The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-01-12

1t is estimated, 10y ccmpe,en judges, that nearly
ONE MILLION Of the paper of this institution
i. in circulation in this state and the adjoining ter
rtories, and to whom must we look fori rcdemp-
ton! Il is sorry fact tina, our only dependence
is the honesty Of Mr.. Geo. Smith. And what de-
pcndeuee is there to be placed on his honesty! II
such men rs Biddlc, Jaudon, Maiher, and others,
men whose characters were considered al one time
above suspicion, we've unable to Withstand The
temptation to dishonesty afforded by the institu-
lions under their control, surely it would be folly
10 look for superior degree Of virtue IN Mr.. Geo.
Smith. 1t is true, report made some time last
June hy one OF the officers of this institution, ex-
hibits It's afi-irs as in highly prosperous condi-
this report The simple fact that this institution
exists and does its business in riolaiion o h1c, is
enough TO satisfy any one as to the character Of
the men who manage lis affairs. For our part
VIC place no more reliance on their word than we
would on that Of any others to whom the law in
tcrposcs no restraint in the prosecution Of their
schemes.
A great responsibility rests on our farmers in
relation to this matter, for it is principally by .l.er
aid and coun,cnance tina, this institution exists.
1t is the exchange of their products for this mo-
ncy that brings it into circulation, and they pos
scss the power to Danish it before another harvest
comes. And why should they no, DO it! Who
suffered more than they dad by the explosion Of
our state banks The merchants and business
men residing in cities and towns seldom lose by
the failure Of banks, for they possess advantages
over the farmer residing in the country in obtain
ing the earliest information respecting such fall
urcs, and are always sure TO dupo the farmer by
paying extra prices for his produce in paper Of
banks about exploding. As an cxamplc-let the
news arrive at Chicago that the State Bank Of
Indiana is going by the board, and our word for
il, bat few merchants there would sustain heavy
losses By it-fur runners would be sent to all
parts Of the country 10 purchase horses, grain,
&C., at high prices 10 this money, and the farmers
Of this and the adjoining counties will be the VIC
tins. This accounts for the friendly feeling the
merchants of Chicago have for the rag milI''
there Should its wheels become clogged the
merchant there secs it first, aud has ample time
to save himself at the expense of his unsuspcct.
ing ncighbors.
A few years since the state Of Michigan was
sorcly afflicted with worthless bank paper, and
until the farmers took the matter IN hand, the
bank sharper prosecuted his Expectations unmo-
estod Meetings were held and resolves passed,
declaring that nothing but gold and silver would
be received in exchange for the farmers produce.
What was the result Why, the produce dealer
procured specie, paid it to the farmer and Michl-
gan has emerged from the r0rSi 10 the best curren
cy OF any of the new states. Her course is Ger.
tsinly worth imitation respects the paper OF The
Wisconsin company. Let this course be adopted
aud our currency viii be sa'c-the people ire,
from the swinders grasp-and peace and plenty
will bless the land.