Ohio History Volume 24 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 Excerpt: ...whether such a bank would lessen the difficulties then felt.31 But nothing came of this at that time. Liberty Hall and Cincinnati Gazette. Nov. 11. 1818. Second Bank of the United States--Catterall, pp. 62 and 63. "Nilcs Register, Vol. XV, p. 283. "Ibid., p. 361. "Preliminary Sketch of Ohio in Chase's Revised Statutes, 1833. Elliot's Funding System, p. 1106. Ohio Watchman, (Dayton), Oct. 20, 1818. See Appendix, p. 487. "Niles1 Register, Sept. 19, 1818, p. 59. State Bank Notes refused at Cincinnati in payment of Public Land Sales: Chartered Banks ask Repeal of Bonus Law.--In November 1818 the banks were in such a condition that the land agent at Cincinnati was ordered to take nothing but United States notes and specie in payment of land sales. This caused consternation among the banks. The notes of the United States Bank had never circulated in Cincinnati to any great extent, and at that time specie was equally scarce. Brokers were selling it at 20% premium and their stock threatened soon to be exhausted. The result of the edict was, therefore, that the sale of public lands was stopped in that locality.32 At a meeting of bank delegates from middle and western Ohio it was agreed to petition the legislature to take back their charters and repeal the bonus law of i8i6.33 The committee of the legislature to whom this petition was referred, however, took the ground that capital invested in banking was a proper subject of taxation, and reported that it was not expedient at that time to exempt the state banks from the payment of the bonus.34 Consequently, although Governor Brown in his message to the legislature December 16. 1818, suggested substituting a tax on the real estate of the banks, and a rate on their dividends in place of the bonus,35...