Grand River times. [volume] (Grand Haven, Mich.) 1851-18??, 1853-01-19

Notwithstanding the superior inducements for
emigration TO this State, IL has been comparatively
small. This is matter that seriously effects the
interests of the State and deserves consideration
Some steps should be taken TO inform the emigrant
of our condition, the peculiar advantages possess
ed by us, and to give each other information as is
communicated TO him by other of the Western
States. There are vet within our limits $4,000 900
acres of land belonging to the general government.
Most of these lands are fertile, productive eligibly
situated, easily improved and cheaply Obtained
No State can offer to cmigrans more desirable To-
cations and homes"
After advocating the passage of a general
Rail Road law the following excellent sugges-
tons are made with reference to q general Bank
ing Law.
"You are authorized to pass a General Banking
law, to take effect when approved of by majority
OF the votes of the electors of the State there
on, at general election. The constitution makes
the officers and stockholders of every institution
under such law individually liable for the payment
of its debts whilst they officers or stockholders
1t requires securities to the full amount of the
notes or bills registered in State United States
stocks, bearing interest, to be deposited with the
State Treasurer for the redemption of such notes
or bills, in speciethe bill holders to be preferred
in payment-and it prohibits in all cases and UNI
der all circumstances the suspension of specie pay
1nents.. These are considered salutary provisions,
well calculated TO preserve and protect the rights
and pecuniary interests of that class of citizens
in most danger from bank failures. Past expert
ence has made our people exceedingly jealous of
all such institutions; but it may be proper for you
TO inquire. whether Ii is not better to have in
midst banks upon a sound and healthy basis which
we can CONTROL than to suffer State to be flood
ed with the paper currency from abroad, most of
which is not, in reality, worth the paper on which
the notes are engraved
AT present we are giving character to the issues
OF banks about which we actually know nothing
III whose management we have no participation
and are thus literally paying large tribute for
what, generally in the end, proves to be q great
curse. If the other States will permit the issue and
circulation of worthless. irredeemable currency
it should be our object to lessen if we cannot en-
tirely destroy the evil.
Experienced bankers estimate the amount of
foreign bank notes in circulation i'm this State, at
S3,000,000 domestic, 5000 900 gold and silver coin
in actual circulation. 900; making in the ag-
gregate Sl,l0O000 Ii will be seen that at five per
cent, very reasonable estimate, we are annually
paying the bankers of other States S150,000-
Much of this currency is the production of un.
sound banks and fraudulent bankers. Some OF
the banks are placed at points almost inaccessible
TO the bill holders. Large amounts are issued by
eastern banks, expressly for circulation in the west
Even five had larger number of sound and sov-
ent banks within our own borders, the inferior
might take the place of the superior currency. II
Is difficult matter to manage and regulate but OF
one thing could be certain that upon all the cap
ital employed for such purpose in the State, we
could levy tax and thus receive some compensa-
llOu IOT tne franchises en1Oycu.
Bills were introduced at the last session of the
Legislature to amend the charters of some of the
present banks, and contain several valuable pro-
visions. Something is necessary to produce greater
uniformity, and as near as may be an adaptation
10 the provisions of the new constitution. | APP.
prove the policy of making one public officer
check upon another; but whether the method sug
gested in those bills is the best, | am unable tC
say. The principal object of legislation, as to
banks. should be to secure the bill-holder-to in
troduce fair legitimate banking business-to pro
tect capitalists and others who are disposed to
prosecute it honestly-and TO deprive designing
ana dishonest men ofthe power of defrauding com.
munity."
The repeal of the act Incorporating the Adri
an Insurance Co., is also recommended. The
officers Of this company have commenced issu.
ing notes or bills in the similtude Of bank bills
with view of having them constitute par,
OF our circulating medium.
The 18th section Of the act authorized the
Legislature at any time to alter, amend or re.
peal it, and as its manifest intention has been
perverted, it should be repealed, saving if prac
ticable the rights Of the bill holder
"a project is understood to be on foot TO resus
citate the Lake Erie and River Rasen Railroad
Company and other corporations for like purposes
Every SUCH attempt should be promptly met and
defeated.
The constitution clothes the circuit courts with
power to issue writS of quo warranto and as it is
eXpedient to have all proceedings against corpo
rations terminated without unnecessary delay
proper provision should be made to enable these
courts to give efficient operation to this power
The prosecuting attorney of each county also
might be required to give such cases his atten
ton.
The emission of notes or bills in the similitude
of Bank bills, by any person or company. without
express banking powers, should be made a misde
meanor. Whoever debases the coin is severely
punished, and why should not he who otherwise
debases the currency Z"