Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-03-11
Ter A Id !.
R.oon.tagton, Friday. MARCH II. 1912.
EacEy SERIOUSLY STATED.

RlOon,S,,gton, Friday. March II. 1912.
F.aCTs sERIGUSLYS TaTED.
All persons indebted Il this Office for Subscrip
tons, Advertising, or Jo,-Work, are informed that
longer indulgence cannot be given, and Is therefore
out Of the question. A disposition to indulge and
accommodate as far as possible, has led us to put OIL
all calls upon subscribers tire latest moment, and
to fill ali orders sent us for advertising and jo'-wofk
In doing this we have necessarily incurred debts TO
considerable amount, which our creditors need, ana
must harc. and for the payment OF which we must
rely upon tie collection Of amounts due MS. 1t IS
nearly eighteen months since the Herald was COM
menced, and, yet, not onc-third OF It's subscribers
have paid firng on their first years subscription.
Can it be supp sed that any establishment can long
exist when those for whom it labors, and OF whom
expects remuneration, are thus tardy IN making pay
ment!
From these facts it will appear that the princPa'
amount of our earnings is yet unpaid, anu neiag
scattered over an extensive district OF country, the
expcnsc of sending collector would be greater than
our business would justify; but as the amour; due
by each individual is small there arc few, any, who
cannot, without much inconvenience, discharge the
obligation. Then it is hoped that those indebted
ted to US will take our under consideration, ana
resolve to relieve US from present cnlbarrs smens-
If each can but pay portion due we shall be able
to go way rejoicing but fnot, justice to our
selves and the claims of creditors will demand
more rigid collection. We find it impossible to con-
tine the Herald under its heavy expenses whilc its
dues come in so slow, SO our urgent call IS made
through necessity. ~
~ Postmasters are allowed by law to frank let
tiers enclosing subscription money TO publishers, SO
any subscriber can remit without the expense OF
nv Tho fave n n
STATE BANK OF ILLlNo s.--Thc notes of this in
stution, several weeks ago, ceased to pass or meet
with any sale in the several cities on the Ohio river
For sometime afterwards they continued to pass cur
rent in st. Louis the papers and brokers OF that city,
(the latter not being in condition to make the most
of its deprcciaon favorng the idea of the solvency
of the Bank So soon as the brokers had effected
arrangements for good speculation, they joined in
decrying the Bank, and at our last dates its notes
were at discount OF from As to SO per cent? though
it was thought the efforts of some houses to sustain
it would create small rise in its value-ths we be.
lievc has been effected, vet but little disposition has
been manifested by traders to obtain its notes.
Such is the uncertainty in regard to the Bank that
no fixed value has been placed upon its notes, some
merchants both in ST. Louis and this place con,inu
ing to receive them at par, while others refuse to
touch them. The President and Cashier have gone
to ST. Louis to cndcavor to place their in bet
ter credit but with what success we have not learn
ed While matters remain in their present cond-
ton, it is impossible to fix upon settled value of
the notes, but we are inclined to the opinion that
they will increase upon their present current value.
We are led to this opinion not from any confidence
in the solvency in the institution but from belief
hsa y r. hs s59hfEf ss gs ss 70
it fictitious value, and then clear their drawers of its
notes. 1t is in this way they manage to enrich
themselves at the expense of the laborng poor, who
are unable to lay out Of the of their earnings,
and have to sacrifice their wages to purchase the
cessaries oflifc.
The depreciation of this paper has caused serious
losses in the western country. We have heard Of
many sacrifices already made in the notes of this
Bank. Just at the time the news arrived of its de-
probation, many of our merchants were provided
with its notes for rcmttances and for making pur-
chases of spring stocks. To them the loss will be
seriously felt but it is not confined tc them alone-it
extends to every individual, however poor.
While suffering from the evil effects of this rotten
concern, is it not good time for reflection upon the
system Of Banking, as it has existed in this coun-
try in years past! Ought we not to profit by the
experience it furnishes, and in adopting constitu.
ton to govern in all after years. guard against the
establishment ofsuch institution to prey upon our
industry! The whole country has become ava
kened TO the evils Of the banking system, and many
States so far it is within their power, are Riding
themselves Of these canker worms.
Some tell us that the present hard times has been
produced by the rigid action Of Legislatures towards
banks, but such is not the case-thc evil is in the
system itself.
The Legislature Of Illinois, at its session in 1910
Al, after the Bank had long been in suspension
legaized the SUSPENSION and granted it the privilege
of issuing notes of small denomination, previously
prohibited by Its charter. Such was the influence
Of the Bank over the Legislature that every favor it
saw proper to ask, was abundanty granted Then
how can legislation he supposed to have had any
agency in bringing troubles upon the Bank unless
it be by giving it TOO much liberty fwith all the
iavors Legislature can bes;ow upon Bank, it is
unable to sustain its credit Cor redeem its notes the
only evidence ola sound bank,) does it no, prove
that they are dangerous to the interests of the cn
try?
In Ohio and Pennsylvania, where the charters of
numerous banks are soon to EXPIRE they are busy II,
their works Of destruction, by issuing notes and in
curing iabics to large amounts so as to Gil the cof
iers Of those uninsercstcd in their management and
then going into liquidation leaving effects