The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1853-08-06
The Law nsa,nsl Foreign Small BIlls.

The Law against Foreign Small Bills.
The Repu6!icda oilast week containes anothe
article in opposition to the law against f1reisl
small bills in which the Editor criticise
osr article published two weeks ago. lie is sur
prscd that a locoioco paper should advocate
protection TO "hanhinS institutions which Iar,
ever hal To- encounter the most bitter oppu-i11I
Of an such papers Us the Free Trader While
the original bank law was before the people
preyiou, to lis adoption, We admit that We op
posed it. aud why Simply because II con-
flrel the very powers which the amendments
Of lhc last session we're inttnicA to destroy. We
argued then tIA, TIC bill as it lLen passed wa'
not such bill as the People Of he state wanted
+ for reasons which it is not necessary hae to re
port.
The Wing papers aud the Republican not ~
ceptei, wee in favor OF the law; although they
freely admitted that it was defective, yet they
argued, that the State was now flooded with all
kinds Of foreign flash. that We were daily shaved
an swndled by acurrrnry that was forced NJ
on US from all parts OF the cortinent--'hai "l'ho
this I'LL was not perfect, yet 1t was better than
none a: all, that ii would give Us home b1uk'
and home currency which would dive out ihI~
confused mas, Of foreign rags, from which We
were annually loosing thousands OF dollars. Such
were the Arguments used nv the Republican pre-
yious to the adoption Of the original bank hill
And we ask the Editor of that paper now, If he
is model oi consistency, why he does not advo'
cate the same doctrine now ! The original law
did not answer the purpose as we predicted long
before its adoption It did not drive ont the
foreign trash against which the Rcpuolcan 50
loudly cried, aud consequently was no batter Ihau
ii we had had no law at all.
The present hw. is intended to accomplish 'ho
very end which our neghhors Of The Republican
SO anxiously sought after, and 1t is strange that
they should accuse us Of Inconsistency after the
Performance IF as lofty tumbling as was urccssa
ry to brin. them round d,ame,rically opposed 'c
the position which they but few months as.
occupied,
f We are not the advocates Of bank protection
bat We do advocate protection to the people
against a nondescr.pt ras currency.
This law, as appears from the Proceedings OF
the Legislature during its consideration, was in
tended 10 pro,cc. both banks and people and
We merely stated this fact, ard We 0:Iieve # the
law is enforced that it will have that tendency
The Hills Of cash bauk will be KEEP; in crcula
ton within ,hC vicinity where the bank Is locat
ed There, they viii be equiyal,n; to specie
they will be taken for taxes, as Ottawa 5.l,'
were taken by the collectors Of this county last
fall The whole county revenues can be collect
ed in this kind Of money, because it can. at any
moment be converted into specie il Necessary
There WILL therefore. be % iuiueement Tor q
holder Of any OF these bills to run to tie tanA
to have them redeemed because he viii be u.
better Of with the gold or silver than lie va.
with the b.li,, and in thsre>pect the iaw viii
As a protection to the banks. WIKI n currency
of thi. kind specie viii be less appreciated D.,
the holders, instead o: their la?ing W every din,
Or hall dime Tor ;afe keeping ,ley viii let it o.
freely { in avery short time, the country vill b.
abGudlu'ly supplied wiki small change. Iher
= plenty u specie in the conu,ry. Since til
organization otthis government at no time ver
the precious metals more absni,3t The IIe'
. that tie ex,ernnalan Of small bills will pro
dlce a scarcity of change, Is all moon.shins-
, tLele is Tot Tit Of truth in it. II we can on,
get ahealihy paper currency established chang
}. IN abundance will follow. 1t Is the miserat
] foreign tra.h which foJces tie people to hoard q
0 the specie. II i jus, so with Lood and bad rap.
c A mau always pays out the ouc in which lie h.
!, lsa.t confidence irst
d The idea tina, our bans. cannot supply sma
: bills enough to accommodate our trade i, redic
c lous. There are now some thirty six hanks
:. the state with aggregate capital Of s5,o0oooo-
But few these banks issue bills Of 4 denomin
lion over So. Over four ifhs Of their issues q
{ in l, aud SO, making 81 1000 900 in small oil
! WilIany one pretend that this sum Is Insult .ie
to Accommodate the trade of the state, We pr
I sumo NOT. Then why not keep your own bills
" those with which you srs a,qulued, aud VIII.
~ you know TO be good
u We might say mueh more upon this suhje
Il but have not the tine. Neither de- We dee
III it Necessary. We have not the slightest dou
. that this bill will b. enforced. The ban
u Throughout. the State Vil! observe it. broke
'e must observe it, railroad comr4nhs do ohser
it, and We are pleased to fol tina, most OF Il
IS merchants and uade.mrn as well in this TOW
ID as in other sections Of the state have de,ermin
u TO sustain it. THERE'S NJ use in talking abo
u it, It. after fair trial it is found not to W.
a. well, il can he repealed, but until we do tt
le 1t thoroughly, We can see no excuse lJr OPP,
n ug 1t.
PEosA AND Bureau VALET RAILROAD
success Of this road is 20 more matter
doubt Final and satisfactory arrlngemer