Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1840-12-15

the stockholders Of the Bank Of Mineral
Point reads as follows: "Be it enacted
that if the Legislative Assembly of this
Territory or the Legislative authorities
which may hereafter exist in any State to
be erected in this Territory in which said
Bank may be located, shall deem it fit and
expedent for the better regulating of a
banking operation to require the depositcs
IN general safety fund, from this and 9TH
er banks, hereafter to be enacted with the
view to the adoption of a general system
IN SAID Territory TO that now in operation
in the State of New York, and known as
the Safety Fund System, and then and in
tha: case the charter shall be subject so
far to be amended, as to make it conform
10 such n safety fund system and NJ fur
ther." The New York safety fund sys-
tenn consists of two parts one is to set
apart portion of its profits for the redcmp-
ton Of its bills, and this is called The fund;
the other part is that which provides for
appointments Of bank commissioners. From
the wording Of the section of the law re-
lerred to, it would clearly warrant the ac-
ton Of the Legislative Assembly on this
subject.
The Bank Of Mineral Point has issued
what is denomnated post notes, or notes
payable at future day this is a violation
Of all judicious banking it is certainly a
dangerous power to be exercised by any
banking institution. The time OF redeem
ing her notes might be extended 70 twelve
or eighteen months as wei as for three or
four months if a bank is permitted to
leave her legitimate business and enter the
field of speculation by dealing in the staple
commodity Of the country, her capital will
always enable her oprostrate individual en-
| terprise, TO the great injury Of the people.
Banks are created for the benefit of the
people, and should be confined to the lc-
gitimate purposes for which they were
chartered the principle Of banking on a
large or small capital is precisely the same;
the greatest gain at the least expense is the
ruling motive Of action in both, and sways
with the same power the bank of one hun
dred thousand dollars capital in a country
town, as one Of millions in great com
merciel metropolis: the whole difference
consists in the influence and power their
respective institutions.
Among the subjects of,much Importance
to the people, there is one to which would
respectfully call your attention. That is
the creating corporations and granting
charters. Corporations are of two class
es-those established for public purposes,
and those for Purposes of q private nature;
the first class consists Of those for religious
purposes, as churchcs-for the promotion
of the arts and sciences, as colleges, acad-
emes, &C., and for all purposes Of public
utility to the attainment Of which individ-
ual means and exertions are inadequate,
under proper andjudicious regulations sub
iecting them to the control Of the LcgSla-
tive Assembly, should be encouraged and
sustained The other class, embracing
those Of prlvotc nature, ought not in my
opinion, to be increased in number. Char
tiers for mining companies, ferries, and for
other purposes, have been granted to all
who have heretofore applied for them.-
A few persons collectively h ave been in
vested with corporate privileges for a length
of time beyond the lives Of the present &C.
nerati0n securing TO themselves powers and
immunities denied to the rest of the COM
munity, creating monopoies not only to
rival bat 10 pu: down individual enterprise
By the first section Of an act 10 provide
for aiding in the construction Of the Mil
waukee and Rock River Canal, "approved
February 26, 1885," the Government was
auihorisodto borrow fifty thousand dollars;
accordingly bonds were issued to that
amount, on the 18th Of March last, cXecu-
ted by me in the name Of the Territory,
and under the authority of the act of Con-
gress, for one thousand dollars each, bear
ing an interest OF six per centum per an
mum, and payable twenty years thereafter;
and in conformity of the twentieth section
OF the act first referred to above, Byron
KiIbourn, Esquire, was appointed the agent
of the Territory TO make sale of said
bonds, and the Bank Of America, in the
CITY Of New York, designated as The de-
pository Of the funds arising therefrom in
the event of a sale. have not been ad-
vised by the agent appointed on the part Of
the Territory, that he has negotiated a
loan for the amount authorised by the law,
or any part thereof. In accordance with'the
provisions Of can act to amend an act to
ptoFlue loI uiuLHS III tlc CoHStIuCtol vi
the Milwaukee and Rock River Canal"
approved January IL, 1910, it is made the
duty of the canal commissioners in case
loan should not be effected on or before the
first day of September, I840, to apply all
moneys on hand belonging to the canal
funds for the construction of the canal; the
registerand receiver Of the canal made
their reports of receipts and expenditures,
dated on the third of September last; the
receiver had previously made his report
of his receipts and expenditures from No