The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-10-18
Banking in Illinois.
No. D.

bill hcllrr 10 loss or snhjec, him to tronhic and
expense. which is wursc. nnd Which he will never
encounter but rather sell the .ill or bills fr what
h. can get; anil the per o, who got Up ,hc bank
bill understood this. OF he was too purblnd ever
t. try his hanl At law making.
Sec 10 makes all The bills payable at ons
place and that where they we're Issued. With !,
| wide circulation comparatively little would bee
presented and none ai,eri. should be knuvn the
bank had failed tc pay OF what service j. ihi'
seetion then. but To gain a confidence whici,
would be without foundation and only calculated
to deceive tAc uuwatyi
| Sec, 20 requires the banker 10 rroruss 10 pav
on demand Well this amounts 10 just "a much
rs either of the foregoing sections for If no ru-
NOR goes out Of their failure. very little would TO
/ made; aud il such rumor was spread, nobody
would take The trouble TO 90 five miles On sncha
fools crrand - tn get specie from broken hara.
But the bank must keep Sufficient spccie an hand
/ to redeem ,- hills when presented This would
/ imply the whole amount put IN circulation. But
n0 man suppcscs this Is meant, and II Is only lr
/ drreivr again; for il such were the case, nobody
would issue bills as there would he % induce
uent. low much, then, must th-S Inv, I The
law does no' saw ard It's left 20 their iiscrc-
/ tiun. \ single dollar you'd meet she literal De-
! maud of;he law. OF what use can such vague OK
prcssons be but to deceive again, This serms
]
intended tn plumber men hv deception and
fraud as wicked as highway robbery.
See 81 makes itthr duty Of the Auditor to re-
ceivs OLD, worn out bills and i,suc n nov scrcs,
class 2d but all under the old scheme ofno prizes
above the cost Of the tickets. but al rnny draw
| blanks who will deal with such lottery managtrs
and buy such n scaly chance.
l Sec 30 forbds the bankers to sell, convey, o.
=. transfer any property for the benet, Of one clas
Of creditors in preference 10 others. and makes
such payment or conveyance void But IL thev
should disregard the law, how will you prove it
The last thing they pay before failure is in pre-
ference to the next, and tire next preceding that
nigh: be held in the same light and so on Who.
them would be safe in receiving any payment
from the baDki lie might be called upon to pay
back and take common stock chance with all
the creditors. If this did not follow. I'm sure no
bank could be convicted of any preferences or
parality; and probably this was the object ike
all the rest 10 'elve loop hole for fashionable
villains in high life TO escape detection and pun
ishment. What other inference can be drawn
Sec. % provides in what cases the bank may
purchase, hold, acquire, sell. and convoy real es-
tate, but does not forbid in as many other cases
rs they please and even if it did, it is so loese
and vague, that i, would be no restrnint. ] must
relate little anecdute bg wav of illustration
4 person once asked very distinguish ell philoso.
pher why bucket Of water was no heavier for
putting small fish into it, The phiIosoph, he
stated a moment, revolving wha, rtason TO as
sign. when it occurred to him to whether it was
not heavier Yes was the reply and if an
one asks why banks may not hold real estate but
for such certain purposes. you may ask if they
NAV not and YOU will have attained the position
of the philosopher. How few, with but cur.
sorry reading Of this section, would discover the
trick which was here intended
Sec "a prohibits their holding real estate fur
: any other purpose than vhiti Those named in
the section above Why not then stick il into
that secion' And all conveyances shall be TO
the corporation and may be sold and Transferred
by the President and Cashier. or ciihcr Of them.
free Of any claim from any person, so the title
Will be valid, only the bank gets the money.
But should this he conveyed to bona tide credl-
tor of the bank, sec % would make their title
void What beautiful consistency, or rather
what strange Inconsistency
Sec 25 is too ambiguous for my comprshcn-
sion; and would as soon undertake 10 iod i
river in dark night, when knew nothing OF The
d.pth OF the water or the strength Of the r eni.
rs undertake to flhom the mysteries Of this Sec
> ton cxceIr the last clause uf It. Which provle'
,har The efe.lit court Tay anpoin! yyrttu per.ols
10 make certain Investigations orGer tue expenses
: TO be paid as he peases, out of the peoples taxes
druak when be wrote this Sc, ton OF crazyi
Sec &c relates tu Ire process of obnung re-
, Dies in case the bark Eefascs 10 pay It's notes.
Y must,
Tnstly-Ma'e lawful demand;
: Second'y-Bc Between ten and tltee clock;
J. 1hirdy-ln the oansing house.
e wonder who knows how 20 make lawful de-
n mand in the banking house between ten and three
y o'clock which may be shut up and u0cc@.slba
e during that time But suppose tbs hcrcule5n
J. task Is accomplished, you must tho tipd o r"'a-
l. ~ public AMI have them protested and sen, -
. tie Auditor. How long viii Qli this iahe anil
what viii he the cost. and the ehaucC Of sGcc,s J
j. First the Auditor sends a request TO the bank -
+ pay. How long viii he wait to whether hi'
L request i compiled wihl perhaps year, when
Z Ia and behold au affidavit !, made 10 the Audit
$ or that the bank have a claim against this POOR
l. man. Perhaps they have bought y note oi his
taken for the occasion, TO defeat with heavy cost
J the poor bill holder, and thas preserve a dslon
est existence. But suppose no sCch defence ~
:, made the man must wait at least year, and be
at considerable expense all for the glorious priv.
lege OF being cheated with paper money, 80 light
$, aud convenient to carry, when in fact the poor
a devil hasn't money enough to make 1t burden
; some in copper. The suppose further tie Audi
e. tor must wind UP the bank. One year has alrc0-
r, dy passed and II may take two more Until all hs
assets are made finally available; and then the
u nav comes nile times out of ten, in the beautiful
share of Of ton cents on the G2'iGrl Aui ,ov
where is the IL! per cent damages in such case
, made and provided in the 18th section ButsHp-
pose, lastly, Which j. againNta al. probability, horc
- or precedent YOU finally, at the end Of yea c.
\ back your 100 per cent, with l2t per cont inter-
u, ct, you are still behind all your uoube, vcya-
>. ton and heavy bill Of expenses incurred, Permit
vii n lf 81.