Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1846-02-10

THE MARINE Insurance. COMPANY
We confess to considerable degree Of ig-
norance on the subject of finance as prac-
ticed by our modern bankers; and that {
which may be very lucid and plain to them,
and perhaps TO others, is involved in mystic
ny 10 us. The statement recently put fotth
by the company may he very conclusive to
the country generally; ii is no! however to
us. Thus we 6nd among the assets, ''Rea
Estate, being chiefly productive property,
in the cities of Chicago and Milwaukee,
Si4,437 81" Now the property may be
very productive as is said, and worth all il
is reported 10 be (of which, by the by, we
have no kind of evidence) and doubtless ii
is generally reputed to belong to the compa-
ny, but do the public know whether IT is SO
situated, that one dollar of it could be got
at in case it were needed. Would it not
then be priuats property. Again we have
"Amount in the hands Of the company's
agents in N. land Chicago, ,53l IT."
This is pretty heavy item, and doubtless,
the public would like more definite infor-
nation with regard 10 this "amount." This
"amount" cannot of course, be in their own
bills, though it may be for all the informa-
ton we have to the contrary. Then again
we have "Cash on hand--gold and silver,
Sl37,149 49," This is definite enough
gold and siirer-this sounds well and can't
be misunderstood, but we have some faint
recollection of this institution being made
government depository; and as both the
Green Bay and Milwaukee Land Offices de-
posite there, we should really Ike TO know
how much of this gold and silver belongs
10 government. If any BODY believes that
This institution owns and has on hand $l37,
159 l6 in gold and silver, we can only say
that just now we don't think of any thing
they would not believe. The whole state.
ment is worth just about as much as so much
waste paper, for all the valuable informa-
ton it conveys. We think it may be taken
as Bank paper is generally taken, % cents
certain in specie, and IS in confidence -
He must have a most egregious faith who
can swallow it. But admitting it to be true,
we can only say, tina: our people have been
most outrageously duped and plundered, if
the institution has $276, 466 IS surplus.
Do not the producers of the country know
that every cent Of that surplus has come
out of them. 1t is not the merchant and
trader who pays the interests and risks and
shaves of this institution every cent of it
goes on to the goods they sell, and it is he
who buys for his o~n use, that pays it,
And what is the benefit TO them in return.
Do they get any thing for enriching these
men. If they do we should really like TO
know where it comes from. These bank
ers labor not and produce nothing, therefore
it don't come from them. If any thing
whatever does come from them, it must be
small moity of the fund which they annu-
ally gougo from the people, and the ques-
ton is whether the people had not better
save the mhole Of that fund TO themselves.
The whole system Of Banking is shave
and cheat upon the producing classes. 1t
enriches men who toll not, and produce
nothing every thing they have and get
comes from those who make the wealth Of
the country they yielding nothing in re-
turn. The people of Wisconsin want and
will have none OF il.