The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-09-27
Ihe nani Law

approaching, IT j. important that al! Should have
then mind, made up as TO how they shall vote.
Ne are well aware that there are many good
democrats in this section Of the state who are
Gather inclined to favor ,hi. law. They tell you,
We have been flooded and taxed by every de.
,cr.pti,u Of rags including the shin plaser' Of
every bank. broker shop, corporation, &c, from
Maine to Florida long enough, AMI five are to
lave n. circulation Why let us hae our owd
five are to be taxed on bank paper lei enat .ax
60 into the pockets Of our own c.ti7eus instead
Il the pockets Of fereisners, &c,
AL this would be We'll enough if the argg.
nen.s were well founded, In the first place
II we nre TO have n PAPER currency it is our O.
pnon, The greater i;s variety the better it is
Then j: We are suspicious Of one note We can get
another which We believe 10 he better. Orif We
have large amount OF money ca hand an!
bank breaks We aye not likely TO lose much By
1.-THE gfsa; variety wouid not permit US to
have much OF the same Kind on hand Blu, Il
We have bank Of our own, il. paper viii drive
out all other from is vicinity, and then should
our bank break. the ncishborhooi in which it 4.
located would have to lose all THIS may be de.
mons.rated by the paper Of the Wisconsin Ma.
me and Fire Insurance Co. Two.thirls of the
paper in circulation IN the northern part Of this
state Is from that establishment, while the other
third is probably fon three hundred banks
scattered all over ibis continent Should George
Smith break. We would .osc two thirds Of our On
tire circulating medium, perhaps half million oi
dollars, But should one uf the foreign banks
break we could ,o-c bat one third O; three hun.
tredtb part Of our circulation l; would require
ntno hundred banks throughout this Union TO
blow up before it won'l make our loss what it
would BE II George Smiths establishment should
break There are banks failing almost every
month N the year, in various parts Of the United
States, but we seldom hear Of any one in his
state losing any hjng by them perhaps on, mau
IN hundred will lose one dollar bill once in a
year but should the so called Wisconsin Marine
and Fire Iu,lrance Co break where j. the man
who has five dollars in small ILLS on hand Tia;
would not lose one or more dollars ofil-wh.lc
many wouli lose hundreds. Thu loss would be
sti! greater il We had bank in our own county
md i should fail The objection then to foreign
bills is mere imaginary one As circulating
medium they arc az good al any other paper,
and the tax or discount we may be obliged to
pay to other states for them, We can well afford
10. ,ae security they are to US agains, heavy
bans losses
Others say, we want banks to break down
'lcso little Money knga who are scattered al!
over the state loaunc money al from ; to 10
Jer cent. per month banks would pe restricted
% not over per cent per annan, and this would
trrce those private bankers into the same terms,
or To- turn ,hair money to some other purpose
] hls is also q wrong !lea o. the operations -
Banking system If money Is worth 5 or 10
per cent per month to brokers j; /, worth nearly
'rat to the bank and she will refuse 10 loon at
PER cel. per Rnnuu, for she can make more by
specula,ng rith her money herself then. instead
If beng restraint upon the little Money Kings.
she would encourage them. BY making them Il
re5.um through which to loan her morsy and
carry on her spcoula,o1s, and issieal Of being
means OF accommodation, she word be mon
scr speculauns establishment wlith would ride
rough shod over those Of small means
Fhere are many other arguments adduccd by
those who favor a banking system but they are
MI equally hmsy and unfounlci but we have
No; room now to examine them We may, how.
ever do 20 hereafter.
But aside from the natural operations OF
banking system We perceive objection, 20 the
Jaw, upon which We are to vote in November
which are certainly perfectly odious, and mulch
should determine at glance in the mind ofeye.
~ rejecting man how to vote upon this law
Some OF these objections are forciJly czhibiicdn
The following extract, which is from the pen Of
40 intelligent farmer, near Springfield, aud which
VIC ropy from the State Register. Il will be
sseu thu. this bank law if adopted is calculated
20 render our state debt, under which we have
been groaning Tor years and which is now in a
far way Q! being ex,inguished, perpetual.
In the first place will observe that it is tn.
doub,edly the wish Of every tax payer to provide
for the payment Of the public debt, The reason
Is apparent So long as the debt remains, the
in,erestmust be provided for, and for this there is
no resource but taxation. The property Of the
farmer must be assessed, and his hard earnings
s1tored to meet the demands Of the public crcd
tors. Is It not then his NANTES, interest to get
I'D Of the burden at the earliest practicable pen.
cd Should not all HE efforts be directed 10 the
flTtheranee Of such policy ms will lead to the
rril extinction Of the public debit To postpone
ne payment is TO prolong the period Of taxation,
lsna,hen oc, the time Of legal exaeton, cripple
his resources unnecessarily, and make him feel
pFipetray, In all tie oppressive force the misery
81 eon!ags TO the tax ga,hcrer, and vassOlage to
the state
Now what will be the effect Of the bank law
upon the payment Of the public debit Will il
promote, or IN any manner cherish, the policy
which would result 10 its extinction Let us see
The holder o! our bonds, Cor which, he has per
Laps paid twenty-five cents on the dollar, promo
sNs to engage IN banking He deposites his secu.
Jlt!os with the auditor, and receives in return. an
equivalent, IN splerddly engraved and elegantly
hnished rromses to pay He sends them forth
ia.o the community at he rate Of eight per cen,
estimating profit Of some thirty per cent in adj
Giiian, from the loss and destruction Of bills, DC
Besides this there is the iuteres, on the bond, do
posted, which he il sure, at some time. Of recey
lag amounting TO ak per cent. more This is A
rice little profit, which any one would ike 10 have
At his command aud il is no wonder tina, the
bondholder is in favor Of law which will enable