The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1846-12-11

con .i.iOn at Our pubic atalrs, IL, To make
revision for Immediately reiundlng tie
r,slduc.--uy returning the bonds AVID
scrip, the debt viii be converted into one
uniform transferable stock. This will re-
gure bot email expense, probably less
than We have already suffered by coun.
Wr.,,ls, auj viii possess the Advantage 1t
reducing the whole matter into a clrar
and tangible shape For the atrcsr Of
interest due upon ,ho bonds, deferred
STOCK ol similar character might he issued,
differing ouly ia ,hot 1t beer no in.er,s,
lur number ol years. by adopting his
lucd policy W,lh our State bonds and
scrip, Our debt will not be increased.
whic We shall ne crahlrd to ascertain tho
precise amount Of our existing liabilities
wuh certainly, and the amount required
90 NEE, tho interest. To dis course 1t
i. believed cur creditors viii it,ryosc me-
affection, bu, ch,ufaly acQuirscc, as it
vIA relieve tbrm from risks 90 which .
Dizzy ate now exposed. l. viii alo It.
move difficulties which lie in tie Way It
Nc payment ct nicrcsl ~ ANY one net
umJuor with DE character Of the different
form. of our ud, h,eorcss, some e " Inch
erI-s oul OF tie relation VLi.h ne several
Issues If our STATE Bond, bear 10 each
oh.r
A.i ou. ms'aLje means oreh, rrndual-
iy p lt brought .ulo such ruudluou tha,
"gy can bee applied t. the paym,u, of
our t,hts AZ % L. doubtful u any ;p.
Precipitation viii tee hereafter bc mgdr ty
Ac Legislature 10 Pot Ia repair the rail-
road tom Springfield to M,redosip, II
mgy he of advantage 60 the STATE to dis
pose Of it on some terms, with the proyi.
sion ,haI il be kept in repair and opera
ion. The STATE lands ought also to be
brought into market, to be disposed Of
at loir prices; aud all debts due to The
state from individuals or corporations,
put in lrain for speedy adjustment. an
opportunity viii soon Ice afforded lie
people, under sn amended Constitution,
If reducing he number Of members Of
the Legislature, by which thousands may
be saved to tie Safe, and slric,er econ
omy, generally, introduced into the pub
he service.
At the time Of the passage Of tie law
requiring tho banks Of tits State to put
tejr affairs in process Of liquidation, there
were those who honestly doubted the pro-
rrietv Of a measure 80 stringent in its
provisions, and who looked forward with
apprehension to disasters which Il ~ fear.
ed would follow from il. But time has
fully jusliht' it's object, and lie cXpcji-
cocy Of is general provisions; and we
may date the commencement of our re-
turning prosperity ,o tie passage @! Il at
law. W hen IT. provisions ; all have been
fully carried out, banking institutions in
ihs State vi be a, an end; and it be-
comes 4 question Of serious magnitude to
the people, whether sound policy vii!
justify the os,l6lisl meal OF another, when
we may look forward with almos, posi-
i've certainty to a repetition OF the same
scenes through which we have so latsiy
passed, 4 few years have taught ~ many
l.iras connected with this subject, which
We were slow tu learn. From an habi;ual
and unwary confidence in the integrity OF
banking institutions, we came at last to
lock upon them as almost ndlspeusably
necessary, and principles gradually but 81
lenty c'ept INFO their charters, which have
wrougi, deep and lasting injury to the
country, and virtually sub'erled some o!
those principles which government was
founded in an especial manner to cherish
and preserve.
Tie series of evils which incorporate
banking has brought into existence, fad
their main source in the power given 10
banks 10 trade upon credit instead of mo-
ney--lo loan simple promlsSory notes in
.esi Of casii-uol to loan only, but to
create the currcucy--and an after eXemp-
ton from Individual Liability; besides p,a-
cling this very power in tie hands Of those
whose interests often prompts them to It's
sbusg, and against which it is scarcely pos
sil.a 80 mcrpusG any sufficient legislative
restraint. il seems 10 me tina, the Interests
Of Tie pr,pl, Of this State will be better
promoted by hereafter dispensing with
hank. altogether, than aga.n 20 take their
chance upon such a sea If uncertainty and
confusion as they have lately passed II
W. form an opinion from the current OF
events which have attended the winding up
of the aAIlts Of our banks even under the
disadvantage Of coerciag the payment Of a
heavy bank indebtedness, the advancing