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In the Steubenville Union of the 24th, we find the following precious scrap of history: USPEN SION. The Bank of Steubenville has suspended spe. cie payments. The following is copied from the back of one of its notes. 'Presented for redemption. Specie demanded and refused.' Steubenville, 23d March, 1840. III STEPHENS, Teller, Thus the very day of the adjournment, this Bank so highly enlogized by certain member for its soundness, SUSPENDS so wege. o Statesman.
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MORE EXPLOSION AHEADLET THE PEOPLE BE ON THEIR GUARD. The thousand schemes of the Whig financiers will end in a general explosion and prostration of all confidence, and even hope. seems inevitable. The Cincinnati Chronicle, a Whig paper, of Saturday evening, has the following. G-GALLIPOLIS BANK.-When the Ohio river closed with ice on Monday last, the agent of this Bank in this city, Mr. Eltis, had exhausted the fund placed in his hands for the redemption of its notes and declined their further purchase;--a panic was the consequence, and the notes tell to 10 per cent. discount immediately, and in the course of the day to 20 per cent. discount; and have since sold at 25 per cent. discount. No doubt this will occasion a run on the bank which will irv her strength. "ay The Post Notes of the Ohio Banks generally. and the bills of the bank of West Union, Granville, German Bink of Wooster, and the lately resuscilated bank of Steubenville, have fallen off 1 per cent. during the week. We quote them now at 3 per cent. discount. "There seems to be a general distrust by the community of all these institutions." We repeat to our friends the warning-be on your look out. We verily believe that a viler set of swindlers never infested any country on earth than one half of these Whig financiers and bankers. No one can go to bed with a Whig bank promise in his breeches pocket, that is certain that it will be worth any thing in the morning when he geis up. The breeches may be there, but the supposed value of his promise is gone. There is some witchery in this kind of slight of hand work, for neither bar nor bolis are a ny protection. The Chronicle has the following notice of other Whig currency that is pretty well used up: OF White Water money is selling at about 23 per C1. disc un!. The notes of the hank of Cario, at Kaskaskia, are selling at 50 cents on the dollar." This is getting along with a rapid pace. We shall soon have Harrison times. truly now confilence is restored. Just let it he known that old Tip is elected, and the times will inspantly be beller-prices will rise--confidence will be rostored and the banks will make every body rich by getting them in debt by fresh discounts. We close as we commenced, by saying 11 to our Democratic friends who have -9 kept out of the bank clutches, be on S, your guard.-Ohio Statesman.
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Second Board. 35 137 do 122 US Bank 50 10 shares Utica & Schen do de 521 slods 810ds 12, 50 do LIsland 6 de 25 do 12 25 do NA Trust 5g 15 do do Commercial and M ou ey Matters. Wednesday, P.M. It has been a hard day for the bulls. The fancies took a general tumble. from which some of then probably will never recover. U.S. Bank shares sold at 121, a fall of 1) per cent. on Saturday's prices. N. A. Trust 31, a decline of 15 per cent. This stock seems destined to sell at par before many days. The Bank has only been in existence since the Free Banking Act was passed, and it is now selling at 5, a fine specimen of modern financiering. Farmers' Trust fell 21 percent; Mohawk, Long Island, and Patterson, 1/2 : Harlem Stoninglud Delaware & Hudson 13 The operations in State Stocks were55) 5,000 Indiana Bonds 10dm 553 2900 do do 853 1,000 Canal Fives, 1855 Exchanges.-No sales at the Board. We quote-Philadelphia 31, Baltimore 21, Virginia 34 a 31. New-Orleans 41 a 41, Charleston a It, Augusta 11 a 5, Cincinnati 84 a 81. The Bank of Steubenville suspended operations on the 11th inst., unlits effects were assigned to Jas. Teaff, J. Mason and A. Stevens, to be collected and used to redeem liabilities. The demand for money is notlarge, and avenues of investment such radent men embark in are not plenty. The unsettled state of the Ba ik bill, and the uncertainty in regard to what portion of the $12,000,000 loan the Secretary of the Treasury would throw into the ISS ket, has tended to deter many from placing their funds permameatly. Still, la ge amounts of State and Corporation Stocks, and Treasury Notes, have been taken up and laid by, the consequence of which is, that the rates have been gradually improving, and a healthy state of things in the depreciated State Securities is confidently predicted. The Banks experience difficulty in obtaining sufficient paper of the first class to absorb their treams, and a temporary loan could be made by the City or State at 6 per cent. In the street, negotiations are easily made on good paper at 7 to 9 per cent. Our stock of Spocie is very large and the arrivals more than offset the exports. There is nothing in the financial horizon which appears to portend a change for some time to come. The war has commenced in Pennsylvania arainst all skinplaster Corporations, and all persons engaged in the introduction of the notes of other States.
