The miners' express. (Dubuque, Iowa) 1849-1854, 1853-01-19
LTY OF DUBUQUE,
FLOR the Democratic Banner.
StjINPl,ASTFHS

| MEssRs. EDIToRs Whenever a man or
party, for the sake of temporary convenience
departs from principle acknn W edgcd by con.
| science to be true one aud wanc.ers afie
strange Gods, we neither wonder gtev,
when their "pleasant vices made the whip
| 10 scourge them with. We do not wonder
because punishment according to religious teach
! ings and poetic justice, IS supposed to dog tht
| heels of transgression; we do not grieve, be
cause their contortions under the lash teach u
to avoid its stings, and because we hope that III,
application to their shoulders may be salutary
as well as sharp. Gu, neighbors in Illinois hav,
been using strange magic, contrary to the Dem
ocra'ic faith, for the purpose Of conjuring VI
the demon Of gain-and 10! "they've raset
more devils in the route, than they'll be able t.
cast out" or, to use more familir Illustration
they have got the cheese, but it is already full
uf maggos.
Illinois Is flooded with shinplasters; north
south, cas-. and wes', if you ask man what he
has got most of-he will answer "shinplasters
There are thousands upon thousands in check:
and orders circulating in that state the security
for which is predetermined as that of check
on the town Jail And where do they originate:
Generally in banks established according tc
law. 1t is necessary that we should defend the
West bank Of the Mississippi both against the
crossing over of the General Banking Law and
its dangerous brood
The Rock Island issue will furnish the best
possible instance Of the effects of free banking,
because it is the nearest to and most likely to
insinuaie its issue among our farming population.
The genuine noteslof this bank were received
here at first with caution, but afterwards more
freely. Soon we were startled by the appear
ance of paper engraved to initiate the notes of
the Rock island Bank, but proving on examina-
ton TO be nothing more than checks on that
bank drawn by its respectable President, Mr.
ton was expressed, and Immediately out came
Messrs. Negus & Lee, guaranteeing publicly
the redemption of The checks. So far, so good
Now permit me to ask few questions.
Why did Lee and Negus, being willing to
back this papsr, not rather increase their deposit
of public stocks, thereby enabling them to ex-
tend their legitimate issue, and thus escape their
present dubious position? 1t is said, and haye
reason to believe truly, that all the available pro-
perly of the last named gentlemen is hypothe-
Gated to procure means tor the purchase of their
present deposits of stock; what security then
are their names for the redemption Of Marcus
b. Osborne's checks? The check itself pur-
ports to be s'secured by the deposit of public
stocks" Let US examine this pleasant fiction
little, taking the deposit for granted for the
The holders of Marcus B. Osborne's checks
Who has the security? The Rock Island Bank,
on which the checks are drawn Who has the
control of the securities there deposited? The
President. Who is the President? Marcus B.
Osborne. Thus you see, my friend the check
holder, that Marcus B. Osborne does you the
favor to carry your security against him in his
own breeches pocket. Again, check which
have just seen, bears on its face the inscription
-sIncorporated under the General Banking
Law" Why is that inscription there, and what
does it mean? Have the authorities had the
complaisance 10 incorporate Marcus B. Osborn
under the General Banking Law? Or is this
form intended to deceive the unwary into the
belief that they are takiuy the bona .fde notes of
the Rock Island Bank Where will the Issue
of these checks terminate? Who will gudran-
tee the public against an issue of these checks
to ten times the amount of the suppositiuous
deposit of stock' Supposing, merely for fhr
sake of supposition, run on the Rock Island
Bank, how long would the holders of the :
checks have to wait for their chance of finding
out how they are to be turned into specie P
What right his Marcus B Osborne to thrust his
checks into your transactions and mine ? can
excuse, if l cannot approve, the circulation OF
the checks Of i'm of long Standing, unlimited
credit, high character, and great wealth, like
Clark q Brothers; but, upon my word, never
yet heard the name of Marcus B. Osborne con-
nected, speaking commercially, with one OF
those qualifications. 1t seems 10 me that the
Rock Island Republican owes it to brother dem
ocrats on this side the water, to answer some of
the above questions. HIS position is that of a
watchman-"W atchman! what of the nigh, -
Brother democrats Of Iowa, the evils of which
the above issue is specimen are inseperable
from the system Of free banking, especially in
a new country, where the scarcity Of capital and
its consequent preponderance over labor and
real property make fraud easy both to the fraud
uent and their victims. Let US profit BY the
lesson.
Yours truly,