Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1847-03-17

lost by the community among which the
b lis were circulated. The bunker makes
$500, COO clear out of the tsansac ion, be
sides the IS per cen, interest while doing
bus ness. This is banking upon the old
plan. Upon the later system adopted III
the eastern states where stocks are required
10 be pledged; the loss see stated by the
comptroller OF the state of New York for
banks failing, under the general law OF that
| state is only about 81 cents on each dollar,
as the bills were redeemed on the average
Of abou. 70 cents on the dollar. In this
case the banker only realizes about 100
900 dollars clear profit out of the commu-
n,y: or in other words, Is cents off .ron
] he receipts for every bushel of wheat the
| farmer may sell upon The supposliion that
he gels so cents per bushel and Pa cents
| if it brings him IS cents per bushel.-
| This is no statement Of immaginary evils
| for it is what The early SETTLERS of this ter
ritory have all felt from the sinking of Ill.
inos, Indiana, NJ issouri and NJ ichigan mon
ey. TO say nothing Of that within our own
| limits The experience of all our sister
western states III bank ng and inter nal i'm
| pro,ements should be enough to induce Us
10 throw around such legislation The strong.
| est guards, and as check laws are go easily
evaded, nothing short Of an uiier prohibi
| zion will avail. The effect of prohibiting
the circulation of paper money would be to
bring into circulation the gold and silver
which is now lad aside TO meet eme'gen-
cies as the paper money now in circulation
| is TOO unsafe and unsnund for that pur--
| pose 1t IS a we'll established fact that the
poorest circulating medium ls The most
used no one daring to let it remain upon
their hands, but will push it forward
when they have any money to pay
| out.
A WORD in answer to the little pamphlet
issued by Thos. Richmond. The reader
has but 10 look through il to find the argu-
ment within i,selfto defeat it. The argn
mcnt canon the sustained except upon The
| presumption that all the money paid out
for wheat IN the Territory is TO be laid
away, and put out Of circulation, which is
false presumption But we will take Mr.
r :chmonds estimate of the expense OF
bringing 5000 dollars in gold into the
Territory as true, for arguments sake, but
| which any business man knows is greatly
exaggerated The expense as he estimates
it will reduce the value of every bushe! OF
wheat about five cents supposlng the
| money is turned but once. A little further
along in his pamphlet we discover the
money coming back into Mr.. Browns
hands for lumber. shingles, salt, &C., (ai
tc!es which Mr.. Brown can buy us cheap
as Mr.. Smith Of Litleiort,) to be again in
vested tor wheat, and again returned to his
| hands to be again inves, ed, and so on, turn
ing and changing until it will reduce the
expenses upon each bushel ofwheat to less
than one penny, sum much less than The
percentage you will haveto pay brokerage
in exchanging the bills which you receive
Of Mr.. Smith Of Litlefort into gold o, sill
| yer. The money then which you receive
IS safe 10 carry % or 30 miles to pay a
deb, if necessary, and then there is no dan
ger Of the banks beaking before yon get
home. So,carryring out Mr.. Richmond's
argument into practice, the farmer is
gainer by selling TO Mr.. Brown. Every
Individual knows that sovreign vor h four
dollars and eighty four cents will buy as
much as five dollar bill OF any bank ives
Of New York. Tbs is loss Of oaly 5
per cent to the farmer. That IS nothing
says the b1nker,it goes into my pocket
mus, be supported, and you know TAXI
a gleat interest in the welfare Of
he laboring classes pay my money
10 send speakers out to prevent them
from adopting Constitution whiI
viii throw the bu den Of govern
ment upon themselves. 1t is true that il
they do adoptitl shall be under he lisa
grcabe necessity Of doing some hing ion
] myself, cannot live out Of them any
longer as they will have the reins OF gov
eminent ia their own hands and can
no longer legisIate money out Of them and
they willonlyhave TO support lhemseve q
families which will not occupy all Of the ir
time, land they, the mechanics, the laborers
and farmers will have time TO read and re-
feet and oh, horror will bring me down TO
level with themselves. No, no, this
won't do, we must get up cry that the
! Constitution will destroy the laboring, The
producing classes, and with our force, and
with our influence, and with those we can
deceive by fiaitering tales,we may yet be ii
BILE to keep them in bondage. Such voters
is the aim and object Of all these stories set.
ting forth the injury this and that reform
will be 10 the working classes. Suchras
the tune sung when the law to abolish I'm
prisonment Tor debt was agitated and The
expense Of the singing was paid by this
same class Of men. Shall The bonds of OPP
{, preston be retained or shall they be Ioos
ened, and legislation be equal and for the
good of all. If then it be the wish of the
people to have an equal g. free government
only free from the power Of man but the