will be exhibited in future. An o vcrshadowiiig combination of artificial persons and fucticious inteiests tvill be cre ated, which will trample upon the rights of natural persons, override the barriers of justice, and annihilate the equality of rights which forms tho corner stone of our Ireo institutions. All experience has taught us, that men will do things when associated under the cover of a charter, which they would shudder at tlio bare idea of doing as private individuals. One of the evil tendencies of the present age is a venial spirit of adventure, stimulated by a thrist to acquire property without earn ing it, and a desire to transact- business through thcagciicy of acts of incorpora tion. Weuitli has its appropriate irillt: once, and possesses naturally intrinsic ad vantages over labor; but when associated under charters, and favored with special immunities, and exclusive privileges, it builds up oppressive monopolies in the bu siness of tlio country, and acquires an un due ascendency over tho interests and rights ot the private citizen. Acts of incorporation are usually ob tained under the pretence of advancing the public interests, but the real object is too often merely to obtain an exemption from the responsibilities to which natural persons are subjected, and a cloak for fraud and deception. 1 lie only legitimate pur poses for which nets of incorporation can in most cases he sought, are simply to ac qure the right of suing and leing sued in a corporate name, and of taking, holding, and conveying tho title to proporty through the authority of the representa tivesof the association. These objects con bo fully and more conveniently attained by a genoral law of joint stock partner ships, for the benefit of all associations of every description which may have a reg ular organization, and a record thereof in tho Recorder's office in the county in which located. Such joint stock associa- tions would not be corporations, but they would possess all the necessary and legiti mate advantages for the transaction of thoir company business, without tho spo cial exemptions and exclusive privileges which render corporations objectionable and dangerous. The subject of banks and the currency has occupied no inconsiderable share of the attention of ine Legislature in this State for the last ten years, and will prob ably continue to do so for many years to come. It involves considerations of par amount importance and difficulty, and ei ther for good or for evil, bearing directly and extensively upon the various and com plex interests of the community. The diversity of opinion on the subject, is not to be wondered at. Distinguished states men, in different countries and ages, have differed on few subjects more widely and warmly than upon paper money and bank ing Truth should be searched by a can did consideration of tho views on both sides of the subject. In the njustment of the question, the great body of the people have a common interest, and certainly, no one can be governed by any other motive, than a desire to sec it settled in the man ner best calculated to preserve the safely of our institutions, and advance the welfare ind happiness of the country. Within the last three years a majority of the bank charters in the Stato expired- In March 1812, an act was passed, design ed to supersede the necessity of special charters, fixing, in a general law, the pow ers, liabilities and terms of future banks, and imposing rigid restrictions on the a- buses heretofore practiced in banking. 1 his law was alleged to be too severe, and, in February, 1843, it was amended, and a number of the promiuent citizens, be longing to companies which had petition ed the Legislature for a renewal of their charters, were authorized to organize and commence tho business of banking. They declined, however, to engage in business on the conditions imposed, on account of the unsettled state of public sentiment on this subject, and with a view of obtaining banking privileges, at a subsequent per iod, upon ternn more in accordance with their own views. The persons who desire to embark in the business of banking in this State, are requiring rrclusive privileges and special exemptions from which the rest, of commu nity are inhibited, and which the people who are anxious to protect their rights and preserve their liberties, should lully understand and maturely consider before they confer them, without the necessary safeguards and limitations. 1st. It is claimed, that the banks shall have their usual power to issue their cor porate promissory notes to be made cur rency by the authority of law, and to sub stitute them for the circulating money of the country 2d. That, in order to give their prom issory notes more the appearance and au thority of actual money, it is claimed that they shall be received in payment of the public dues ot every description by the positive sanction of the government. 