Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1844-03-12

i The last Southport Ielcgraph contains g
most ungenerous attack on the Milwaukee
Fire and Marine Insurance Company. We
think the Editor might have been more pro-
fitably employed than in aiding 10 impair the
confidence which this institution enjoys
among the business men of Wisconsin. The
circulation of calumnies Of these kinds, be
they ever so unfounded, are calculated Sc
riously to convey suspicious, which cannot
but destroy confidence and in;ure honest and
innocent men. Wherever the notes of this
institution are circulated, the most unboun-
ded confluence in them exists; and we regret
to see paper at the very threshold of the
Blinking House, knowing the ability that ex-
lists for the redemption of every one of its is
sues, attempting to cry it down through ma
lice and enmiiy.
We copy the above from the milwaukee
an little sheet published at Milwaukee,
devoted to 'whig politics, home intelligence,
and small sprnklng of nonsense That
this latter department is hanged with abili-
ty, the article we have quoted is ample proof
1t is hardly necessary to say word in the
premises; the spirit which dictated the ar,i-
Gle we have quoted, is plain on the face OF it.
A desire for the good of the mass had nothing
to do with il; it is the time-serving, trucking
to wealth, selfish, and expediency motives,
which influence too many presses.
The argument in favor of the institution
is, that its notes enjoy the confidence of bu-
siness men, and it is believed amply capable
to redeem all its issues. What of all this /?
There has been just such time in the his
tory ofevery institution in the territory. We
know the time we'll, when the notes of the
Bank of Wisconsin, enjoyed to the fullest
extent the confidence of the business men,
and ii was believed fully able to redeem all
its liabilities. But il broke down, and the
people were robbed. The same with every
institution we have ever had Having then
the experience Of the past SO plain before us
it would seem to be necessary for the friends
of tie institution TO give some better reason
than the M lwaukeian,' has done, for the con-
tinued confidence Of the people.
For ourselves, we look at the plain matter
as it exists, This institution issues notes in
direct violation of law. What little security
the law Goes give to note holders in other in
stitutions, has no application here. There
is nothing whatever TO depend on for the re-
demption of liabilities but-but what ?--but
nothing at all, when closely analysed; not
even the honor of a soulless corporation-for
tie law recognises no corporation whatever
for these purposes. That which has the
semblance of a body now, we incline to the
opinion would vanish into The thinnest kind
of air, inperccptble the most persevcring
note holder, when circumstances dictate such
a course.
We have the fullest confidence in the in
'egHy of the men whose names appear pro-
mnent in this institution, but code of mo-
rails can only have its birth IN a soul--and a
cooperation S proverbially soulless, SO that in
this case we are without law or morals DID
the responsibility rest upon these men in their
individual capacity we should believe the
note holde:s perfectly safe, but neither Mr..
Mitchell nor Mr.. Smith are the Milwaukee
Fire and Marine Insurance company. 1t is
scattered all over the world; large share of
it is in Scotland, vested in men who have no
kind Of interest in our veal or woe, and III
no-wise amenabe to our laws. We will say
that in our opinion, never were notes abroad
in community with less substantial basis
than these, and for the redemption of which
the public have less security.