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Domestic News January 9, 1843

New York Daily Tribune

New York, New York County, New York

What is this article about?

In Ohio, Loco-Focos are upset over the legislature's refusal to renew charters of 11 specie-paying banks that expired on the 1st inst. A bill for six-month extension passed the Senate but failed in the House, with party-line votes and Loco-Foco leaders opposing it. The Ohio Statesman argues it will expand currency.

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OHIO.--The Loco-Focos are distracted and appalled by the refusal of their Legislature to renew the charters of the Specie-paying Banks, eleven of which expired on the 1st inst. They try to divide the blame with the Whigs, who generally refused to vote for a bill continuing the charters for six months, founded on the crudest Loco-Foco conceptions of Banking. This bill passed the Senate by the votes of 17 Locos and 10 Whigs, against 4 Locos and 2 Whigs; but was lost in the House, 31 Locos and 2 Whigs supporting, 9 Locos and 28 Whigs opposing it-the Loco-Foco leaders, M'Nulty, Byington, and Spindler, in the negative. The Ohio Statesman argues that it will increase the currency and give relief to wind up these Banks, because they have $356,783 in Specie against $251,419 of Issues! So, you see, the currency will be expanded by winding them up! The fools are not all dead yet, or demagogues would not dare to use such arguments.

What sub-type of article is it?

Politics Economic

What keywords are associated?

Loco Focos Whigs Bank Charters Ohio Legislature Specie Paying Banks

What entities or persons were involved?

M'nulty Byington Spindler

Where did it happen?

Ohio

Domestic News Details

Primary Location

Ohio

Event Date

1st Inst.

Key Persons

M'nulty Byington Spindler

Outcome

eleven specie-paying banks' charters expired without renewal; bill to continue charters for six months passed senate but lost in house.

Event Details

Loco-Focos distressed by Legislature's refusal to renew charters of Specie-paying Banks. Whigs generally refused to vote for a six-month continuation bill based on Loco-Foco banking ideas. Bill passed Senate (17 Locos and 10 Whigs for, 4 Locos and 2 Whigs against) but lost in House (31 Locos and 2 Whigs for, 9 Locos and 28 Whigs against), with Loco-Foco leaders M'Nulty, Byington, and Spindler voting against. Ohio Statesman claims winding up banks will increase currency due to specie exceeding issues.

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