Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1851-02-14
A SaGe Banking system.

| The Legislature oil Iowa have ad
journed we presume, without passing
any law TO allow the people to decide
for themselves the currency question:
For two more long years we are TO be
subjected 10 the Locofoco system o.
foreign bank paper and home shinplas.
! tcrs.
Tho evils OF this system are so nu-
merous and so injurious to the interests
of the people of Iowa in every respect.
that remedy is demanded by at least
two-thirds of our voters. and yet the
poor tools who aspire TO lead the party
in the Legislature, have refused to allow
the people TO decide the question foi
themselves. -. ...... .........
We intend TO keep this question be-
fore tho people, and we would call upon
every business man, farmer and mechan,
ic in the State, to move in the matter,
and compel the politicians. TO abandon
their humbuggery in regard to the cur
rency, and to adopt some system, which
shall prove safe and beneficial to the in
terests o. all. ..........
We must not only have internal i'm
provements in our State, to furnish ia.
cililies for getting TO market, but we
must also have currency of our own
upna which TO do business. 1t is time
that the old stereotype clap trap upon
this subject should be abandoned, and
that it should be met as practical ques,
ton, in which the people are vitality in.
terested. .. ...
We would commend to our readers the
following notice from the Baltimore A.
merican, of the New York Banking sys-
tenn, and we would especially call aiten-
ton to the fact, that no losses are sus-
tanned, or can we'll be sustained by the
bill holder under such system. Why
then, will not the people of Iowa prefer
such system. instead of the present
detestable tributary system under which
they are suffering. -jphig and Register.
1.-The recent annual report of the
Comptroller Of the State of New York,
announces that not single bank failure
has occurred the past year, and that the
currency of the State is in a sound and
prosperous condition. The business OF
banking appears to be increasing under
the general banking law, both by the
creation Of new banks and by the dapo-
sition of additional securities by existing
institutions. Additional securities can
command from the Comptroller a cor
responding supply of notes for issue.
The whole number of banking asso-
Citations and individual bankers organized
and doing business under the General
Banking Law" is one hundred and
thirty-six, viz: banking associations.
seventy-one; individual bankers, sixty
five. The whole amount of circulating
notes issued to said associations and in
dividual bankers, outstanding on the Isl
of December, 1850, was $l4,203,ll5.
For the redemption of this amount, Sc
curities are deposited and held in trust
by the Comptroller, amounting in the
aggregate, to the sum Of $l4,823,085.-
The bulk Of these securities consists oil
consists of bonds and mortgages, New
York State stocks, and stocks of the
United States. We observe, however,
that Illinois, Michigan, Arkansas, In
diana and Alabama stocks, to al amount
exceeding a million, are enumerated a.
mong the securities.
A movement has been made in the
Legislature of New York, TO allow the
stocks of incorporated towns and cities
in the State, to be received by the Comp
troler as securities, upon which notes
for circulation may be granted. This is
opposed in some quarters as likely &c
lead to too great an expansion OF The
currency"