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# FOR GOVERNOR OF OHIO, DAVID TOD, of Trumbull. # THE CONSTITUTIONAL CURRENCY. In our paper of last week, we published the proceedings of the Democratic 8th of January Convention, which put in nomination, as the Democratic candidate for Governor of Ohio, the able advocate of equal rights-DAVID TOD. On the first page of to-day's paper will be found the proceedings of the Democratic Editorial State Convention, for which we bespeak an attentive perusal. The democracy of this county are well aware, that, when the democratic party of Ohio raised the "bank reform" banner, in 1838, they were triumphantly victorious at the ensuing elections. The people were well satisfied, from past experience, that the old villanous banking system needed much reformation, in order to secure them from the almost daily loss of thousands of dollars; a loss resulting as well from the total failure of these rascally shaving shops, as from a partial depreciation in the nominal value of their "promises to pay." In accordance with the views and doctrines, at that time advocated, the democratic members of the General Assembly, at subsequent sessions of the Ohio legislature, passed laws which, it was supposed, would have the effect to make bankers honest men; or, in other words, to prevent the old system of bank swindling of "contractions to-day, and expansions to-morrow"- from ever being again fastened upon the people of this State. Laws were enacted making stockholders liable in their individual capacity for the debts of a bank, in case of failure, as well as other laws equally salutary. When these laws were passed, it was thought that the people would, thereafter, be secured from losses by bank failures, and bank suspensions; and that all banks thereafter chartered would have engrafted in their charters these salutary provisions. But how have the people been disappointed in their hopes and expectations? Would bankers accept of charters with the individual liability clause? No. The determination of the moneyed aristocracy of this State was to grind down the people by enormous taxes, by bank failures, and bank suspensions, until they should be brought to tamely submit to any banking proposition that might be brought forward. The result has been, that by "deception, corruption, and accident," the bank power of the State has once more gained the ascendency in our legislative halls. Immediately, all the salutary measures, demanded by the people, were repealed; and a system of banking enforced upon the people only equalled by the old defunct banks of Gallipolis, West Union, and a host of others. Who does not recollect, and, not only recollect, but, by experience, know the thousands, and we might safely say millions, lost to the people of Ohio, by the explosion of such dens of iniquity as the Bank of Cincinnati, German Bank of Wooster, Bank of Steubenville, Bank of Granville, Bank of Urbana, Bank of Gallipolis, Bank of West Union, Miami Exporting Company, new Bank of Circleville, Lebanon Miami Bank, Bank of Cleveland, Commercial Bank of Lake Erie, Commercial Bank of Scioto, and a long list of others in this State, together with the losses sustained by the failure of the banks of the States of Illinois, Michigan, and others; and we might particularly mention as "last though not least," the Bank of St. Clair, familiarly known as the *Red-dog* bank? Have the people, we ask, forgotten all their losses occasioned by the failure of these institutions? No. They feel that forbearance will soon cease to be a virtue; and will, ere long, speak in tones of thunder to those nabobs of the bank-paper-mills, whose only rule of action seems