3d. It is claimed, that the banks shall havo their usual powers to put out their capital, ou loans or discounts, at interest, and also, to lend out at interest their pa per credits in the form of bank notes, and thus receive an interest on their promis sory notes, instead of paying an interest, as does tho rest of community. 4th. It is claimed; that they shall have the power to receive the funds of other persons on deposit for which they pay no nte est, but upon which they aro enable to receive a profit, by loans and other wise, j 5th. It is claimed that they shall havo the authority to deal and speculate in the exchanges and public stocks ol tho coun try. 0th. That they shall have the author ity to grant credits on their books, and transfer the amount of tho credit from one person to another; and to make loans, without limitation, to themselves, their officers, managers and favorites. 7th. That they shall have the author ity to tako six por cent, interest in ad vance, on their loans and discounts, and thus bo enabled to realize compound in terest instead of simple interest, to which the rest of the community are restrict ed. 8th. That they shall bo permitted to transact business, through the interven tion of brokors, according to the under written code of "banking usage;" where by, they are enabled to evade, with im punity, the incouveniont restrictions of law, and injunctions of integrity. With these ample powers, banks can re alize a compound interest on thoir capi tal, tho chief part of which they usually lend out, also, on that portion of their de posits which they lend, and likewise on their prommissory notes which they issue, and lend out as money : and besides all this they can have their profits arising from their speculations in the exchanges and the public stock of tho county, and their illicit transactions through tho interven tion of brokers, as well as the advanta ges of liberal accommodations to their own managers and particular friends, in the exercise of these high prerogatives and exclusive privileges, banks can fur nish to their managers means of extraor dinary efficiency lor tho acquisition of wealth, and for controlling the business and interests of tho country. Situated at the various commercial points, they are enabled to acquire an arbitrary control o- ver what little gold and silvor remains in circulation, and which they can gather up and export out of the State, and, in a great measure intercept its how into the State; and thus compel the people to adopt their promissory notes, a3 their almost cxclu sivo circulating medium. It would be but reasonable to presumo that tho favored recipients of these exclu sive and lucrativo privileges, would ex pect to havo their responsibilities to the public incroasod, which would bo but the dictate of justice and a common regard for public safety; but not so. Instead of consenting to an increase of their obliga tions, for the honest and faithful exerciao of their spociul prerogatives, they roquire important special exemptions from the lia bilities to which other persons are subjec ted. 1st. It is claimed that the stockholders of banks shall be exempted from personal responsibility for the payment of theii debts, and the redemption of their notes. It is difficult to conceive how any commu nity, blinded by neither by prejudice nor by interest, can be deluded into tho justice o thisclaims. V hy should bankers not be made responsible for their bank debts upon equal footing with the individual cit- izen? 1 he business of banking is not a-1 ny more hazardous, indeed, if prudently and honestly conducted, it is less so than the mercantile or manutacturing business, or other ordinary pursuits. If those who own the banks, and have the entire con- trol and management of them, are unwil- ling to trust their safety themselves, they ought not to be tolerated in asking the community to trust them, and to adopt their promissory notes as money. VV hen a bank fails, the loss mrst fall either on ! the holders of its bills and creditois, or. upon its stockholders. The former re ceive none of the profits of the bank, and have no voice in its management. Noth- j ing can be more flagrantly unjust than - that the bankers, who receive the profits, ' and have the entire management and con-i trol of their institutions, should require I tho community to run the risk and bear i the loss of a failure. The individual citi zen, who industriously follows his pur suits, regularly continues to increase his ability to discharge his liability as he ac cumulates property. But not so with a bank; it divides all its profits among its stockholders as they accumulate. The riches which are acquired by a bank are not retained by the corporation, but are regularly, at short periods, divided, and left to accumulate as private property in the hands of the individual stockholders. The stockholders, therefore, may be poor in their corporate capacity as a bank, while they are immensely'woalthy in their private capacity, as individuals, from the profits received from their bank. 1 has a bank may fail and become insolvent, either fraudulently or otherwise, and tho peo ple, with a large amount of paper in cir culation bo left to suffer, while the stock holders are living in affluence and sur rounded by wealth, accumulated by means of the bank. The exemption of the stock holders from individual liability holds out strong inducements to engage in exces sive issues of bank paper, inorder to make large profits, and lurnisu the means of committing frauds with impunity. 