Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1847-02-10
From the Fon du Lac Journal.
BANKS AND BANKING.

The industrious honeybecs under stand
this policy, when they unite in driving the
drones from their hives. And the man
who reflects upon this subject fos mo-
ment may as easily Understand it, Every
government sh 'uId, by its legislation, seek
10 make The non-producng classes as few
as possible. know there always have
been, and always will be men, who will
get their living by their wits alone; bu, the
strong arm Of the law should seek TO pro.
tect and encourage the industrious laborer,
rather than The former class. Let them
get living by their wit and money if they
can, do not aid them by legislation.
This subject is so easily understood tina,
| will not spend time upon il, butSwill
leave il 10 take up other points Of this dis
cussion.
! Let every man consider for himself the
vast expense Of sustaining al! those con.
nected with Banks, and the immense losses
which we sustain on account Of the eXis
teuce of these institutions, and then ask
himself whether it is not desirable 10 save
this expense 10 the county. The men
who receive what they eat and drink ana
veal, from those who labor 10 produce
these articles, do not live in the most eco
nomicAl manner. 1t costs more 10 support
them than il would so many laboring farm
eys or mechanics; true, il is their own
money they live upon, but the Legislature
helps them TO make this money.
The whole number of Banks in the U =.
States in 1S4O, was GOT. do not know
what the average expense or income OF
each Bank may be. Take the salaries OF
the Cashiers, the Tel!ers, and other off
GERS of the Banks. the expense Of getting
their NOES engraved &c, and the whole
amount will not probably average less than
five Thousand dollars 20 each Bank. This
would make the pretty sum Of five millions,
four hundred and ihrty-five thousand dol,
lars!
| Oflosses Ly Bank Failures.-Take one
year The Philadelphia Journal OF Bank
lng Of June 9th, 1912 contains list o.
Bank failures for on'y abou, one year, o.
lUS Banks, including branches, with oil
aggregate capral OF
$79,2.9,052!
! Ofiosscs by Couatcrfeits.-Van Courts
Counterfeit Director printed IN PhiladeI
phla, for July 1S44, con,a med a LIST OF 1927
altered and counterfeit: noes, Of variou.
denominations, from $1,000 to ST.. Sup
pose single copy 10 have been made o
e1ch; tEe amLunt would be
$4,000!
and Of these couateifeits, no doub, tina, in
stead of enc copy, of some of them hun
dreds of copies have been passed Off
J know j, may be said that bsgus specie NAV
be circula,ed-slll it is proper that WE
should look fairly and candidly at all these
E:c:s in cons derng The merits and denerii.
Of a paper currency.
Part of this evil is doubtless owing 10 the
circulation of small bills; for in this re
specl, as Mr. Gallatn says "lhe situation
IF the currency of the United States is
aOorsc than that Of any other country"
In Ffance the smallest note of the Bank O
France is $50 francs. There are a few
Department Banks-some eght or ten
that issue $50 francs
The Bank of England issues no notes less
than five pounds sterling. In Ireland and
Scotland lie smallest note is one pound
s;erlng-a little less than five dollars.
Banks in this country our currency would
he much better. Bat lock at the expense
of bank ing alluded to above, and then con.
siCer. whether it is not worth while 10 try
to save The country these amounts.
BANK LEGISLATION is UNEQUAL AND
! UNFAIR.-I have promised 10 show thai
the legislation which creates Banks is un-
Just ami unfair-and this it seems 10 me il
mot d flicull task; let us look at it:
By an act Of the legislature. Gen A.
and Col. B and the Hon. Mr.. G. who have
influence enough with the legislature tt
procure a b1nk charter, and who have
money to loan are author zed 10 issue three
dollars Of their ptommisory notes. moi
bearn interest, for every dollar Of money
they have on hand; and by this sort Of leg
erdemain, these gentlemen, because they
have a large amount of money, may ge
by lar SO per cent interest, while by the
same legislature, al the same time, every
one who has only a little money, no
enoughto &c, Bank is forbidden to charge
any mo Q than IL per cent Is this fair?
Is this equal1
'sVice is a monster of such frightful men,
That to be hated needs but to be seem"
And so is such legislation as this! when
stripped of the pictures which the Banks
pu, upon their b lis!
PAPER MONEY NOT NEEDED FOR CrRcu
LATIoN.-Farmer Smith is plain sensi
BILE flrmer, and Wing. Says he 10 ms
the other day, Orchard, you complain o
The banks because they are allowed TO cir
culate three dollars in paper, for every dol
lar they have IN silver, and TO charge inter
est on The thee paper dollars. Now Rich
ard, on your showing, il seems 10 me i
you destroy the paper money. we shall
have only one-:hird as much money in the
country, and not enough 10 do bushes;
withr'
No neighbor Smith, s i'd I, This will moi
be the result, as will show you.
swell, Richard" sad he, 81 should
like 10 see you do III"
Now The whole circulating medium O.
tie country. Specie, bank noles and cred
its, is es,imn,ed by Mr.. Galla,in, who i,
good authority on such subjects, at from
10 10 40 millions. The same writer
estimates the amount Of bank notes in actu
al circulation, in 1880. al Sd millions
This may be true when the loans and dis.
counts of the Banks may be much mare, as
arg ono familiar with hank opera,ions "a N