The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-07-19


THE PgocEss oy LIcui9ArioN--W mentioned
IN oar last, in extracting from an article on the
free banking Law Of this state, in the BeilscWs
i.!toeats, that the editor had promised another
on The Process Of Liquidation That article
is now before US, and We shall proceed 4, once to
| let our scissor. into it, The Advocate says:
section tre,itQ Of the bank law provides that
bankers shall hot issue bills unless made payable
I on demand Very good payueut Oh deinani,
is a very pleasant thin. 1t then proceed, to d.
/ rect; that all banks shall keep ON hand suh
Gent amount OF specie 10 redeem all such bills As
may be presented Very good again
But II the banker should choose 10 disregard
this command Of the law what Is the penalty -
VIII any one presume to say tia, oar wise law
makers were so superlaous as TO pass a law with
out penalty in case Of Iisobedicn,cl Otceursc
not. The article proceeds
There is a penalty for not having money on
hand; and although It Is neither hanging, nor i'm
prsounent for lite or years; nor branding. nor
whipping, nor placing in the pliogy, "or reiyns
with prtcaruds egg, Yet Is Il severe vnuug" 90
all conscience Listen. The law SAYS In case
banker shall hot on Lawful. demand, (hele
then IL the ttst question To be raised TOT the ben.
EFT of the poor baukrrs VIVA; is LAWFUL de-
mand Why dix they not say courteous de
nand, or geutemauly demand, or demand N
good set phrase, or demand made by some one,
with clean suit on back and soft sI,NCn hands -
That would have been definite. aud the per
tdned and sensitive banker need not have Ii,
nerves discunVosed. by the approach Of a swar-
thy, soilcd, and hard listed dcmYcrAt0 "un de
mand made during The usual hours CT business
between the hour, of ten and three o'clock. -
Very gertlemaHly hours Of business, truly In
case be fLl or refuse TO redeem such notes q
/ bills, the holder may cause them to be protested
/ by 4 notary public N the Usual manner
[ All! here we get at the penalty. Here begins
the Process oi Liquidation aud right liquor
ssccnt process It Ia ITS simplicity its rapidly,
I It's certainty ale all admirable.
! "Uayin. protested the note in the usual man
( ncr If p notary public a notice u such protest
! is 70 DC despatched TO the Auditor At Springfield.
I He N the due course Of business, and as soon rs
( posslbc-iur the law SAYS forthwith i, TO be-
/ gin his work. We all know, nrwI.h imports
I speed When YOU direct sam forthwith. to bring
( your Lorse, the beast stands -addcd ~ q momeut
/ for yoBr mounting Forthwith therefore Is -
pu!cuta. word bu' j; is also comparative iu IT.,
efficacy. When the law says Forthwith 1t
means MS soon a., 10y Tie m'.'er'- rule, tHs case
Is reached, di' the ninety nine thousand nine
nH,a'e. 'I '',,, ''iHS ''''''' "''""! '''''''
"Rrt What n,Y.t iIs Auditor II, sr,r,r,yi,b :,
Mast he hot shut ~ the bank and sell the
stocks p!cdgedi o mo- he must not proceed 20
pite.'Iy, 80 precipiia,ely. And though the hold.
CT o' nS o'H" notes ana O'.s ''"t'e i'I IT, or
us 'n.'u'e" '-"s"l'I III wan '' ms mortgage"
properly DC 'o''' OF MS 7''iN ana IHa"t'' u'ot'
( execution NC saci'nteu Use At"IoI must "o' pro
ctGa Easuly'
Having re''''Si N9'!ee OF protest. ue Ana
nor N,u'"'ts 10 take "I"'"'r s''P me ~"
iI'ec'' INN 'I'h 20 give n''''c 4" N!,,IN5 20 the
,,t 81 70 Ply "'G sAil '".'s''" "o'Is OF
Dil!'' OF me- me Au"','r' WI. give ue'A-ueh .
"heFeNp'h II ,Hry-i"e oan"eis' NE Ti"utScd
fas"'rA''-' 'l'3'' omit 10 90 90 'he auditor
-hali, amer Inc hnIdtr mas again waited upon
'hG'f Iofdsh'P, an! again ur'H'N"Ga pay me.t
unless 'lnmr4.'tei! sn'h banker ST an SATISFY
"Bco ,bof ,ler'tEe ss;d E'nL.r.-L,rs ,,' ~,
prFENCE as against the person presenting the
same proceed with the other steps Of liqulda-
''C"' % iS'' 20 GOO. mere IL " Pe,y com
giooj Jcf-r.,J Wbv hero are t7ogs",J and NJ
one good defrnces open 90 the banker. and
double that number as respects the person pre-
'su'"S we 0''''
90, H., L,,,i... L.. 49,, 49,. sell.