2d : It is claimed that bank shall be ex empt from liability to taxation upon their capital, and he subject to be taxed merely on their dividends or profits. All other persons aro taxed for the support of the Government, 'on ithe capital of their in vestments. The private citizen who lends at 6 percent, interest is taxed 1 per cent, on his capital, while banks, with extra ordinary privileges, claim that taxation shall touch only their profits. 3d: It is claimed that the charters of the banks shall be exempt from all liabil ity to alteration, amendment or repeal, hy the lawmaking power of the State. Pri vate copartnerships, and all tho modes of prosecuting other branches of industry, are subject to the correcting hand of legis. ttion. uut from analogy to the presu med infallibility of the divine prerogative of kings, the people are to be led to be lieve that banks can do no wrong; and that therefore, a certain sanctity should j be thrown about their chartered rights and proceedings, which will place them above the reach of the rude arm of sover eign power. 4th : It is claimed that they shall be pro- tectedfrom any act on the part of the gov ernment, or private citizens, calculated to impair public confidence in them, inas much as their success depends upon keep ing suspicion asleep. oth: It is claimed that their condition and proceedings shall, at all times, be ex empt from examination and inspection by public officers. Although the public lins j tiir.y produced. Thirteen banks expired m a deep interest in knowing their condition j ultancously on the first of January, '4'1 and and mode of doing business, yet it is; instead of the ruin and disaster predicted houg'.t necessary that tho mysteries of the bank parlor should bo scrupulously concealed from the public eye. 6th: frhas been claimed that in these times extraordinary emergency and t'ryhas rcceivcanaw life. Industry and en financial embarrassment and distress, they ternrizc. relieved from the boudaee of bank- should be permitted in order to relieve ihe people and prevent the gold and si vcr from flowing out of the Stato, to suspend! specie payments, and thus violate the on ly condition upon which they were gran-i ted the high privilege of converting their nromisssorv notes into currency. 1 . f . - ? .. Such are briefly the leiidinij privileges exemptions demanded for banks in this' State; and it is not a matter of surprise the persons who set up such claims should reject tho terms ofthe existing laws, and even pronounce them impracticable. How far these high prerogative shall be con-,ew 1 one, 11 win commana a proporuon ferrod,and by what restrictions and safe-int0 I"-'01 in 01io although there be not guards tho community shall be protected, 0110 tIo"ar of bank paper within the limits is submitted to the wisdom of the Legis-, oftt)0 State. Oold and silver is now a loturo. The banks themselves or those hundnnt in tho Atlantic cities, and tho val- directlv interested in them, aro certain- ly not the proper persons to prescribe the terms on which they shall obtain extra- ordinary privilege! and exemptions. Kefloction and observation have tended to! confirm my conviction that time and ex-' penence will prove the wisdom of the provisions of the general law, now in forco, for the reputation of the banking system. Banks of issue, if permitted to exist ut all, cannot bo too cautiously guar- ever lias been, the currency ol the com ded by restrictions. I rncirml world, and the standard of valua 1 he great orror which prevails on this subject has its origin in the common vguo impression that we are depondant on the Hank paper system for tho supply ofa sudicient quantity ofthe circulating mcdi- urn; and that without bank paper, com- morce would not flourish, business would stagnat, and the country coase toad vanc in prosperity and improvement. This fallacy the chief cause of that supomti- tious attachment to the paper saytem, which with some, has become Idolatry. It is produced by superficial observation of the mere appearance of things, without an accurate inquiry into the true element which constitute the movine springs to enterprize and prosperity. The occur rences which have transpired under the eyes of the people of Ohio, within the last few years, will go far to dispel this delusion. The following table will show the extent with which the Deoolaofthhi State are furnished with Bank facilities and accommodations bv our own banka each year, from 1836 to the nresent time. with the exception of the year 1841; when the banks nrinciDallv set the lawa at defiance, and regular reports as to the condtiion of them were not obtained. n e o" g g "2 , D ST o" o CT 4 CO 5. o s COCOCOCOCOCOCOCOC3COCOCCCCOCO -uui9ioouuooimoiCi JO W W Op C3 w"' .'t,oW"- To la oo To "w w iooiOiWuoiootou-n.cna .pjaji-ci --i -j w w toj- O-i to cVio'ra'i-.'cjs'oTo'-j'"' -IOC5W!Oiai.Cl-"C3!Oi.i(. C303WOSO W CS Oi CO O OS 4 o -a 30 J3JOij-i M -J CD 0C5 tO Ol 1. 