The miners' express. (Dubuque, Iowa) 1849-1854, 1853-02-09
THE WILD CAT" PERIOD REVIVED.

the Western country was flooded with paper
currency, which bore the unique appelation of
+" Hild Cat" aud enenated from our good old
RENE mbered, that al thia eventful period in the
financial history of our country, an ungoverna-
Bile mania h ad seized upon our people for bank
ing, speculation, monopoly and living by their
wits, gather than by their labor Every mans
pocket was filled with shin plasteTs specula-
zion was rife Internal-or ,nftrnal-lmprove-
mcnts were all the rage credit formed the ia
sis Of ninety nine hundredhs of The business
Of the country ; sen sc had left, and nonsense
had taken possession of the gddy minds of the
people and sad, indeed, was the picture,
which return to reason and a revival of legit-
innate and wholesome trade, presented to the
startled gaze and almost frantic re fiecion OF
a people, rendered bankrupt by their f'!Hes
and extravagances. This wild and reckless
spirit of speculation pervaded every nook and
corner of the country, and every department OF
business. Even the mechanics and toiling
thousands, did not escape its btghting aad y ith-
ering influence.
And what prod uced this unexampled distress
and bankruptcy A careless and unguarded
system of legislation, granting to indvidual'
and companies, by the thousands and te n thou
sands, special bank privileges, without dollars
bonafide security. Money sharpers were in
the ascendant, and they used the power confer
red upon them with an unsparng hand and an
unlimited will The trials and difficulties and
sufferings, of bank ridden and outrageously
humbugged people, who were made to bleed at
every pore, inculcate lesson, which should
never be forgotten, or disregarded BY the people
of this country and especially such as reside
in the West.
But is there no Danger that we are again on
the same high road to ruin? Are there no
dark cloud, in the distance, which threaten to
eclipse the brilliant sun of our financial pros
perty' In short, is there no danger of APP
preaching financial revulsion and commercial
distress' We fear there is, and in giving ex-
preston to this sentiment, we believe We speak
the honest conviction Of thousands. Banks are
multiplying by thousands, and the country is
completely cverrun with irresponsible bank pa
per- In our own little town, which year ago,
could boast of an almost exclusive metallic cur
rency, forbidding the possibility Of loss TO our
industrious and toiling population, we seldom
see dollar in gold and silver. 1t has been for
ced out OF circulation, by one, two, three and
five dollar bills, on Tom, Dick and Harry shin
plaster responsibility, located at some one horse
town in Illinois, Ohio, Wisconsin, or some 9TH
er State. 1t is an easy matter under the pres
ent general banking law in Illinois, TO take ten
or twenty thousand dollars in State or Govern
ment Stocks to the Auditor of Safe, who will
issue, counte,signed by himself, bank bills, upon
which bank can be established. Before this
amount will have been exhausted, the bank will
have a reputation established, and a confidence
secured, which will give it's paper circulation,
whether countersgned by the Auditor of State,
or not. If not countersigned by the Auditor,
of course without any security to the bill hold
er, but the naked honor of the banker, which, as
a general thing, is rather cheap commodity.
We are assured by reliable men, that this trick
has already been played of in Illinois. Self pro-
lection demands that the people should move
in this matter ST. Louis is alive to the evils
engendered by this system. The journals of
that city, without distinction of party, are thun
dering their appeals to the citizens. So well
satisfied is the Legislature of Illinois, that
breakers are ahead, and that they committed
serious blunder in passing the banking law,
v hich dscraces their statute books, that bill
has already passed the Senate of that State
and is likely TO pass The House, repeating the
law.
Under these circumstances, is il not incum
bent upon the people to set their faces against
this paper trash, and exclude it from the coun-
try We say that tbs, and we say furthermore,
that the Merchants of this city owe it to them
selves, and especially to their country patrons
who are more liable to be injured by lis circula-
ion than those in town, because relying upon
he Merchant, rather than the banker, for their
they re ably receive it and keep it on
hand perhaps for months-to organize an oppo-
,tion to it, and if possible Danish it East of The
If this is done, well if not, then look out
or trouble. This is the time to move in the
natter, and for one, We hope decided stand
nay be taken.