Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-02-11

BAsKINc, Miners BANK OF DuBueuE, &C.
Wherever Banking institutions or Corporations are
chartered with exclusive privileges, they veproved
source of vexation to Legislative bodies. For sew
era years past the Legislatures of nearly every State
and Territory in the Union have spent nearly one
half of their time in charering rechartering restrict
ing, and cndeavoring to repeal Bank charters and
acts Of incorporation granted to companies for divers
purposes-indeed every purpose by which those en-
braced within its bounds could speculate off of the
honest laborer the only character in the whole cata.
loguc that adds real and substantial wealth to the
country. This is wrong The honest laborer who
relies uron his hard earnings to supply his dali
ly wants. and lay up means for his support in after
life, as guard against misfortune, should not be
compelled to aid in efaying the expenses of Legis
ature fist to grant, then guard and restrict and then
repeal charter for company whose purpose is not
the promotion Of the public interest," but to seize them
selves of the profits Of the labor by its game of hocus
pocus, whatever it may be. All charters should
provide for repeal through the judiciary, if violated
at the expense of the faulty one. If this was the
case, institutions would act more carefully and the
taxes of the people would be much lighter.
In our Territory there is but one banking insttu-
ton, the Miners Bank of Dubuque. Since it has
been in operations several investigations of its affairs
have been had by joint committees Of the Legislative
Assembly, always at heavy cost to the Territory.
and nothing discovered in the condition of the Bank
to warrant the boefthat had not fulfilled its charter
Some months ago, to protect herself against few
Insurance Companies in ST. Louis, who collected her
notes, took them to the Bank, got the specie, and
sold it at premium, she suspended specie payments,
SO tar as they were concerned, but continued to paw
oaf specie to citizens holding her notes. To the In
surance Companies she offered to exchange the notes
OF other Banks taken at par at their Offices in g.
Louis, for her own.
On Tuesday of last week, resolution requiring
this institution to resume specie payments, was in
PRODUCED in the Council, by Mr.. LETTER. out of which
warm debate ensued. On Wednesday it was re-
sumed, and the question assuming political hear.
ing, some quite sharp shooting took place between
MIR. cambridge, on the one side, and Messrs Bailey
and Hastings on the other in which each party cal
led IN question the Democracy of the other. and 9th.
erwlse retorted upon each other
The bill as passed requires the Bank to resume by
the first day Of August next at arthest and sooner
II TIE banks In Illinois and Indiana shall resume be-
fore that day-hat no resident of the Territory Win
may be indebted to the Bank by note or otherwise
shall be compelled to make payment before the Bank
resumes and that the act is not to be SO construed
to egaze the suspension or other abuse Of the char
ter. On its passage the vote stood to G. six Den,
ocla.s and Mr.. kirkpatrick voting for it, and five
Wings with Mr.. Parker, voted against il.