Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1851-11-13
From the Bur. Telegraph.
Illinois General Banking Law
Election.

ActtA tAA~ ASAs- ASkSS5fu
Illinois General Banking LAW
Election.
The returns received indicate that the
new banking law submitted to the peo-
pie Of Illinois last week, has been car
ried by decided vote. A large number
of banking institutions will spring up in
various portions Of the State rs matter
of course--and our near proximity rem
ders the result matter Of much
moment to the people Of Iowa. We
are already overrun with the worst cur
rency in the world, consisting, as ii does,
of the issues of hanks of every State in
the Union; and it now becomes ques-
ton whether the contemplated issues of
Illinois shall be superadded to the pres.
en-, batch, or whether they shah super
cede them entirely. In either event, To-
wa is more or less at the mercy Of bank
ers and spectators abroad. We are
without similar institutions to protect us
against the influx OF adoubtfui currency:
as an offset 10 which,! however, j, may
be very truthfully said that we are also
without institutions which can swindle
US. And here, without meaning TO poach
upon party prerogative as TO whether we
should, or should not have banks among
us, we will barely remark that in our
humble opinion il is doubtful whether the
Constitution of the State ever will be al
tered by vote Of the people, not that
all banking is iniquitous, but that the peo-
pie are distrustful of all power which
may be liable to abuse. We speak Of
these facts candidly and as they present.
themselves to our judgment--and in this
view of the case we are led TO inquire,
how can The people of this State be pro-
tected against the bank note issues of
other States?
We honestly confess that we see NO
adequate remedy for existing and impen-
ding evils, unless il may be found in the
Incorporation of what may be called
Houses or Companies of Commerce
ard Exchange, with authority TO receive
money on deposiie, 10 make Iosns, and
to deal in exchange, limiting them. per-
! haps, in the matter OF interest on loans.
These privileges, it is true, may already
be exercised by NEUTRALITY-SUSPICIOUS. it thu ST
be borne in mind that there are few, ve-
ry few persons in our State, who are a
BILE individually 10 enter into business
of this description, and the few who are
already engaged in this pursuit can afford
but few facilities compared with The a.
mount required, and comparatively no
protection at all against the principal evil
that Of keeping out dangerous eur
rency.
The chief advantages to be secured
by an incorporation of tie companies o.
bove referred to, are.
Isl. The concentration of the surplus
capital Of community, by which facili-
ties may be afforded in the way Of loans
equal to those Of banks of regular dis
count.
%. As Companies or Houses would
be formed at all the principal points in
the Stale, the great matter of excluding
a worthless currency would be efectual-
Iy accomplished.
4th. Associated numbers. composed
OF the leading members OF all classes
and interests of society. aside from their
greater amount of responsibility and
wealth, would inspire the highest desira.
BILE degree of confidence both at home
and abroad, and thus bring to beara NOR
al weight which never has been and ney-
er will be accorded to private individual
bankers, be they ever so wealthy. wor-
thy or discreet.
We mention this as one OF the plans
for relief and protection against The evils
which lhreaten us, and these as the lead
ing features of and reasons therefor -
Others may Gil up the chinks-and 9TH
ers again may propose something better.
These hints have been thrown outin or
der fMat the attention Of the press and Of
The public may be early called to an APP
preaching state Of affairs IN which we
shall all be deeply interested. And we
beg that !, may be understood that al
though we have suggested plan, we
are not married TO it. The whole sub
jec: is highly important one; and in
some respects slightly iicklish. and de-
serves to be treated cautiously az we'll as
candidly.