Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1849-12-20
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BURLINGTON:
TuuRSDAy:::::::::::::::::::D 90. 1879.
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The Currency.
During the tendency of tn, adoption of our State
Constitution and ever since, has been our aim to
show that in Withholding the power from The people
20 create State Bank, with suitable checks ana
restraints, whenever the business OF our STATE re-
CURED such an institution, the Convention robbed
The people Of an inherent right and crippled the
prosperity Of the state. 1t has ever been favorite
object with the Wings to secure safe and uniform
currency, one that should be beneficial and trust
worthy--one that would answer the purposes of
trade and the requirements of the people. We then
might have fiscal agent whose character would be
known, aud whose issues, based upon gold and sill
yer, would be received with confidence at par all
over the state. Such an institution would be an
effectua check upon the great influx Of ambiguous
and unknown currency which has been thrown
among us.
We are neither the advocates or apoloysts OF any
other currency than the one indicated above. when
il was announced that Clark and Brothers were
about establishing their Exchange Office at this
Mace. and when we saw all the loco foco papers
instigated by interested and jealous brokers-de-
caring open hostility to its introduction among US,
we suggested that such conduct seemed very IN
consistent. We called to mind their former pro-
testations against Banking Corporations, and their
advocacy of individual responsibility, in conduct
ing the fiscal business Of the country. and now that
they ha the opportunity of showing their attach
ment to the latter, we expressed our establishment
at their prompt reputation Of that for which they
had SO strenuously coutended.
Clark ana Brothers issue bills Of exchange of
small denominations. They are nothing but bills
OF exchange. and no existing law check their
being drawn. and if the people have sufficient
ndence in the parties, there is no law forhidding
using them as currency if they choose. We are
free to confess that with the knowledge have of
the honesty, ability and true interests Of Clark and
Brothers to keep UP the credit of their business.
we look upon their bills Of exchange more vau-
able and much safer as currency than do upon
the almost innumerable specimens Of strange paper
circulating among US, which although they purport
to be genuine bank bills, ptofessed'y coming from
sound Incorporated companies. we know no more
about than we do Of the currency Of Japan, except
the promise is engraved in the English language
Now, Clark and Brothers are known to US. II
their paper should ever deprcciate, their brother
brokers in St Louis would readily apprisc US, SO
that our approximation TO their head qusrters
would give US speedier remedy than could be af-
fnried by like depreciation in far of and unknown
bank paper.
In addition to The loco foco opposition to Clark
and Brothers, to which we have alluded, we find
another battery opened upon them by the Wing and
Register at Kcokak. There was time when this
firm had almost concluded 10 open their office in
Keokuk instead of Burlington. From the anxiety
Of some of the citizens of Keokuk to have it there,
we are somewhat inclined to believe that if the
chosen locality had been at that place, there would
nave OccI ieSS OppOSiltUH from llial tusitSis ba
let that pass. We ask the editor of the Register
il he, as well as the people all the State, are
not in the habit Of receiving bank bills as money
while the locality whence they profess to be issued
well as the character of their Presidents and Di
rcctors are entirely unknown to him? What doe
he any of know about the Cochituate bank
the Scintila bank, the Ageo bank, the Rip Rap bank
the Quakenboss bank, and hundred others tina
might be named. If he takes bill and is in doub
about it, he may look at some bank Detector, an
If he finds it there in good repnte, he receives it
money. Why rely upon the Detector? 1t is bu
the say so Of single broker. He may be eithe
mistaken Interested 1f he is honest, he ha
obtained his information in every instance by hear
say. The Detector is therefore far from being a
infallible guide in this matter. Would he not pre-
fer the very bills he regulates, to such aaov
enumerated? We should, because we know wher
10 send them when we want to cash them. w
should because we are acGuaintehwith the stant
ing Of those who issue them. We should, becaus
they command premium over currency and ar
considered par funds every where.
The Register says ave are sorry to viii
paper step aside to endorse this money, and if pos
sible commit the Party to its ratronage.' Wei
now, such sorrow is rch We have said more
favor Of Clark and Brothers bills in this article tina
we ever said before, and who else, besides the ed
tor Of the Register would accuse us of endorsin
their m,oney'' We have preferred it TO other pape
Of a doubtful Character. Tie editor of Registe
would do the same. for the reasons too above spe,
ided. Dut we sscommit the Party to its patronage.
The editor must ssstay in Jericho till his beard
grown" before he make his readers believe th
we aim at doing any such thing. We wish the viii
party to take nesc ground in the matter of tn
currency. We need good, sound specie payn
state Bank, which we cannot have until the Con
sttution is amended. This is and has ever bee
wing doctrine. The business and growth of on
State demand such an institution. This has eve
oecn our doctrine. Until the Constitution is
ed, we may expect our State to be flooded win ii
worst KIND OF paper currency. While this state ,
things exist il is the part of wisdom to tolerate tn
onyw has the best repuie and is the least like
TO damage the people. We have done this and !
more.
The accusation OF sscommitsas the party,'' in /,
way specified. comes very i'll from one whose or,
ain has been to commit every body ne could again
the improvement CT the Lower Rapids. by riaicu
ing the Davenport Convention, and in otherwi