Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1849-12-21


abundant and safe circulating medium;
command good prices for their products;
bring themselves near market, by judi
cious works Of Improvement; to rise as
one man, throw off The shackles OF par
ty; and in the speediest possible time
REMOVE THE PRoHIBIToRY CLAUSE, from
the Constitution, and thereby open the
door for safe currency, and shut it
against spurious one. .3. ,'.'" ~ 81
.at" -------- - = - -. ht''
Since wiring the article in last weeks
paper on wisconsin money!" we find
the following in Thompson's New York
Bank Note Reporter, which so nearly
comedies with, our statements, and is
withal SO good authority, tina, we subjoin
Illinois and Wisconsin shfnpIas-
ter Currency--AstOunding Facts
sdl CHICAGO. Nov. 5th, $40. ga
]. THOMPSON, ESQ: 9,l z" "Io.'l '..
Dear Sir,-I propose
10 give you an item or two relative to
banking matters in this sections. Our
currency consists principally of Wis
consin Marine and Fire Insurance Com
pany certificates, together with some
Ohio, Virginia, New York and New En-
gland. The Hartford banks have a large
amount of their notes on this lake
Geo. Smith the proprietor of, the Wis
consin Marine and Fire Insurance Com.
pany, is the banker OF the North West,
and although his institution is nominally
located at Milwaukee, the business is
principally done here. The Wisconsin
Marine and Fire Insurance Company
was chartered by the territorial legisla-
ture of Wisconsin, in 1880; there is
clause in their charter expressly prohib-
iting them from issuing circulating notes,
or exercising banking powers; there is is
another clause permitting them to issue
certificates for money deposited. After
they commenced issuing notes for circu-
laion, the Legislature repealed their char
ter, and on that basis the whole thing now
rests. Smith, who came here an adyen-
turer, is now worth $500,OOO, and has
an income of 100000 per annum.-
The Wisconsin Marine and Fire Insu-
rance Company have circulation, al
the present time, Of $l,2OO,OOO, and it
viii, doubtless,be increased to 80 900, 900
next season, if il works well this winter.
Smith is good, and has the ability to keep
the Wisconsin Marine and Fire Insu-
rance Company good just as long as it
is interest to do SO. | understand he is
going to spend the winter in Europe
probably at Munich. This much for
Mr.. Smith. Next i'll order comes Mr..
Hemenway, of Milwaukee, who, in i'm
itation of the Wisconsin Marine and Fire
Insurance Company, is now issuing GER
tificates of deposit 10 circulate as money.
Hemenway has but little money or cred
it, and as il is but few months since he
began, presume his circulation is small.
There are other parties at Milwaukee
preparing to furnish a circulating medi-
UNI. | think there is house in this CT
ty that has had some notes engraved,
but doubt whether they dare issue
them; we see few of Humans checks
also few of Clark,s drafts, but they are
not abundant yet. Clark's and Humans
are current here emenway's are not.
think our legislature will charter banks
at their regular session., a year from this
winter. There is strong bank feeling
throughout the Inorthern part of the
State. Can't you help it along? Some
OF the facts ! have stated are not gener-
ally known, but you may rely upon them
most implicitly. aan lie ALPHA.
Will some of our sentinels IN the west
send us the charter Of the Wisconsin
Fire and Marine Insurance Company
Also, the act repeating the charter Of tina,
Banking and Msuring monster Also,
the constitution of the State of Wiscon-
sin! lasg ems $50 y