The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-16

greatly deprecated, ana, althOugh the
banks Of the west and southwest have ge-
Morally resumed, no day has yet been APP
pointed for resumption in this state.
We have suffered all the evils ofa depre-
cia,ed paper circulation; the first Of which
is |, grea. and sudden scarcity Of money.
The specie.ywhich sught TO be in circula-
ton, is locked ap in the banks; large
amount of the deprecated paper has been
purchased up and held on speculation,
and the residue, has just been sufficient
10 keep money Of a better character from
coming amongst us. Consequently we
have been left without money property
has fallen unusually low in price, and the
products of the farmer have been almost
unsaleable, The question now is, wheih-
er bank suspensions with all its atlendan,
evils shall be further tolerated and perma-
ncnlly engralled on our institutions as an
article of settled policy. It's continually
asked in the community, what will be
done by the general assembly to make
our currency better! The answer is
obvious; compel the banks to resume
specie payments. lfthey cannot resume,
no measure short of legisating money in
TO their vaults, will enhance the value Of
their paper.
| therefore recommend to the general
assembly 10 order resumption of specie
payments at an early day, and if the
banks cannot comply, to provide for
winding them up with the least possible
delay and Withdrawing their notes from
circulation.
| am not prepared with iniormoton to
state whether they can or cannot main
tain resumption. will, however, VEN
ture the opinion, that neither of them will
be in condition to resume, unless their
specie on hand should be nearly equal to
their immediate liabilities. If they had
been mere neighborhood banks, with a
circulation confined TO one or two coun-
ties, they might, by honesty and correct
dealing soon regain the public confidence,
but these have been great and imposing
institutions, with u circulation of$4 &c.,
600, scattered over the whole west and
south. And it seems to me difficult to
regain confidence which has been lost IN
so great district of country. 1t would
be proper, at all events, for the general
assembly to make the mos, thorough and
impartial examination into the state Of
their business, and upon full knowledge
of all facts, provide such a remedy as
will relieve the country from the curse
and blight of broken banks, and their de-
precia,ed paper.
A great deal has been said about certain
charters granted to the people of Nauvoo.
These charters are Objectionable on many
accounts, but particularly on accoun, OF
the powers grapled. Vhe people of the
state have become aroused on the subject,
and anxiously desire thatsihose charters
should be modified so as,ho give the in
habitants of Nadvooho 'gEeater privileges
than those enjoyed by others of our lel-
low citizens.
There are many other subjects of great
interest, such as the encouragement OF
education and agriculture, a general reyi-
sion of the laws, and the establishment OF
an effective militia system; which might
be alluded to; but TO do justice to them,
would make this communication to vou-
minous for the occasion. have confined
myself to few great subjects of pres.
sing and immediats interest, such as the
public dqF, ilhs cansI, tic banks, the re.
venues, and to such relormaiions as are
absolutely necessary 10 restore the public
credit and happiness.
ii asound currency can be restored, il
the arrangement can be made with the
banks for return of osE bonds, if upon
any plan the e can be finished, so as,
by the tolls and property belonging thera
TO, the people can be relieved of the debt
incurred for its construction, and if We
can so dispose Of the residue of state pro
perry, as to liquidaie reasonable amour
of the remaining debt, we will have ac
complished that which is of the most vita
interest at present.
In conclusion. beg you to be assured
of my thorough disposition to cooperate
with you in all measures calculated to adj
vance the public welfare.
THOMAS FORD.
SPRINGFIELD, Dec. s. 1912.