ANNALS OF CLEVELAND

14
Abstracts 82 - 85
CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1838
BANKS & BANKING (Cont'd)
82 - H&G Oct. 22; ed:2/4 - The Mechanics and Traders Bank of Cincinnati
has gone into operation under very favorable auspices.
"As we were not aware of any charter having been granted by our
Legislature, we have some curiosity to know the mode of operation. Will
the Editor of the GAZETTE give us some information on the subject?" (1)
83 - H&G Nov. 2; ed:2/4 - The OHIO STATESMAN says: "The CLEVELAND
INTELLIGENCER is for a General Banking Law, at all hazards. Well, we
guess there is not enough Bankmen in the Legislature to accomplish it.
We unite with the REGISTER heart and hand against any new schemes of
making Paper money."
(H&G) "Bravo! - The 'Locofoc(ls' show no disposition to dance to the
pipings of their quasi friend of the INTELLIGENCER. It is unkind thus
to treat the promptings of their useful ally on the Reserve." (3)
H&G Nov. 9; ed:2/4 - See Newspapers
84 - H&G Nov. 10; ed: 2/3 - The "Locofocos" are beginning to discuss the
kind of bank reform they will have. The ADVERTISER breaks ground in
favor of a General Banking Law as the ne plus ultra of Bank Reform in
Ohio. That is, they would reform the present "rascally institutions"
by letting John, James, and Samuel issue "rags" at pleasure! "Did the
people so understand the meaning Bank Reform at the polls?" (1)
85 - H&G Nov. 29: ed:2/1,2 - The Columbus STATESMAN has recently
printed in full an article on Bank Legislation by "one of the first
writers of this state." Its great length prohibits our giving it in full.
It proclaims "hat a Democratic Bank Reform Legislature may be expected
to do, and throws further illumination on the subject of Banking Reforms.
The writer is honestly convinced that the innumerable banks throughout
the land are the cause of the present state of prosperity in this
country. By means of clear, economic thinking he is able to show how
a national bank would be the only solution to the financial problem
confronting the nation.
His theory of "laissez faire" is as follows: "The right of repeal
(in regard to present banking laws) must be with tile people. There will.
probably, however, be little need of its exercise unless the already
privileged few deny, by any means, the right of others to equal privileges.
No special grant of power need be conferred; indeed cannot be
conferred - acknowledge only and confirm, etc., the right which every
man undoubtedly now possesses of making and issuing as many promises to
pay as he may see proper, and the right of every other man to consider
them money if he so pleases. Let as many individuals unite as choose,
for this or any other not criminal purpose. Let there be no hindrance
to the exercise of the power of issuing and circulating bills. No inquiry
beforehand by the state into the amount or kind of capital. No
checks, no guards, no investigations periodically into their concerns.