1 en !o 1o C5'ra . coIo'cj'oo'os'cj j-opjji japi j - oi "-'j.pi i la Tc 1u t- T- co To ' To "co 9 I 3 9 3 JO JO JO KJ JO JO W JO 4 -I O 65 o"-l U tt Ci C5 ' W io tO - U U O tS Oi C Oi - OI OiKJO actio j- p je -i o, 4- w ci "to "bt 'c: 'in ei -j To co o To "w to "-t ocicdococ3-:;i w Oi-iOoc;oO!J-oij.c)Oi m a 0 UjJ JS I Ol Cl op pi Oj O co es " to j . o Ci cs wbi-bo u a w to 10 to cs O -1 1 3 ti p a -i rf p cs ;o Cn ca to w co bot clii to to cs b tn "i "Ja cs co a iu w cs o to o o, ii o t) co a M c o o ca la o o 'It appears -from these authentic facts, which cannot be far from perfet accuracy, that from 1S33 to '41 inclusive, the capital invested in banking ranged from about eight millions to'overeleven millions of dollars; tho accommodations by loans and discounts, from about nine millions six hundred thou sand to four millions six hundred thousand. And from June 'ii to the present time, the capital has ranged from seven millions to two millionsof dollars; the loans and dis counts from seven millions to two millions eight hundred thousand; and the circulation from one to two millions. In the former period there were from thirty-two to thirty seven banks in operation in the State, and dining that time, especially from '37 till '41, with the immense amount of bank loans, bank issues und bank capital then existing in this and the surrounding States, pecunia ry distress, embarrassments, and bankrupt cies existing to an alarming extent. Not withstanding the profusion of bank paper and bank facilities, business and enterprise were paralyzed public works stopped and gi ven up. and improvements of all kinds re tarded. And, at that very time, the clamor for morn banks, more bank facilities, a new and more enlightened banking system was beyond measure. At the sessions of '35-6, ';JG-7, 3 -9, and 40-1, petitions for more banks were crowded on the Legislature in unequalled numbsrs. The delusion seemed to hold a portion of the people spell-hound with the idea that an addition to the bank issues and bank loans, already existing to an alarming excess, could relieve the coun try. And the Legislature was even cen sured as refusing to do anything for the good of the country because the insatiate demand I for banks vvus resisted. Hut during the lat ter period of lime the banks have been redu-' ced to tho number of ten since Janutry, '43 and eight since January '41; and the loans and discounts of the banks, have been reduced to less than one sixth, and the capital and circulation to less than one fourth the aver age amount during tho former period. Bank ing operations at the same time, in the sur romidins Suites, have been greatly curtailed; and in Michigan and Illinois perhaps mor thou in Ohio. The inordinate thirst fo' bank accommodations and bank facilities Las decreased as the banks have disappeared. The embarrassments i and distress of the for- mr-r period are now to bo sscn only in some nf flirt rfmainKnf ihp ciMiprnl wrerir wtiirh I from the event, business and enterprize have continued to revive unimpeded in their pro gress. Thus, as the banHrtg system has lit rally rotted down in the sink of its own fol- lv unit rni-riml inn ih.inrnennrttv nf tha nim. ing operations, ore recovering their energies ' wit'i renewed vigor; ana commerce, naving in a measure thrown off the shackles of pa per money, ha replum 'J us wings lor a ca reer of prosperity. Since the enchantment of bank paper ; has, in a measure passed off, the fact has &;uecomc paipa.no mat me prices 01 our .11 1 11. . 1 . .1 . r . commodities in Uluo, depend upon the prices wnicu iney win commana in me ; Aiinnuc cities ami cisewnere, nnu noi on ' profusion of tho paper bubble. When : wheat will command a dollar a bushel m ue of it cannot exceed tho worth of tho currency witn which our prouucis nr. now purchased more than the cost of trans- portation.' t Actuul experience has often exposed, and that, too, with severe penalties, the ompericism of all attempts to enlarge tho circulating medium, and stimulate the prosperity of a country by an issuo of paper money. Gold uud ailver is, and to which every thing must conform. 1 he prices in the markets of every othorStata and country in the commercial world, have thoir influenco in fixing and regula- ting the prices in the markets of Ohio, So, also, that currency which is theuni- versul standard of value of every other State and nation with which we trade, eithor directly or indirectly, must regu- late nnd control (lie currency 0 Ohio. i if ' 1 :? 1 1 f i