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Cincinnati, Hamilton County, Ohio
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Newspaper commentary on a heated political debate in Georgetown, Brown County, between Hamerites (Democrats) and Broughites (Loco Focos) over banking liability and currency policy. Speakers include Gen. McDowell, Patterson, Hamer vs. Brough, Fisher, and Utter. The author criticizes the Enquirer's stance on full personal liability for stockholders, framing it as anti-bank.
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We are going into no argument at this early day—but the Enquirer of Monday shall be preserved as carefully as may be, every word and syllable. All that we could not ask is, that every democratic citizen of Cincinnati—every intelligent man that knows and feels the importance to Ohio of a sound mixed currency of paper and the metals—shall take up and read this loco foco organ's two and a half columns of argument. Note carefully the whole of that paragraph commencing at the bottom of the first column and continuing half down the second. See the editor and orator making use of the old Whig argument and showing conclusively, that all proportionate personal liability of stockholders is (to use his own language) "a ridiculous farce,"—Hear him contending, that naught else will answer but that plan which makes the stockholder of a hundred dollars liable, in the last resort, for the whole debt of the corporation to the last farthing! The Enquirer is thanked for this plain avowal of a policy which he has hitherto so carefully concealed from the democracy of this county.
We are not to be understood as supposing, that there is anything wonderful in the editor's present argument in itself. Far from it. It is the very same which was made over, and over, and over again, against proportionate liabilities, by the Whigs of Cincinnati during last fall's canvass. It's only pleasant to have it from the Enquirer's own pen, that this kind of responsibility is "IMPRACTICABLE AND RIDICULOUS"—to have it from the editor's own lips, that no plan will suit the loco foco party but full personal liability—that kind of responsibility which makes the owner of a single share of stock liable to the whole of his fortune, be it an hundred thousand.
Upon this issue, then, we go before the people. The farmers, the mechanics, the merchants, the manufacturers of Hamilton county must decide in October, whether such issue does not simply amount to Bank or no Bank? Whether such doctrine does not shut out all hope of a sound banking system in Ohio.
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Location
Georgetown, Brown County; Hamilton County
Event Date
Saturday Last
Story Details
Political debate at a large meeting in Georgetown between Democrats (Hamerites) led by McDowell, Patterson, and Hamer, and Loco Focos (Broughites) led by Brough, Fisher, and Utter. The article critiques the Enquirer's reporting and arguments favoring full personal liability for bank stockholders over proportionate liability, positioning it as an anti-banking stance to be decided by Hamilton County voters in October.