The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1846-01-23
Bu uks.

! The democracy OF this state are as well united,
we believe they generally are on any grea,
question Of state policy, in their opposition to
the char,erlng of any banks by our legislature,
either state or local; and the wings it may be
safely said, are about as well uuited in favor OF
banks. Yet there are those in the democratic
ranks, who are in favor OF the creation of new
banks in this state, hut their number is balanced
by wings who are opposed TO banks; 50 that, II
the question of banks or no banks were now TO
come up for decision at the polls, our belief is,
that The vote would stand about as it stands be.
tween the democrats aud wings a, our ordinary
elections.
The opposition Of a large majority Of our
people 10 the creation Of any new banks in this
state is deep grounded aud can never be routed
out. 1t arises from a firm cow lotion tina, the
business OF banking is radically dishonest and
corrupt, and that no real and substantial good to
the community can follow from ii. A full and fair
Trial has demonstrated that, whatever may be the
result in other parts of the country, the business
Is not congenial to our soil. II grew up here,
| iourshed for little season, then came down
with crash, spreading dcsolalion aud ruin as far
as lis influence extended.
| We have been Induced to revert to this sub.
ject again in consequence of the appearance of a
long article in the last State Register, which
more strongly fivors the creation of new banks
in this state than any article we have yet seen
in that paper. ltpresents the complaint, already
sufficiently haekneyej, that our state is flooded
with paper from every variety Of banks Of other
states and urges the necessity Of adopting some
remedy Of the crying evil. 1t sees bu, two ways
in which it can be 60, rid Of. The one is by en-
acting laws like the "bills of pains and penal.
ties that were before the Missouri legislature
two years ago agains, receiving this paper, and
the other is, by creating banks Of our own, and
by their paper excluding all others; and after
weighing the two, it inclincs to the opinion that
the latter is the better remedy. Now with all the
respect for the opinion OF Mr. Walters that il de.
serves, &c can see no need Of our legislature
adopting any measures on the subject. As for
"bls Of pains and penalties" we have them al
ready on our statute book, aud they are dead
letter, and as TO making new banks it would be
but adding to tho evil. Have we not had enough
experience TO make us wise We have had
three banks, and with every circumstance in
their favor the state can Afford they broke and
our people lost mi lions. Their circulation was
heavy, confined mostly to this state, and exclu.
dcd the paper of all other banks. But was this
an advantage to us! So far from il, there was
not time in the whole existence of orr banks,
that Illinois MONEY was not readily and willing
y exchanged for The bills Of eastern banks, and
even heavy discount paid. Tho evil we labor
under now is no. that foreign paper is aaoa,
among US, but that there is too much paper
alloa. We would at any time sooner have the
bills Of ten hanks than of one bank. One bank.
as general thing, is no safer than another. Ger.
tainly bank in Illinois would be no safer than
the banks in any other state are. II we have
among us the paper Of many banks, If one or
two break, we lose Comparatively little. flour
whole circulation were the papc. Of one bank,
and il should break we should all break together,
as was literally the case three years ago. No
our policy is to expel, as fur as possible, al pa.
per money from among us, and deal in specie.
But If people take paper money let them take i,
at their own risk. The men that buy our pro.
duce and bring this foreisn paper in, will pay US
specie, II We refuse to take the paper. We are a,
liberty now to take papct or specie, Us We please.
But if We have every channel Of circulation fill.
ed by the paper ofour own banks, the specie will
be expelled, and we will again be reduced 10 the
Lecessiiy Of taking deprecated illinois bank pa.
per in all our transactions, and If We wish to buy
anything out Of the state, suffer heavy discoun,
upon II. Doubtless, il is an evil TO have our
state flooded with every hue Of foreign rags, but
il is no evil tina, will compare with being obliged
10 deal in ajeprccs.ed currency Of our own.