Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-03-01

lore the present state OF tie currency,
they are no, aware Of any mode by which
IL could be remedird by Legislation, and
they entirely agree with the Governor that.
d" industry, economy and an increase OF
our domestic manufacture are the suresi
means which can be employed to remedy
the es Is OF which ali except money bro
kers-those Ieeches upon The currency
are now complaining"
The people have II in their power to re-
medv the existing evils far more eiIectual-
ly than any Legislation could do it, by re-
tusing TO part with their properiy-their
agricultural or mineral productions except
for specie or its equivalent. and 10 receive
no bank note except for lis market specie
value, as In the language Of the Governor,
no one can seriously doubt that specie
ought 10 constitute the basis or The chief
medium of circulation within this Terrific
ry; and that all paper should be converia
bic into specie or its equivalent here"
The only legislation limited at by the
Governor upon the subject. for none Is dis
tlncily recommended is, l>t To prohibit
" the use oil deprecated bank paper, and
the buying aud selling Of it within the l.
mits of the Territory" and 2nd. the sug-
gestlon contained in the following para
graph.
"li will be for you in your Wisdom to
determine whether under these regulations,
1t is of greatest advantage to Wisconsin TO
use the notes OF those banks which are
chartered by the States with whom our
trade is chiefly prosecuted. in preference
to those Of an institution which may be
hereafter created by herself whose crcu
laiion sh'll be based upon specie, and
whoseaprvi!eges shall be SO few and SO
closely guarded that the public interests
will be entirely protected"
The committee entertain no doubt but
that the Legislature possesses the power to
prohibi: The circulation, and the buying
and selling of deprecated bank paper with
in the limits Of the Territory, and that TOO,
without placing them as the Governor does,
on the footing Of counterfeit, notes, but the
experience of other States who have made
the experiment ndmonishcs them that a
law having that for its object, would never
be carried into practical ope ratIon-that II
would remain a dead letter upon our Sta
tute, or at best, serve but rs an instrument
IN the hands of the malicious to in IRE or
annoy their more honest and undeslgning
nei ghbors, and they are therefore OF the
opinion that such law would be unwlse
and impol.tic. The other suggestion in
relation 10 ian Institution which may be
hereafter created" your committee con-
ceive (if ii is recommendation Of any
thing is recommendation for the incor-
poraton OF another bank, and the commit
tee cannot perceive why il is not justly
open to the same objections which the Co
vernon has in that paragraph of his mes
sage already quoted so orcibly and clear
ly pointed out us existing against monopo-
lies generally, and applying the Language
of the Governor TO such an institution, the
committee conceive that it would be an in
corporation granting exclusive privileges
" excite alarm in the minds of all men
who are friendly 10 equal rights. and to the
establishment of all such institutions as are
most favorable TO democracy" that would
be combination 'of political power and
wealth." ''petty arl>iocracy," the OFF,
spring of the year that brought it forth,
and IN whatever neighborhood ii might be
planted, although it night now give tenn
porary benefit 10 a few individuals, we
may expect The time will soon arrive when
II would yield only bitter fruit for the peo
pie; II would he an incorporation to aid spe
cuia,lon. Your committee cannot there
fore recommend the passage of such an
act OF Incorporation.
Your committee have before them a bill
and resolution IN relation TO the repeal of
certain corporations, upon which they will
be prepared to report in a few days. The
committee ask 10 be discharged rom the
further consideration OF SO much of the
Governors message as was referred 10
them. MOSES NJ. STRONG. chm.