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Just as we expected!!! When our Low Water neighbers turned out Financiers, and made a futile effort to run a tilt gainst Clark's paper, and read puerile lectures on currency to their readers, we knew they must render themselves, and the whig party even, in a measure, ridiculous. The aim of the Whig party should be to establish in our State a banking system, with all checks and safeguards necessary to secure entire solvency and proper management. As the experiments heretofore made seem to indicate, all expedients have failed, and the solvency of banks has seemed to be the result of honest and judicious management, and not legislative restriction. If there be any exception, it is in New York. The State Branch system of Ohio never has and never will have the entire confidence of financiers. Whether the banks of that State are good or not, nobody can tell here or there. If any one personally knows the managers he can form an opinion satisfactory to his own mind, but after all, actually knows nothing. And yet the bulk of the currency of Iowa is Ohio paper. How much tter-would be a currency of our own, under our own control? The Keokuk Register published a statement of the condition of the Ohio Banks-as they said-to "head the advocates of Clark's paper !" This statement shows that the immediate liabilities of those banks exceed their immediate means $7,022,131, and that neither the editors at Keokuk nor the people of Ohio know any thing about the actual value of Ohio Bank paper. They show by their statement that their immediate means are not sufficient to meet their liabilities. But say these astute financiers of the Keokuk Register-we took our statement "from the Cincinnati Gazette-the oldest and most influential Whig paper in the State-the editor of which remarks, 'that the Banks of no State in the Union are stronger and more impregnable.' The fact that their immediate liabilities exceed their immediate means seven millions and more, does not prove to be true, what the Gazette says as to the solvency of these banks; but the fact that the oldest Whig paper in Ohio says so, satisfies the financiers of the Regis. ter, that such is the fact. Now weare pretty much of the same opinion-but for a very different reason. We do not think, with the Register, that the statement proves anything, except the inability of the Ohio Banks to pay; but when the editors of the Cincinnati Gazette assure us that we may have confidence in Ohio Banks-we are disposed to contide in the editors of that paper, because we believe they are honest and well informed. So in regard to Clark's paper. Men, as honest and well informed, assure us, and give us confidence. We cannot descend to the slang of the Register. We desire to reason and be met in the same way.If "billingsgate" suits better the appetites of the readers of the Register, we can forgive it. But in justice to Clark & Co., we must copy one remark of the Register, as follows make no objection whatever to the regular business of Clark & Co., in the Exchange and Broker line; that is entirely legitimate, and had they confined their operations to that, no one would have just cause of complaint." So far as we have been able to ascertain, the business of Clark s Co. in this place, has been, wholly confined to the business of buying and selling, of exchange, and to notes of foreign banks. We do not know of a single loan-nor, do we believe one to have been made. It is regretted by business men that their paper cannot be borrowed. And the reason why it cannot, is owing to the fact that it is worth 1 per cent. more at St Louis, than any paper in circulation in Iowa, (except Missouri Bank,) and will therefore return upon them as fast as issued. Is this the case with Ohio paper ? No! It is usually sent here in greatest abundance just before a failure as all know, who remember the rotten concerns-the bank of Cincinnati-bank of Gallipolis-bank of Norwalk-bank of Sandusky-bank of Steubenville-bank of West Union--bank of Wooster--Farmersbank of Canton--Farmers Bank of New Salem--Farmers and Mechanics bank of Chillionthe-Farmers and Mechanics bank of Cinbank of Wooster-Jefferson bank of New Salem, etc., etc., etc. All of which, Ohio newspapers, called gou. until they were broken, and Iowa footed the bill! In conclusion, we recommend the editors of the Register to abandon the wind-mill operation of one Sancho Panza, and to devote their energies to the Rail Road from Dubuque to Keokuk. Which will be built "if they only have time" !!! Gentlemen, you must tarry in Jericho a little longer I I