Daily Advertiser (Cleveland) publishes a letter from an advertiser noting that the Kirtland Bank "would have relieved the community" with the capital backing it but it was hampered by "vested rights" and "chartered privileges."

Date
Mar 28, 1837
Type
Personal Journal / Diary
Source
Cleveland Daily Advertiser
Non-LDS
Hearsay
Direct
Journalism
Reference

"From the Advertiser," Daily Advertiser (Cleveland) (March 28, 1837): 2, Joseph Smith Papers newspaper research files, 1977-2011, CR 100 1051, Church History Library

Scribe/Publisher
Cleveland Daily Advertiser
People
Cleveland Daily Advertiser
Audience
Reading Public
PDF
Transcription

FROM THE ADVERTISER

Messers. Editors—My attention has been called to the leading article in the Gazette of yesterday, relative to the amount of banking capital in Cincinnati, as compared with that of Cleveland.

That Cincinnati has managed to obtain from the legislature the mount of $4,000,000 of banking capital, while Cleveland only comes in for the scanty portion of $800,000 is true. The conduct of our legislature is not better attending to the interest of their constituents, than in dreaming away their time, in the anticipation of a seat in Congress, or endeavoring to introduce new modes of legislation, for the especial benefit of the owner of certain _____, is as reprehensible as the editor of the Gazette would believe it. But while we attach censure to public grievance, or for neglecting those interests which it is in their duty to sustain, let the censure fall equally upon all the guilty. That the business wants of our city may require more banking capital than they can now control, appears to be generally admitted—if the Legislature will grant no charters for incorporated companies, where is our relief of course in private capital. The forming of private associations is by many thought the safest and surest method for obtaining a safe, sound, and regulated currency—for _____ circulation, and for better minding the business wants of community.

. . .

And what Mr. Gazette, were your views upon the subject at the time the Kirtand Society first started its banking operations? Was there not then a want of more capital in this place, as there may be now? And would not the people at that time have relieved themselves, or been relived by this "domestic circulation," which was created? it was not at that time pretended to be denied that this city had within their control an immense amount of capital which could and would have relieved the community by being thrown immediately into circulation—had not the strong interests of "vested rights" and "chartered privileges" opened their batteries against it—undefended as it was by an such legislative wall of defence--and had not the Gazette and other papers lent themselves to the chartered slaving shops, whose vaults are always closed against the real wants of the public, and whose endeavors to aid and place, have ever been spent on a few ____ proud, pampered favorites and money chargers?" . . .

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