Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-03-08

CoyeREssroNAI.-We find nothing in the late
proceedings of Congress of any particular interest.
The proposition TO postpone the operation OF the
Bankrupt law, has been rejected in the Senate.
TIE CUREENcY.-Thc deprecated and worth
less character of the greater proportion of the
rency now in circulation in Wisconsin, is a grev-
ance which is severely felt by all classes in com
munity. The condition of our farmers in particu-
lar, is one of extreme perplexty many of them
have carried all their surplus products to market
during the past winter; sold 1t for illinois other
money of no better character; and with these avails
of their industry, they have based their calculations
for the future improvement of their farms, or the
payment of their debts. Now they find their mo-
ney worthless or nearly so consequently much
that they have earned by hard labor during tn past
year is comparatively lost. Had the seed which
the farmer scattered on the soil, persisted in the
EARTH or had portion of his promising crop been
blasted by the winds of heaven, he would have felt
with far less severity the dispensatIons OF nature,
than he now does the wrongs he has sustained
But the soil has been prolific and the earth has re-
Quilted the Iaborer with an abundant harvest-and
surplus crop The Bank Spectators. Never
was there truth more clear, and yet more appal-
ing in the business transactions of life than this
Every dollar of worthless bank paper in circula-
ton, is an evidence Of fraud committed upon the
people. Scarcely dollar has been issued from a
bank, that has not been paid for by the people to
the value expressed The banks then are not the
4 1 Il a. c.l,,
but the great body of the people are the sufferers
The present condition of the currency in this Ter
rtory and the sad reverses of fortune growing out
of it, cannot fail to bring the whole people to Just
apprehension of the tendencies of our present bank
ing system. The supposed facilities which these
institutions have afforded to trade and commercial
transactions, is prominent reason why they
have 20 long found favor with the people but the
charm is fast passing away, and the fact is be-
ing learned, that a large majority of our banking
institutions work ten-iold greater evil to the pub
lie interest, than they confer benefits in trade and
commerce.
If there be no remedy for the present pecunary
embanassments, brought upon the people of Wis
consin by the agency of banking institutions, there
is at least a safe guard for the future, which may
be exercised The people have it in their power
to protect themselves from another occurrence, so
disastrous to their interests Let them unitedly re-
solve to repudiate in their business transactions
every currency but specie, or that which will read
ly command the metallic coin-lct them promptly
refuse to deal in the paper of any bank of suspect
ed sovency, or one that does not promptly pay
specie ior It's bills. For the accomplishment of SO
important an object as this, the people should as
semble in public meetings, in the several towns
and counties, and mutually pledge themselves to
each other, firmly resolving to discard all depreca-
ted bank paper from their business affairs A few
individuals acting separately, can do but little to-