Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1852-12-16

the creation of banks among us and the
substitution of a paper currency, the in
evItable tendency of which will be to
drive specie from circulation? Will the
result prove a sounder and safer state of
affairs after banishing gold and silver from
circulation, and placing the business rela-
tons of the State upon a foundation which
the first blast of adversely may sweep a.
why? Already we have too much of this
currency among us. Already has it to
great extent driven the precious metals
from the country, and if permitted to con-
tinue will be perilous to our best interests.
For the purpose Of retaining in circula-
ton sufficient sum of gold and silver to
do the ordinary business of our citizens,
respectfully urge upon the General AS
sembly the propriety of passing law
to entirely prohibit the circulation of all
bank notes of less denomination than
ten dollars. A law of this character would
have most salutary effect in driving out
the small notes from among us, and to a
considerable extent protect our citizens
from the effects of bank explosions.
1t is also time to enquire why it is that
the Constitution of this State should be
amended to authorize the legislative pow
er, by act of law to create inequalities and
distinctions among our citizens by grant
ing the most important privileges to some
TO the exclusion Of others. 1t has been
justly said that ga great source of the me-
quality in the conditions of men in res
pect TO wealth and comfort arises from the
action of law" This is particularly the
case when applied to the granting of cor
por te powers and privileges to companies
for petuniary profit by special enactment
And may say that such legislation is not
consistent with the true principles or a
republican government. Because that
form of government contemplated pefect
equality of political rights, and exclusive
privileges and monopolieS to none. The
Constitution of Iowa has therefore wisely
pr ohibited the enactment of such laws,
and provides for general act of incorpo-
ration, the privileges of which are free
TO every citizen. Yet it is contended BY
some that this valuable prohibition, to-
gether with the restrictions on State in
debtedness shall be cast aside for the pur-
pose of trying dangerous experiments,
which in all probability would result dis
astrously to the State and the people. To
the State by plunging her irretrivably in
debt. To the people by private loss and
burdensome taxation.
Senators and Representatives: In clo-
sing this communication, / may say that
the State of Iowa is in prosperous con-
ditlon-rapidly increasing in population
owing probably the smallest debt of any
State in the Union--ali industrial employ
ments finding encouragement under the
regular administration of the laws, and
the exercise of a healthy competition, that
is made free to all by the principles of
her Constitution-and warm in her attach
ment to the Union and to the just rights
OF each State composing it. Thus stand
ing, her policy and her destiny have been
committed to your hands. That you will
protect and perpetuate that high character,
by equal and just enactments, by prudence
and economy, and the wisdom of your
councils cannot be doubted. And in
which efforts allow me to assure you of
my hearty concurrence and CO operation.
s. HEMPSTEAD.
December, 1852