Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1844-03-29
TT A Id.

and for giving al expression Of your w'shes
"a regards State Government. Voters should
have their minds made up. and be ready 70
answer Convention" or " No Convention
when they approach the polls. :.
The Democrats, by meeting to which all
ware invited, have presented ticket, and the
wings, OF few Of them, by secret caucus,
held in the night time. without previous ap'
pointmeps that We are aware Of, have done the
safoe. and submitted their names TO the Peo-
pie. This is right-consistent, as they are
generally opposed to conventions and nom'aa'
dons. Theirs appears, however. to be bus lit
lie political excitement abroad.
M,Nrss' BANK OF DusuQus.-We have,
hitherto, paid but little attention to the shat
tered wreck Of this institution, seldom ma
king mention Of it in our columns, believing,
from the general distrust with which its notes
were received at other places in the Territory
even when they were redeemed in SPECIE on
presentation, and well knowing that it was
watched with unsleeping eyes, we though: II
incapable Of inflic.iog any great injury to the
citizens of the Territory. we therefore leit II
with those more Immediately in its vicinity.
Blu. the time has passed by when the Peo'
pie of the Territory might stand aloof, look
ing on with Indifference. A principle dear 10
the present as we'll as the future population oil
the Territory, is involved In the issue with the
Bank, and upon lis result, much to their veal
or woe depends, as both the civil government
and the judiciary, are too apt to be swayed
from the path of duty, 10 following prece-
dents, however nnjus,Iy set. So much is this
the case in common pleadings, that the Statute
is laid aside, the OPINION of Chancellor Kent,
(who writes out opinions to suit any client for
good eee,) or Chancellor Somebodyelse, and
the decision Of some judge on case bearing
little similarity 10 the one before the Court
are read, making on. clear case, and obtain
a verdict, notwithstanding justice and the law
may be against them. But We are straying-
our present purpose is not to speak Of the ne
cessity Of reform in the judiciary, but of the
Bank.
Al the time Of the passage Of the Eill char.
tering this bank, 1850 tive country was
flooded with "wild cat" ''red dog" and the
notes Of thousand other banks, equally
worthless, SO it was thought by the Legisla-
tnre of Wisconsin that, inasmueh as bank rags
were to form the circulating medium of the
country, we should act in self-defence, by es-
,ablishing a rag mill in our Territory. With
this view Of the matter, the stockholders of
the Miners Bank of Dubuque were incorpo-
rated under charter, bettef guarded for the
prevention of fraud and loss by its note hold
ers, than one in hundred private incorpora-
lions. Tha. the Bank nigh, be kept within
the provisions Of its charter, without the ex.
pense Of a protracted suit at law. about vest
ed rights, the power to repeal the charter, for
violation Of its provisions, was reserved by
the Legislature. The ehsrter required that
$4,000 1--WE believe tina, is the sum- should
be paid in by the stockholders, in specie, be.
fore it commenced operations. This provis-
demand, and post notes, with less than half
+he required sum in its vaults. The notes OF
wild cat banks were issued from its counter,
as by the ream, its stockholders being inter.
ssted in the swinding banks of Michigan.
Before the meeting Of the Legislature there
utter, the Territory Of Iowa was formed into
a separate Government. At the meeting of
her hrst Legislature, the whig members of the
south, demanded an investigation of the allie.
ged abuses, which was had, and notwi,hstand.
ing the facilities she possessed for preparing
herself for the investigation, the report was
very unsatisfactory. The members from thai,
region, knowing that from the great circulation
Of bank notes. specie was hard 10 obtain. were
willing 10 overlook these violations, and allow
II the privilege Of continuing in existence hav.
ing the assurance Of those having its control,
that it should be properly managed thereafter.
This decision was unsatisfactory to many Of
the wing members. But mark the sequel.
Instead Of acting "up to the CONTRACT" Cher
charter forbidding suspension of specie pay
ment,) she suspended so long since that the
date has slipped our memory, and continues in
state OF suspension up 10 this time. The
state Of feeling in The vicinity Of the Bank,
indicating that an attempt would be made in
the Legislature to repeal the charter, the Pros
ecuting Attorney for the third judicial district,
James Crawford, Esq, (whose partner in the
practice Of the law, was a candidate for the
House Of Representatives, and Director in
the Bank,) expressed an intention Of fling a
writ Of Quo Waranto against the Bank
How far this scheme was successful 10 allay.
ing feelings Of hostility to the Bank, may be