Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1851-04-11
The Peoria Press on Ranks.

| The Peoria Press an influential Dem
ocra,ic paper is speaking out in the right
spirit in favor of the Banking system
.ece nlly adopted by the Legislative As.
sembly of Illinois. and submitted to q
vote of the people of that State.
We commend the following remarks
of the editor of the Press, who claims
to be "an original democrat, dyed in the
WOOL to his brethren on this side of the
river. All that is required to secure the
general adoption of sound Banking sys-
TENS in the western States is, that Loco
| foco editors and politicians forego their
runous humbugs, and unite to secure
such measures as shall promote the pros
perity of the people, and secure a sound
and abundant currency for the transac-
lion of our growing business Whig
g. Register.
"Afier quoting from the bill, the edi-
tor continues: "By these provisions, it
will be seen, that the bill does not allow
the issue of dollar which is not first
fully secured by the deposite of stocks.
Ii protects the people against all danger
of fraud. If bank be mismanaged,
the pledged stocks are Immediately sold
in the marketfor cash TO redeem the bills.
II the security is insufficient, the bank
is put in liquidation, and receiver ap-
pointed to take immediate charge of all
its effects for the benefit of the bill hold
ers. If these do not prove sufficient,
every stakeholder is liable in his private
property. ... ....
"Now we ask what stronger security
the Legislature could have devised to
protec: the bill holder! What holder of
a promissory note fully secured by the
hypothecation of interest paying gov
eminent stocks, would not consider it
perfectly safe. Is there sane business
man who would object to such kind Of
security on the ground that the stock it.
self was only evidence of Indebtedness?
How absurd is the objection. We ask
our readers for which they would prefer
to exchange their produce, for the wild
cat notes of irresponsible concerns,
Birch's shin plasters, Clark's drafts,
George Smiths Wisconsin illegal notes,
or the notes of bank which they know
to be fully secured in the manner propo-
sed by the act we are discussing. This
is tie only ques,ion-this is the true is
sue. We again repeat that the question
of bank or no bank is foregone conclu-
sion in community which must use
bank notes. We say must. You cam
not keep them out of your State--it
has been tried ana failed-surrounded
by States in which banks are established,
we cannot, if we would shut out their
bills-evil or not. The whole business of
! the country is so interviewer with bank
issues, that you cannot avoid their use.
The only point we now raise is, that the
notes under the proposed system will. be
safe. There are features in the law
which we do not like. We would have
preferred to have had no notes less than
i've or ten dollars, and then, through the
interest of our banks, law might be
enforced TO drive small notes of institu.
tons from circulation among us, thus
creating vacuum which would at once
be filled with specie.
'As to the constitutionality of the
law in consequence of the time fixed for
the popular vote. we are not prepared to
give an opinion-this, with other ques-
lions, will be matter for further discus
sion. ... .s......-..
"rhere is evidently great reluctance
on the part of the press generally 30
speak out on this question. There is a
disposition on the part of the democrat
ic press opposed TO banks to hector and
abuse those who differ from them. We
profess TO be an original democrat, dyed
in the wool, We have never swerved
from single article of the National
democratic faith. We took an humble
part, under the lead of the patriotic Leg
getl, against the monopoly principle of
banking in New York land the first vote
we ever placed in the ballot-box, was for
the immortal Jackson. We are yet to
learn, however, that opposition to banks
in any form is one of the landmarks of
democracy" ...
W John Jaw Bradley, man of lib