The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1840-08-14
For the Free IruCier.

UT INC T(CS ITuueT.
MEssns. EoIrons--Pcmit me through the me-
dunn Of your paper, TO call the attention of the
public to the evils which are growing upon US
by the unresuained and almost unlimited circula-
ton Of shin-pas,ers or individual scrip.
1t was with considerable difficulty that the peo-
pie could be induced to take canal scrip when it
was first put in circulation, and why Becaue
(and they reasoned justly it would drive current
money from circulation, and substitute that which
could only be used within limited sphere and at
deprecated prices. But at present it would seem
though all fears of ultimate loss, or the Danish
ment OF money from circulation, had subsidized, and
shin-plasters of almost every description and to a
fearful amount have been suffered to creep into
circulation, unchecked and almost unnoticcd !;
and the consequences which were foreboded are
daily seen in every business transaction, and by
every business man. Small change, and the usual
currency of the country, are no longer seen; nor
can they be drawn from the pocket Of the holder,
so long as these shin-pasters can be forced of in
the ordinary business transactions Of the day. Al
most every mans pocket is now crammed with
Good for l2I cents IN demand, payable in cur
rent oank bills scrip whenever one dollar is
presented" issued by great number ofmen, with
vi psc ability 10 redeem them, the public are wholly
unacquaintcd, and to an amount that necessarily
creates disrust in the minds OF all.
Now, shall this state Of things continue, and the
evils, which arc already great, be suffered TO grow
upon us unchecked! or shall something bc done
to avert the consequences of exchanging our goods
and the product of our abour fcy that, with the
value of which we are altogether unacquaiited
and which is thrown indiscriminately into clrcu-
lation, by one as well as another!
With the business men of the town, iii a great
measure, must rest the consequences which will
follow the depreciation or non-redemption Of those
shin-plsstc-s, because, by their taking them, the
farmers, who do business with them are led to be-
leve that they are safe in exchanging the products
of their labor for them, and that they will serve as
medium of trade between them and the mer-
chant and the mechanic, instead Of the usual cur
rency of the country.
For time, their unrestrained circulation will
lead to their adoption by all classes as business
medium and their flow will only be measured BY
the demand for them without reference to the
ability Of makers to redeem them, until their SUI
perabundance, and the ease with which they are
obtained, will create alarm--alarm will beget en-.
quiry--a run will be made upon the makers, and
consequences which all prudent men can foresee
will follow.
1t is estimated that not less than $1,000 OF these
small shn-pastcrs are now in circulation, and adj.
ditions are being made to the amount every few
days. and, should no effort be made to check their
low,. ard drive back the tide which is sweeping
every vestige Of current money from circulation
the merchant and mechanic will be compelled to
close theic doors, and debts which have been con.
traccd 20 goods and materials to carry on theil
several branches OF business, will remain unpaid,
and credit and pocket will suffer alike.
again ask, what shall be done put stop to
these evils and restore to circulation whatever Of
good money there may be in the country II.