The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1849-01-12
Ranis In nliaoi..

blnAs III
We have received two or three papers
from Chicago containing the draft Of bill
TO establish general banki"gsysIem !" tins
state, marked with pen, 50 that we shonid
take some notice of il, We presume. The
plan Is about this, that our state treasureris
10 get lot OF bills printed, Of which ne is
to register, countersis", and pass over to any
inlividual or company Of individuals, just
SO many dollais' worth as they may der"'fe
With him G6s cents worth Of stock Of thisor
any other state, or the u. s., the value OF
said stocks to be determined by their price
in the n. Y. stock market, aud shall make
oath that they have 33i cents in specie in
the vaults of their banking house or Office.
Thsi paper lhento be made payable on de-
maud at such banking house, when 1t may
be issued for circulation. The banks organ
lied under this law are allowed to loan mo-
ncy at 10 per cent, and for the privilege are
to pay one per cent. tax on their circulation,
which is TO be applied to the payment ofths
interest of such bonds Of our state as may be
deposited with the state,reasurer. The oa'
lance of the bill consists Of checks and
guards to secure the people from being chea.
ted by the banks, whose officers are IN this
a. they must in all other bank bill; be re-
garded, az rascals who need to be closely
tied up and hemmed in on all sides or they
will surely rob every man they can get hold
Uf.
And herein is the great evil ofal! bank
ing. II is not mere satire, but Hiss stub
born truth, thai in the nature of things, banks
cannot be honest And the philosophy OF it
is neutrality-suspicious. have no souls or
consciences, and why, then, should they be
honest? Take the II most honest men in
town and organize them as corporation,
taking from each one the responsibility oil
his acts as ali individual, and putting it up
on the whole, and there is not one rascal In
the penitentiaIy at Alton that would more
readily cheat you than these Il honorable
men will If they can make rich spcck b!
it.
Then is the creation OF these banks really
better calculated to bring capital into oul
State than to remain free from banks A.
present all the banks a. the east are anxious
to get their money a!loat in Illinois, for the
reason that there are no banks here to drive
the paper out Of circulation by their own Is
sues, AMI Immediately TO return it back ts
the eastern banks; and it is notorious tina
men can borrow money in New York TO cir
culate in Illinois al 2per cent. cheaper, thai
they can borrow il to circulate in any o:he
State. Why we all know that David Lea
witt was paid one per cent. merely to pu
Vonnecticu, bank paper aAoat here, wi,hou
dong those banks any other service. An
tins VII be the case as long as we remai
withousbanks. Illinois will be 4 favorit
field ior ea'ern banks to push money into
for II a'ways'kes years for It 10 come bacl
again to them' his isthe reason why mo
ney matters are in UGH a healthy state i
Illinois now. Have ve ever had bette
currency? we have ard no compla,
of a scarcity Of specie? a ,,for horro,
ing, would any responsible n, .bont in On
caso or Ottawa have any dill. ,,v in bo
'o"""e "ev in New York atS
to circulate in Illinois, anu VIII mcnF .e"
thus borrow money there pay 10 pei Ga
10 borrow il here?