The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1849-11-23
G.orc. smith. WIN. r. !. Bank a, Chicago.

George Smiths WIN. & r. !. Bank Al Chicago.
This concern the charter of which was repealed
two years ago b. the Wisconsin Legislature, and
Which therefore has now no legal locality or exis-
tence, has at present about sl200,OoO paper
in circulation, for the redemption of which OF
course the public has not the first cents amount
Of security in the world, excep, the honor Of Geo.
Smith. Some three or -four years ago when the
institution had but about 100000 in circulation.
we took the pains TO enquire into It's condition and
10 show It's utterly irresponsible character. and We
succeeded in getting the public mind sufficiently
awakened in reference to it To put MIR Geo Smith
TO some serious trouble to keep the concern on it,
! feet But he succeeded in wcatlcring oui the
storm by the aid Of the Chicago merchants, aud
| since then he has been going On ,wimminCly until
his circulation now reaches rs we have said tie
enormous sum Of 81 100000. The rate however,
at which he has been spreading himself of late
Is boginIn, 10 alarm even the Chicago people,
ana accordingly we see in the Tribune Of Monday
long article IN which the writer propoumiS tuc
question seriously whether ii is not about time
| stop We're put 10 Nj Suihs operations. And he
says;
know that /, usual, argued that it is >aG, be
cause the pcCuuiary interests Of Mr. Smith are
forwarded by his Keeping it SO; but suppose he
should think otherwise in Two or three wears If
he goes on successfully for that length of time, he
may then have n circulation Of 100000 or $40
o0o 900 instead If S,l2o0OOO, there being moth.
IN to check bis issues, he might then step out
Q 4. y. ~
cridHces oI dot outstanding" behind him IA
co-nomcn given his certificates by his secretary,
ina report TO the Territorial Lcsislaturcl
Suppose Mr., Smith should die, (which think
supposable case,) AMI his heirs should not choose
| To redeem his circulation whA; remedy have tAa
holders.
Sure enough and the editor Of the 7riiunc
thus walked up it seems has also looked into the
matter, nn finds himself rs much at a los a. hi,
correspondents to discover wherein the security If
The public against being one Of these days ou'ra-
seou'ly swindlcl consists, lie says
In regard to the personal liability Of Gror-,
Smith for the notes (or certtcltcs he issues ~
speak advisidly when we say. there is no lr,ll
claim on him for their redemption. Such We al,n
understand, il Mr.. Smiths view of the matter, Dc.
case Of his dccclse, his heirs could wilton. much
opprobrum, refuse to redeem them, an they
would fall on the public as Il loss.
We have frequently cautioned the pubic n,
galn.t receiving paper currency, the redemption Of
which is not fully secured to the holder; AMI
however much fifth we may have in the financial
ability Of Mr. Smith, and his integrity, we have
no reason to make the institution which he governs
an exception We think he can give fall security
for every dollar Of paper he issues, AMI should he
attori discount currency, and exchange. 1t has
doubtless heretofore been great benefit to the
city and the country but whether it will always
continue to be, or not, depends entirely on Mr. $
himself II may prove a tremendous fraud, an if
1t do, the blame will in a measure rest with those
who may he defriulcd, for the lose, suStainclby
such institutions have been terrible warnings
Well. we are glad that the alarm has this time
sounded from Chicago, and we hope Mr. Smith
will be sufficiently annoyed by the newspaper
and popular clamor to compel him either Mt once
to show his hani as a determined swindcr. and
cheat Us outright before he gets any further al
vantage of u, or like an honest man. to 20 and
give the public some reasonable security flf the
redemption Of his paper rag