Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1844-05-31
MlkssS BANK OF DuBueUf.--O 1Ihsti-

some weeks age, but lille il heard OF SAID
not even The most unpIincipled Wing prints
being willing to lend a hand in again fo's''ng
it npon the people. It's notes are now redeem
ed 10 specie, but tie Spectators and gamo-
iers in bank stock, upon whose capital It IS
now resnsciated, having purchased the pflnci-
pal part Of its issues. when holders conceived
them almost worthless, but very small a.
mount can be drawn from its vaults, to In-
crease the circulating medium in our Terrific
ry. consequently no percep'ib'e change has
been effected by its revival. In ST. Louis,
where its principal transactions were made,
Through st. John, broker, who broke to
parts unknown,) the Wing presses discourage
its revival, or at least advise that It's issues
hereafter be refused in business; and why =
The people have been so often robbed OF their
hard earnings through irresponsible'nnd worth
less institutions, that neither Legislative bod
les or public men are willing TO hazard their
reputation by counienancing institutions Of
doubtful credit. Such state Of feeling will
soon work beneficial change in the affairs of
our country, by purifying our currency, and
establishing circulating medium that will
secure the people from loss or danger.
Now that we have the charter of this the
only institution Of the kind in the Territory,
iu our own hands, let US wipe it out of exis'
tence for its guilt and crime, and by clause
in our constitution, protect not only our own
citizens, but the unsuspec,ing everywhere
from further loss by such institutions. we
know that while the institution of proceedings
to stay its progress remains in present hands
nothing will be done, aud that all efforts by
Legislative authority will be resisted, Blu. if a
this early day of its existence we find it s'ri
wing to exercise powers in defiance Of and above
law, to what extent may it not 60, if We fai
in maintaining our present fast hold upon it
Aside from its resistance OF law, it is inexpe
dient 10 suffer it longer TO exist among US
We know that there are many argument
which may be used in favor Of banking insti
tu,ions, which are hard to be met and over
come; bu. if the United States Bank coul
afford to pay bonus Of thousands to obtain
recharter by the Legislature Of a State, an
pay out thousands more in brbing member
80 as to obtain it at that, is it not evident tina
the industry of the country is heavily take
for the benefit Of those who live not by indus
try, but by speculation If banking institu
tons are so beneficial and essential in trad
that we must have them sadJ!ed upon US, lie
US have such as the State may reap the bene
fits of them, and our people taxed the lighter
I ""'hheh we IAN the support of Government
holders personally liable for the issues of
bahk, we are met with the assertion that tn
real stockholders will evade the effect of tn
law. by holding their stock in the names
irresponsible persons, or that no responsible
name would subscribe to the stsck of any sue
bank.-If this be so-if banks cannot be S
tied about with restrictions that they will b
compelled to act honestly, lie! us Danish thel
from our country. But we are of opinion tn;
banks can be managed honestly, and the pei
pie secured from loss by them.
\