Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1852-02-12
THE DES MONIES COURIER.
From the Valley Wing.
Free Banking in Iowa.

EEee nssHAAuB Ru hOVtAs
The question Of Banking has under.
gone thorough investigation in several
OF the Western States, within year or
two past, and received final decision by
The people al the ballot-box.
The condition of the currency in To-
wa demands tina, our people. also, should
take into consideration, and devise rem
edy for, the evils under which we are
groaning Illinois, after all the misfor.
tunes experienced from deprecated
currency and broken Banks, has dellb.
erateIy adopted the Free Banking Sys-
TEN. Our young and thrifty sister, Wis
cunsin, has done the same. These States
are both largely democratic, and the
same general sentiments prevail amongs,
the people that are prevalent with u.s.
Their condition and their wants are sim
liar to ours. And we doubt not, tina, the
policy which they have adopted, would
prove equally popular with the masses
of Iowa. Let the people demand of
their Legislature, that this question be
submitted to a vote of the citizens Of
Iowa. Let every voter refuse to cas-,
his ballot IN favor of any candidate, of
either party, who refuses to permit the
people to decide this question for them
selves.
We have already referred to the course
of Illinois and Wisconsin, on this sub
ject; and we would further call attention
TO the movements in Indiana, where the
question is now agiiated.
The Indiana Statesman, of the I4,h
of January, the leading locofoco paper
at Indianapolis, commends democratic
speech on the subject, to its readers, in
the following terms:
"The speech of Mr.. Stuart. Of the
House, viii be found in our columns to-
day, and is commended to general peru
sal. Our own position on this subject is
well known. We are for free banks or
no banks. We look upon it
simply as question of time. Sooner
or later we shall have system of Free
Banking, anu the question TO consider is,
whether i, is policy to originate the sys-
tenn now, or TO wait for the dissolution oil
the State Bank; whether the business
and interests of the people demand adj
di,ional banking facilities now, or whe,h.
er these demands may be proftably post
poned.
ave think the present Legislature
should enact the law, but providing that
no institution should be organized under
it till March 1853. This would place the
matter before the people for decision, and
the ensuing Legislature could amend the
law in accordance with public sentiment.
or repeal i. entirely, if il should be the
popular will"
From the speech thus commended TO
attention, we make but this single brief
extract:
.'On the free bank system, bills are
issued only on deposits of stocks. dollar
for dollar. These stocks, taken as col
lateral security, and readily convertible
into specie, are the safety Of the bill-hol
der. Here is ample security for the ul-
innate redemption of every bill issued.
The bill holder is always eventually Sc
cure. His chance of safety does not
depend on the probability that all the
bills will not be presented together, nor
ON the still greater contingency that the
bank officers will not plumber all the
means of the bank. Blu, the basis of
the issue--the stock deposited with the
proper oflicers-renains for his use "a
boye and beyond all these contingencies"
Sharers and monied men, who live by
loaning at 25 to so per cent, oppose this
sy stem elsewhere. and, we donb, not.
they will do the same here. Will the
people unite with this class of men TO
continue state Of things which is be.
coming oppressive and ruinous to the
industrious and honest business men,
mechanics and agricu,turists OF the eoun-
try, ard under which few only are
reaping rich harvesis-some five, some
ten, and some an hundred fold--upon
the cash loaned or invested in the pur-
chase of the poor debtors's properly?
How will the people decide!