Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1850-01-18

sloileFS TO revise the laws, and were by me re.
ceived and deposited in the state library tie
work being executed, in my opinion, as directed
by the act alluded to.
The important Commercial intCres of the
State wall not fail TO command your att ,ntion, in
addressing Congress in behalf of Harbor I'm
provements at the several commercial oints up
on our lake shore The views of the represen-
tatives OF the people, expressed in proper man
ner, supported by useful statistical information,
will have their due weight with the National Le-
gislature.
The internal communications Of the country
merit no less ait 'ntion at your hands, in LAYING
before Congress the necessity, as a National
work, of improving the nayiga5le cepacity Of the
Mississippi river. This is the great outlet Of the
interior of the Union, and every obstruction OF
this main artery, traver ing its whole extent from
north 10 the south, becomes a national evil and
should be removed by the national arm
Such aid as can be conetitut;oHaly given to
encourage internal Improvements by individual
enterprize, doubt not will be rendered BY you.
Memorials to Congress asking grants of land
tor the most important works IF internal improve
mont will deserve Your consideration The
northern portion of the state being an entire viii
derness CT nearly so, such grants can b, asked
with much force and reason, for opening some
communication between tha waters of lake Su-
perior ard st. Cloix river. Your attention is d.
rected to these subjects that such action may be
taken as the great interests OF the state have
right to claim.
The existing law prohibiting the s at Trea-
surlr from receiving Auditors warrants in pay
mant of the revenue Of the state, in my opinion
should be repealed, the eXigency whi;h occa ,ioG-
ed its enactment not now existing The prin-
air,i IF, -.
for its ordinary and current expenses in payment
of its ordinary revenue, levied to liqnidate such
expenses, is OF doubtful expediency, and as the
necessity OF this provision Of law Is obyia,ed, it
>ho I'D not be permitted TO remain on our statute
book. therefore urge its repeal.
The State Library is OF sufficient public inte-
rest to elicit your favorable notice. The present
lb-ary was purchased in 1886, and has rec lived
no additions OF material value since that time
The consequence is that the Law portion Of it,
which is OF the greatest public value is very ma
terlally lessened in its practical utility. An APP
preparation Is therefore recommends to be made
adequate TO supply the Library with the new
standard legal works and to complete the law re-
ports of other states now belonging TO it.
The events of the past year connected with
the business of banking and currency in this
state renders it proper TO call the attention OF the
representatives of the people to the important
bearing hese are assuming towards IFS business
relations and monetary affairs and to the effort
that is being made TO supply its circulating me-
dunn with Banker ; notes, certificates OF deposit
or evidences OF debt as money, in violation of la-
pal enacments and constitutional law, with the
view to elicit from them such legislative uerto-
rsnce as will guard the state from irresponsible
paper issues and yindicate the laws from open
and fragrant violation.
Individuals have, within the preceding year.
issued species of paper currency, known as GER
tiicatcs of deposit or evidences OF debt clrcula-
ting as money, and on the strength of these is
sues, it is SAID, embarked in the business Of ban
king in its various branches, all which is clearly
in Violation OF law and not warranted by the con-
stItuIl0n. Ii matters not what is the form and
character OF paper issued whether in the Simili-
tude OF money or bank notes, drafts certificates
OF deposit, or any other written negotiable ac-
acknowledgement for the payment of money, when
issued to supply the place OF and circulate As
money, the issuing power, whether corporate or
individual, becomes bank of issue and circula-
ton, and all the evil consequences i, suting from
an irresponsible paper circulation, base upon
credit, intended to be avoided and prohibit by
the law, will be inflicted upon and sustained by
the country.
The effort Of individuals to throw into circua-
ton. as money, tn ir evidences Of debt or ccrliti-
Gates Of deposit, has been encouraged by the ex-
ample set by those exercising the corporate pow
ers granted by the act OF the territorial legislature
passed in 1876 incorporating the Wisconsin
Marine and Fire Insurance Company, which is
sues certificates of deposit in the name of this
company. and gives them circulation as money!
thereby creating bank of issue, in violation of
&c
latures from granting banking powers. The act
of repeal did not have the effect to prevent the
further operations of this company under the
pretended charter, but it continues to exercise
full banking powers in derogation of the act of
Congress and the act of repeal referred to. The
act, giving banking privileges. either has legal
existence or 1t has not--and the powers eXerci-
sed III the name OF the company are so exercised
and used by those claiming to control them, with
out lawful authority and in direct opposition to
legal enactments. The operations OF this COM
pany whether legal or illegal, have assumed
wide and extended range; and by its issues of
certificates of deposit to circulate as money fur
nishes large portion Of the circulating medium
0: some paris OF this state, and also the adjoining
States. The amount of certificates Of deposite.
now in circulation, is said TO be larger and the
only safeguard which the community have that
III IT paper issues VIII De Ultimately r. deemed, IS
the honesty and integrity Of those controlling its
business. The influence already exerted 4y
those operating under tn. alleged corporate fran
cAises and as private bankers, upon the business
and social relations of the state, where these pa
per issues circulate. is very materially felt and it
permitted 20 continue To exercise those at least
doubtful, and in my opinion, illegal prylges,
past experience must teach every one that their
liberation may lie ftaug!t with the greatest dan
ger to the interest and prosperity OF the country
Banks Of issue. as heretofore conducted. have
brought discredit upon the Safe and inflicted
upon the People serious and heavy losses. Tn
necessity or economy Of establishing Of permit
ting Banks of Issue, to furnish a circulating
medium, TO supply the place Of precious metals.
is highly questionable, 10 say the least, and in
my opinion should be decidedly eschewed for al
time to come. The necessity Of establishing
Banking Institutions Is frequently urged upon
The ground that foreign Bank paper viii be used
As Il circulating medium. in violation Of prolibi-
zion OF law the most stringent. and that the prof
its resulting from this employment Of capital
should Be realised BY oar own 81 izens. Although
the circulation OF foreign bacl paper may not b.
e.fc ctuaIiy prevented it Is a. we'll founded raa-
son 10 establish ths system and food the country
with bank paper, or 10 prevent such ri sut. in
violation OF law, either BY individual or nv p~4-
tended corporations exercising corporate bank