The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-07-14

This comparative statement exhibits very large per
cent increase in all the most important depa tments
Ohio is getting banking movement Of some extent,
but it is upon sound and solid basis 1t Is upon the
only true principle, and there is possibility of its be-
ing carried beyond proper limits The facilities afforded
by extensive banking system, may be abused; they
may be used for the purpose of Initiating speculative
bubbles; but in the event Of expansion being
produced by that cause, the bill holders perfectly
safethe whole State Is pledged for their security,
and so long as the system under which they exist
remains in operation long will the issues Of the
banks be perfectly safe large class Of people
only interested in this branch of banking, and
they look carefully to ttat point. Spectators &C.
Morally comprise limited class and they have very lit
tie interest in banks any further than they use
them from time to time, to initiate prices for any thing
they may for the time be engaged In II all ofths banks
in the country should break in day. spectators
would make more than they would lose The principal
point in all banking is the security OF the bin holders;
and the Legislatures of New York and Ohio have sue
ceeded admirably in reaching that desderatum. we
believe that many years will not espse before several
other States in the Union will have banking system
similar to that Of this State and Ohio 1t is the only
practical extant 1t is near perfection as any
thing of the kind can be brought.
convention for the alteration and modification of the
constitution Of the State of Illinois is In session. and the
question Of bank bank has been for some time
under discussion majority Of the convention in
favor of adopting sound and judicous system and 1t is
very probable that section autho zing banking will be
admitted into the constitution, leaving It for the
Legislature to perfect act, In the event of the
people ratifyng that part Of the new constitution ILL.,
nes, Indiana and Michigan have glorious opportunity
for giving system similar to the free banking law of
this State fair trial Their old banking systems hav-
ing out exploded; they must have something of
the kind be at the mercy Of host Of foreign banks
which they have control, and which will food
them with every variety Of paper money They have q
rapidly increasing population and facilities for develop
ing the unlimited Of their prolific soil much
wanted The people OF our Western States have been
wofnly swinded by the Wild Cat inanciers Of modern
times, and it is full time for banking in every State to
placed upon solid foundation than 1t ever
yet.
Indiana and Illinois have debt ofabout Eve millions Of
dollars EACH which could be lie the banking capital of
the State This would give each all 1t would require and
1t would be the proper basis for all paper issues With
such system should not many explosions, and
the people would not experience those losses which,
within the past five years have been frequent and
serious. The people Of each State have confidence in
their own public indebtedness and ban king
founded upon system requiring such security would
enjoy the confidence of all classes We cannot recon-.
mend this too strongly to the members Of the Conven.
ton In session In Illinois, to the members Of the
Legislatures Of Illinois and Indiana believing that thew
will upon consideration give it the attention its mpor-
lance deserves