Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-11-14
A Bank.

A BaDk. IN, e-.-,.
As'the day 'is'approaching for the com
mencemeDt Of the FIRST Sc ssiOn four leg.
islaIure. under the new constitution, we
observe that the friends Of banks are be.
ginning TO count their numbers and TO de.
wise means to procure the adoption Of a
bank law. We. have every confidence
in the frnness of our Legislature, and
ttustthatno such a monopoly will be. cre-
ated.
Thompson's Bank Note Reporter, pre-
Stunning that the people of this State are
determined on having bank, suggests
plan which it supposed would be accepta
Bile to'the'people. The plan is simply
this: to divide the State into three bank
ing districts and provide fer the appoint
meus of a hoard oftsus,ees, for each, and
to throw the business ofhahking open to
all who will comply with the conditions.
The proposition gives to any individual,
or association. who deposites with the
board Of trustees $40, 900 Of United States
six per cent stock and SCI 0, Ot'0 in specie,
circulating notes TO the amount Of $50.
600. The above ratio is to be observed
in the increase of capital stock. THE
system may appear plausible to our
bank friends, but it certainly carries the
doctrines of whigary on the face of it. In
The FIRST place it assumes that the Nation
will always remnin IN debt. Iris would
be in accordance with The principle OF
federalism. which declares that ma.
tional debt is-a blessing There is no
sure guaranty OF safety to the bill holden
in this plan. A train Of circumstances
might reduce the government stocks be.
low par. The Reporter will have TO gei
up better system than this, if il expects
of llliBoisto sanction it.
One of the principal arguments used
ty bankites in favor of having bank in
corporated in Illinois, is that the state is
flooded with the rags Of 'Other States.-
/ his, however. is feeble argument
that we must do wrong because others do
so. OF all monOpolies ever devised by
man, the banking system is the most dan
gerous. 9rs4nevitahle tendency is to ere
ate artificial inequalities. 1t deranges
the whole organization Of society and
barters away the rights ofthe massofthe
community; or in other words it increas-
the wealth Of the rich and renders more
oppressive lae situation ofthe poor. A
bank has the most inamoralizing effect on
society, as 1t eRcouragesa spirit Of spec
citation which often leads men to acts oil
rashaess and dishonesty. These consid
erations alone are sufficient to prevent the
.incorporatioR Of sqcA institutions.
In political point ofview, in our opiu.
ions, all idtOs Incorporating banks should
besopposed BY every friend of EQUAL
RIGHTS. The tendency of banks are
to give undue political infnences to the
rich. whom il binds together in one com
men motives. Thissystem ofmonopoly is
ia direct opposition to the genius of our
people aid contrary 10 the spirit Of our
National constitution; and ifencouraged,
will build up privileged and an aristocral
ic order in our community which wouid
endanger the freedom of the people
Wemsst earnestly hope that every u1em
her Of our Legislature, who Processes to
be animated with the principles Of de.
mocracy. viii take . decided stand Against
4 bank Of any descriptions in the coming |
ing session efthe legislature.