Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1847-06-29
Fer the Signal.
Bank or No Rank


Bank Or No Bank.
The history of the past admonish the
people of the State of Illinois of the soph.
ism and wantoness of paper money bank
ing. The constitutional banks of the
State, and the "Wild Cat" operations are
yet fresh in the minds of many, and ought
TO be saldtary lesson TO the Industrious
mechanic and husbaRdman, (the only
produced wealth, and as far as they are
concerned the matter would rest in ebliv-
ion or remain a mere record rejecting
alike tiffany and disgrace upon its advo-
Gates, we're it not for the same set or class
of individuals who act the part Of sack
al" to the speculative world, and are
constantly ready to stir up the visionary
and dissatisfied to oppose what is ''well
enough" that game be started the sole
object of which is plumber. And more
effectual mode TO gull and deviato the peo-
pie, the wisdom Of man could not invent
than this modern system of banking.
1t is useless to go into detail that the
evils of the system may be pointed out
the community have experienced its opeT.
atoms, and are again called upon by these
''rsg -autocrats" to establish anew the
system that the scenes of the past may
be re-enacted.
Will the honest, industrious producers
of illinois submit to be resaddled with q
system the direct tendency of which ia to
plunge the pecuniary transactions Of the
country into an element artificial and
unnatural. ultimately ending in taxation
on tho one hand and ruin on the other?--
Is there q sober candid individual, of any
party poliiics, who will not coneede that
the wild visionary speculations and prof.
legacy of Illinois, individually as we'll as
State. owes its origin to the superabun-
dance of paper money! An enormous
rag is now laid upon the people, 10 pay
the interest that accFues yearly upon the
debt created by this financial debauch
''of banking facilities"
But still we hear the cry Of these polit.
ical parasites "safe and sound" banks,
that the arts and sciences may be advan-
ced. and honest industry rewarded. And
what reward! An appeal direct to the
pockets ofhonesl industry to foot the score,
is the reward.
And how this corps of "sound bank"
grumblers watch the proceedings Of the
Constitutional Convention, hoping that q
privilege will be granted that they may
commence anew their "rag- money orgies.
The question is now before the conven-
ton, ana it seems that prudence dictates
but one course.
It will not be commended that this con.
vention has right, or ought to dictate to
posterity what they shall and shall not
have. If the people some five, ten or
twenty years hence. shall see fit to estab-
lish an institution to enjey any specific
powers, it is their right and privilege, and
theirs alone to create and sustain such
institutions, let the monopoly be what it
may. And it is for the people to determine
the kind ofinstitutions they ara willing to
and no privilege corporation
ought to become law until the people
directly sanction the same.
Therefore, if the Convention deem it
TO be exPedient TO grant banking privi-
lege, by organic law, let there be proviso
that in all cases where bank is asked
for, the legislature shall submit the iden.
teal charter by which it proposes to enjoy
its corporate privileges to the people. at
any general election, and let a majority !.
decide whether the corporation shall OF
shall not exist.
But the "sharp shooters" in the paper
money army, question the ability of the
mass to Judge in matters of such moment,
and think that legislative bodies are better
prepared to prescribe for the wants ofthe
people-and here permit an issue to be
taken.
The doctrine that "the sober second
thought ofthe people is always right and
never wrong" and that every man in this
country is of himself q sovereign, speaks
volumes and in language that is net to
be mistaken, and richly exempiities the
sayings of a departed Sage, That It 10
not in a government supported BY power
ful monopoiies and splendid institutions
that free people can find happiness or
their liberties protection. but in aPlaIn
simpls form, bestowing its blessings IKE
tile dew OF heaven upon al. and gransing
special fayols 10 none" 1fo0'