Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-05
REMARKS OF MR.. w. F. BIRCH,

Bank of Illinois.
Mr.. BrRcH commenced by stating that he
intended TO advocate the passage OF the res
olutions, and if adopted. would faithfully
carry them out in all his transactions. lie
had gone as far as those who went farthest |
in sustaining the paper, previous to its re-
pudiatinn in ST. Louis, and it was possible,
had sustained heavy loss. But this loss,
if loss it turned out to be, he meant to meet
in cheerful spirit, and 90 10 work, not to
revenge the past, but to make the best pos.
sIhle arrangements for the future.
The merchants and business men Of Fay.
cite, rs was well known in this section OF
the State, had freely parted with their spe.
Gle and premium funds, principally for the
purpose of REFRESHING panic, and while the
rate was from fifteen TO twenty IN other
towns Ia the neighborhood, the St. Louis
rates were freely and fully sustained here.
In point of fact. there was no reputation
in Faye,te, until the final and total throw.
ing out Of the paper in ST. Louis was fully
known.
But there was no lodging the question
which now stared every man full in the face.
The paper had been repudiated in the prin.
cipal commercial metropolis Of the west.
said, not until after immense sacrifices had
been made in its favor. The question.
therefore, presenting itself, was Of vast i'm.
portance, and iorcibly addressed itself to
- every man in the community. What is to
be done?
Mr.. Birch stated it as his impression that
all was not lost which seemed to be IN dam
ger, and argued that prudence and discre,
ton and confidence would restore the paper
in question. to the par standard of the
State, and thereby prevent loss to the far
mers and mechanics who had labored for it
and the merchants and professional men
who had coufded in the faithful administra
ton of the institution which issued it. This
result, though, could only he brought about
by concert and confidence! Cracking must
come to an end-reason and judgment musl
take the place Of distrust and panc-and
all must unite in 4 common effort, for the
common good.
The resolutions in question were start.
ing point-a beginnlng-and although sin.
gle county could exert but a limited inhu.
cnce upon three or four States and two Ter.
ri.ores, yet they could speak, and THEN
voice, by the influence of the press, would
be heard through the entire valley. 9th
erS mi ght follow our example, and this meet.
ing, it may be, is the commencement of the
restoration OF the circulation Of the State
Bank Of Illinois. More important effects
had flown from causes Of much smaller
magnitude, and the Importance of the OBJ
ect should induce all TO give the expert,
meut fair consideration and trial.
The resolutions, he said. proposed rem
edy, and an equitable one, for the evils IN
del which we were suffering, and would
continue to suffer, until something of the
kind was agreed upon, not only here, but
throughout the country. The proposition
they submitted was easily understood, being
an agreement to take the paper in question,
in all transactions, at its value in ST. Louis,
and TO use all proper eXsrtions, not 10 in
crease, but to stay tie influence Of the
greatest money panic which had ever swept
over the State.
Was it safe 10 do this?-Saie 10 deal in
the paper, or attach any thing like par value
to its face?
BY the mail of yesterday, he said, we
were ~ ;ifed that the Brokers Of ST. Louis
had refused it at fifty cents on the dollar.
and a newspaper published al the seat OF
the Bank. and one in ST. Louis, had pro-
claimed it insolvent-not ultimately good
TO the holders fol this proportion.
Mr. Birch said he could not understand
the reason or truth of this argument, and
therefore would enter into an examination
Of the statement Of the State Bank, and
compare It with that Of Shawneetown.
which all united in fixing as the par stan
dard Of the State. Ifone was bad, he con
tended that The other was but little better:
but both, he maintained, were worthy OF
credit confidence. For one, he had deter
mined that his action upon this question
should be the result of examination and
thought, and not the offspring of panic
The whole subject had therefore been test
ed by figures, lew Of which spoke vol
uIneS upon the question OF banking, anc
the result would now be submitted to the
meeting.
The following tables had been compiled
from The official statements of the Illinois
Banks, and were so arranged as TO show the
immediate liabilities of each, compared with
such resources as could promptly be brought
to bear in aid OF the institutions. Follow.
ing them through, it would be found that
the entire resources were compared with
all except stock liabilities, and "A faithful
comparison drawn, which reflected their
comparative condition in all respects. And
in the end, the immediate resources and i'm
mediate liabilities of each were brought to
the test Of facts and figures. These table,
should be carefully examined by every Cit
zen in the three States and two Territories
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