Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-12-21

form you. There is no evidence in this
Office that my predecessor required any Sc
curity Of either CT the persons TO whose
custody they were entrusted; and submit
10 you whether some proceeding ought not
to be instituted to protect the Territory
! against loss; either for the recovery Of
the money or the Bonds, or against the
person who issued them.
The monopolies which have been crea-
ted within this Territory, by acts Of lncor-
poration granting exclusive privileges 10
certain individuals, have, from their num-
Der and character, justly excited alarm in
the minds Of all men who are friendly to
equal rights, and TO the establishment Of
all such institutions as are most favorable
to democracy. These combinations Of po-
litical power and wealth, these petty arIs-
tocracies-the offspring of the last four
years-have been planted in almost every
neighborhood; and although they may now
give temporary benefits TO a few individu
ais, we may expect the time will soon ar
rive when they will yield only bitter fruit
for the people. Many of them appear to
have been granted to favor particular per-
sons, by creating a value for their proper
ty over that of their neighbors, or by thus
distinguishing it TO render it more salea-
bic. They are interpretations TO aid spec
ulation.
Your attention is respectfully invited to
all the acts Of incorporation which have
been passed, that all such as are not law
fully in existence may be repealed without
delay.
The acts incorporating villages are La
bic in addition to another objection. The
act Of Congress declares {" That the Lee
gislative power shall be vested in the Co
vernon and Legislative Assembly," and
again, that this Legislative power of the
Territory shall extend TO ALL rightlul sub
ects of legislalion:" Also, THAT the
judicial power shall be vested in a supreme
court, district courts, probate courts, and
in Justices Of the peace" These village
charters authorize the corporators to eX-
ercise portion Of these powers which it
is believed cannot be delegated.
Also by the seventh section Of that act,
the Governor with the advice Of the Coun-
Gil, is required to appoint ali "civil Offices
except township and county officers"
"who with the exception Of Justices of
the Peace, Sheriffs, and Clerks of Courts
shall be elected by the people" The Off
| GERS Of these corporations are not made
township and county afficers," and are
therefore not made elective according TO
the act Of Congress.
The several Banks which have been es-
tablished, have heretofore received the at
tention Of the Legislature; but whether the
people of the Territory have been benefit
ed by their destruction and the introduce
ton Of foreign deprecated paper, are
questions now with them. 1t is my duty
to ask your attention to the state Of the
currency, that adequate provision may be
made, if in your power, to restore il to
healthy condition. The exchange which
is paid for eastern or southern paper is a
tax upon the industry Of the country, and
is never repaid by an increased price for
our productions when they reach the mar
ket
Considering the unsound condition ofall
Of the Banks Of the United States. whose
notes are brought to this country for cir
cuIaton, it seems to me that efforts ought
to be made to secure specie and the notes
Of specie-paying banks for a circulating
medium, bv prohibiting the use of depre-
ciated bank paper, and the buying and SELL
ing Of it within the limits of the Territory.
The effect of this would be to compel a
bank which desires TO enjoy the prlvlle-
legc of furnishing the people Of the Terri
tory with paper for circulation, to keep 1t
at all times of the value of specie within
our borders. Unless this is required, our
citizens have no security for the bills that
they are compelled to take daily in the
course of their business; and they arc ge-
morally unacquainted with the solvency Of
the institutions which have issued them.
The right to protect the circulation of
coin, and to prevent the use Of false, va
lueless or spurious paper for currency, be-
longs 10 this as to every other Govern
ment. do not perceive why the prohlbl-
ton which is suggested would not be as
proper and effectuaI, as the prohibition TO
pass counterfeit notes. A note of sus-
pended bank is worth no more at its own
counter than if it was a counterfeit note;
and no state has right to impose upon
another, rredeemable paper, unless she
guarantees lis payment ultimately. A
note which is not payable by law and paid
on demand. is not the representative of
gold or silver. If it promises TO pay, and
is not paid, in what respect is ii better for
circulation than a counterfeit note.
But in no case in my opinion. ought
bank note to be allowed to circulate when
{ value, either from the course of trade
or the unsoundness Of the bank, is less
than the sum which it falsely promises to
be worth 1t is known to be impossible TO
retain specie for circulation in country
where deprecated paper money is used
No one can seriously doubt that specie