Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-03-16

which are accustomed TO every class Of
community, by the present state Of the cur
rency, are most sensibIy felt by the people
OF the west. 1t has been misfortune Pc
culiar to most Of the Western States, du-
ring the last FIVE years for the people TO
be obliged to perform their chief business
transactions, by the use of circulating
medium Of doubtful value. Hitherto the
industry, enterprise, and perseverance, Of
The people, have surmountcd the various
obstacles which an unsound currency has
thrown in their way, and the country has
continued to advance rapidly in improve
mcnt, although great numbers have suf-
fered severe losses. More recently how
ever, the arrangements in business occasion
ed by deprecated or worthless bank paper,
Aave become burden scarcely cndurable.
A sound and judcous system Of bank
ing, founded on principles calculated to in
sure the note holder, and put in circulation
a currency at all times convertible to spe-
Gle, is unquestionably of great convenience
in facilitating trade and commerce. No
very considerable party or class Of men,
have any time sought TO dispense with the
credit system III the United States-it has
become SO interviewer with every depart
ment OF business, that nothing short an en-
tire revolution in the every day transac-
tons Of life, could bring affairs to another
channel. Nor is it probable that public
sentiment will ever become so far revolu
tionized, as TO do away entirely with bor-
rowing from banks or individuals Our
country has grown up from infancy to
maturer years, under the credit system,
and is notlhe system itself, but the abuses,
which furnish just cause for complaint
Many Of our western banks and espe-
cially those which have existed in this Ter
ritory, are a species of privileged fraud
license TO irresponsible combinat ions, to
swindIe the people. Men destitute Of adj
cquate means, and Of all principle of NOR
al honesty, have sought exclusive pripile-
ges from legislatures, to defraud the innocent
and unsuspecting. But after all the evils
which have resulted from our banking in
sttutions,ar are more charge o legislators
than TO any other class. Instead of place
ing proper restrictions and safeguards upon
banks. a loose course of legislation has been
adopted, thereby enabling chartered mo-
nopolies to del'raud the public with impuni-
~. How many banks in the west, have
pursued Tor years a course of manifest viii
any under cover Of exclusive charters q
While the law has compelled the honest
farmer and mechanic 10 pay their debts, it
has been far more lenient TO banking
institutions, in requiring of them the per-
Torrance of their pccuniary obligations
While fraud and swinding, practiced by
private individuals, has been punished by
the rigar Of the law, privileged monopolies
have escaped the penalties due to crime
1t has become almost universal feeling
in community, that the evils resulting from
constantly fuctuating and deprecated
currency cannot, and must not, be much
longer tolerated. The people have suffered
loss upon loss, in consequence Of bank
panics, suspensions, and other evils incl
dent 10 irresponsible moneyed combina-
tons. That something must be done in
order to remedy the diseased currency Of
the country, is acknowledged by all. And
since banking institutions are within the
reach of the people, through the agency of
legislation, it is hoped that a reform so
loudly called for by the best interests of
community, will not long be neglected.
1t is true there will be a difference of opin
ion as TO the best plan for securing the
people; but tie propriety of requiring in
creased securities from banks, and of pun
ishing violations Of bank charters with Sc
we're penalties, cannot be doubted by any.
Something must be done, and the sooner
public opinion determines what should be
done, the better will it be for the people.
1t Is impossible for the business interests
OF the country to be secure and permanent,
unless the currency have a stationary val
ue.
The great obstacles in the way OF bank |