The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1846-01-16
Wc.tcru Ruui.s.

VI VIC '"'ASHCN VI VIC "tsltIll udlAs
Those of New York have an oulstandn.
excess Of obligations over means Suflicien
10 excite dlstrlisi, and which would al
ready have involved revision had tn,
!, general state of the markets been unheal
e. thy or prices high. In Michigan. the ex
ploSon of the st. Clair Bank, and the M
junction of the Detroit Bank. placed ;
timely check upon their expansions. Tn,
course of the St. Clair Bank was as wild
and baseess as that of the most absurd
! bubble of 1856, as lis condition show.
ed. The public in Ohio, where its ope,
ratons took place, and At the west gene.
rally, are as open 10 the frauds Of paper
bankers as ever. In Ohio, precisely such
bubble, bu, on gigantic scale, is being
rapidly inflated. But short time since,
we had the singular spectacle OF TO,
vernon of thai; state. Barley, cougratula-
( ting his constituents upon the creailon oI
/ twenty-on one banks in few months, and
TWO more getting ready to throw their
promises upOa the market. This Is
enough to make every prudent man in
and ont of Ohio shun bank promises like
pesilencc. In Indiana, the State Bank
and lis branches have put ont an inordln-
ate quantity Of paper, far beyond their
ability TO pay, and The privilege OF issuing
rotes of small denomination that was
sold TO thak concern fol loans made by ii
to The state, is now about 10 expire. and
probably i'll not be renewed. That bank
is essentially rotten, and viii sooner or
later inilcl a severe loss upon the people
of Indiana. llllnois has no bank, and II
would therefore be inferred that she is
free from such oppression. This is far
form being the case, however. She has
, in her midst the most dangerous, illegal
and baseless promise factory that ever
existed in the Union. 1t is called the
Wisconsin, Marine Insurance Company.
1t purporis to be located at Milwaukee,
/ Wisconsin, where i! is represented by a
cashier. lis President, an alien Scotch
man, Geo. S NTH, lives at Chicago, and
issues, not regular bank notes, bu, cerli-
hcaIes OF deposit oil precisely the same
description as those issued by the hrs'
free bank under the New York banking
law OF which the "tily trust and
many other New YORK swIndIIng con-
Germs were notable examples. Persons
who had not dollar issued several mll'
ilons' ana paImed them oh IN all dIrec'
lions IN exchange Tor any description OF
properly iha' coHId De ooialned Tor them.
Ihe Wisconsin insurance Company 5
issues are IN tue same iorm' VIE:
"Fhis cert.ies tina. George Jones has
deposited in this office one dollar, payable
Milwaukee. May, 1915.
"SMlTN, PTesidenl."
OF these issues some $500. COO are in
Illinois. The merch ants of Chicago lake
the paper, but, we suspec,, never keen i,
over oicht. The example. bowever
causes i, 10 be taken TO considerable ok.
tent by those farmers who trade at Chica.
90. and who. no, aware of its lightv ma.
nature, keen i, on hand ill thew desire IN
use it. Although this money i, maid nm,
! in Chicago in the discount Of notes and
bills, and being paid out ON the canal J,
! is moi redeemed there. liza person wants
specie, he is CHARGED tro per cent heinz
the exchange ON Milwaukee. If the an.
plican, dcmuts a, the shave. he is told 70
20 10 Milwaukee and get the bill redeem.
ed. The exchange between New Or.
leans and New York averages ! per cent,
for the wear, bn, between Chicaco and
Milwaukee. rs miles. i, is ..regulated,, =,
/ 2 per cent. ..
Now. this highly respectable promise
/ factory has become deDosiforu of me
| Federal Government that is, it receives
the land revenues from the districts of
Green Bav, Milwaukee, and CHICAGO
probably the larres, dis,rc, 10 the Union
No doubt The secretary has got sufIicieu,
security, but it is an extraordinary demo.
STORY. The receipts at these three off.
ces will amour, to over 5000. O0O. but nj
course the Insurance COMPANY will pe,
no more than i, gives absolute secu,l,v
r n Il r 4