Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1838-04-28


vention, for the purpose ofagreeing upon some
time for the resumption Of specie pa yments,
adjourned without coming to any understand
ing. The New York Banks were unanimous
for resumption, but the Philadelphia Banks,
were led by old Nick and would agree to no
day.
The CuRRENcY.---The inconvenience and
hard times incident 10 an entire paper circula-
ton, is every where sensibly felt, and is rous-
ing the people to sense Of danger consequent
upon the accumulation Of Banking institutions
throughout the country. --In the lead mines the
picture is truly appalling, but the times are,
we believe, no worse, if so bad, as in other
parts Of the country. Our circulation has been
almost entirely composed ofthe notes Of Banks
recently established in Michigan under what
is termed the "General Banking Law" ma
jority Of which have proved base and ma|ig-
nant frauds.---Thc Commissioners appointed
by the Legislature Of that State to investigate
the affairs of such Banks as have gone into OPP
Grafton under that law, have been vigilant and
faithful in the discharge of their duties, and
are. from time to time, warning the people a.
gainst taking the notes Of such as are not found
in safe and solvent condition, and who give
every assurance that nothing shall be wanting
on their part, to put stop to all deception
which has heretofore been practiced by the
Banks. Several Banks have been published
by the Commissioners as having forfeited all
claims to the confidence Of the people, among
which are the Bank Of Manchester and the
Jackson County Bank. The notes Of these
Banks compose the principal circulation in
this country, yet we hope our citizens will
suffer but little loss by them. SO far as the
Miners Bank Of Du Buque has been insiru-
mental in giving circulation 10 these notes, it
will, we understand, redeem them with the
notes Of solvent Banks, and receive them in
payment Of notes due the Bank, and has al
ready, we believe, taken in the principal part
Of those issued by it.
A second investigation Of some Of the Banks
has convicted their officers Of the grossesl de.
ception, in which cases the Commissioners
will institute suit in Chancery against the
Banks.
The Banks established under this Safety
Fund System of Michigan, although rotten to
the core, are perhaps no worse than hundreds
Of others which are yet in their proud career,
working the destruction Of thousands of the
poor and laborng classes when, they shall be
compelled to show their utter deformi'y!
Our citizens have experienced great incon-
venicnce in transacling business at ST. Louis,
where almost every kind Of money is refused
but Illinois, and even this bank will not long
maintain its present credit. 1t commenced OPP
srations in manner unsatisfactory to many
Of the people, issued notes to an immense a.
mount, and although shielded by corrupt le-
gislation from being liable for eighteen months,
with all the interest on this immense sum le-
gislated into her vaults, she may yet be forced
10 follow the footsteps of the swindling insti-
tutions Of Michigan. No doubt when she re-
sumes, she will, in sh or, time, be compelled
again TO suspend, or her vaults will be drained.
1t has pursued course towards other Banks
which will deprive it Of that benefit generally
derived by forming league, many Of which
hold her note: to an immense amount, and are
only waiting for resumption, when paymen, j
will be demanded.
We are pleased to see the western press in
general awake to The importance of taking :
more decided stand agans. the nroads made
by the mammoth literary periodicals Of the ;
east. 1t behooyes them to expose the impos-
tons which have been practised by these pc
riodicals on the credulity Of the people, and to
awaken the people to the necessity Of sustain
ing papers whose interests are identified with
their own. The people are too much in the
habit Of bestowing their patronage on eastern
publications, 10 the neglect Of their own, be-
cause they are larger and cheaper.
: A dialogue took place in our office few
days since. which beautifully illustrates the
liberal views Of some people on the subject of
newspaper patronage. A particular friend Of
ours, who seldom fails on mail evenings to as
sist usin opening and scattering our exchanges,
p - T. = i