Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1853-08-17

push along the Southern Wisconsin Road, there
will be consumers enough to use up all your
crops before another harvest. Think about it
and we know you will be a convert to the en-
terprise as we have been.
legal Banking in wisconsin.
Somebody says there is a universal periodic
phrensy to get humbugged once in abo 1t every
seven years. That such period has arrived
is pretty clearly shewn by the fact that 5000 to
1000 persons went to see Barnum's Museum
at Platteville OH 9th inst. The public gullbi-
lily, however, may be better illustrated by the
success and popularity Of the new Bank at Mi
neral Point; erected on or near the foundation
of that old fabric that sank by means Of the
lowest stratagems into darkest chaos. The
people of Mineral Point and of Wisconsin ha-
wing shaken off the yoke of the old tyrant
whose history long made the very earth drunk
with confusion, willingly drop into the arms
of new paramour ten-fod more dangerous
than the cid. The new Bank, erected upon
the ruins and perhaps Of the very plumber of
the old, as the grand Cathedral of Mexico was
erected upon the foundation of the Temple of
the Sun, wherein some $4,000 human victims
had been sacrificed, is perhaps a little more
costly in finish, and perhaps the thousands will
be more decently sacrificed-under better
| show of right, too, as they can p cad the priv
| i'eges of law in justification of any act thew
may do.
1t will be remembered that the Banks of
Wisconsin made report a few weeks ago,
which was published liz most papers. A cor
respondent Of the Independent American thus
reviews the reported condition of single in
corporated deus &c machina as a specimen of
the rest
"To get better idea of the business
of banking, and better Knowledge of
how they operate, let US take one bank
separately. AS Mineral Point Bank is
familiar term in this neighborhood, we
will take the bank at that place. This
Monstrous wealthy company report, that
on the fourth of July last they had, in
specie s., 5O3,S7. Every one knows
that when bank is about to make re-
port of its condition, that every till and
drawer within its reach is ransacked for
money TO make a show with, and most
likely four fifths of this vast amount of
money was got in that way, for the pur-
pose of counting for report but sup
posing only one half was got for show
on that occasion, and admit that they ac-
tually have 81 PSI ,6S, let us see what
wonders fnanciers can work with that
amount.
1t will be seen by the first item of
their report that they have loaned and
discounted 1924, 497,O0. The interest Of
this sum at seven per cent. would
be 81, 80; this would be respec-
table profit on twelve hundred and fifty
one dollars and sixty eis hit cents.
The second item they show in their
resources is stocks, 1926 900. Well on
this they draw interest which pays them
already for the capital invested.
The third item is the specie first men,
tione So, 5O3,S7.
The fourth item is s:cash items
$25,0O0,00. What cash items mean no.
body but banker can tell. l have had
access to the books of several merchants
and other business men, but never saw
any account under the head OF sscash
items" nor can l imagine what it can
be unless it consists of their printed
notes, not yet put in circulation.
The ballenee of their resources is
made up of loss and expenses 1867, 46.
and notes of solvent banks $5,963,0O.
Now for their liabilities. The first
item is capital 100000. Every one
don't know what this capital consists OF
but as every body TO know / will tell
them it consists of, the 9Th figure writ.
ten OF paper with six ciphers on the
right and side, the last two being cents
The balance of their liabilities is made
up of notes in circulation, which they
promise to pay on demand, 500, 1862 90
and due to depositors on demand $l2,.
75l ,33.
) This report seems to have falsehood OF
its very face. 1t is impossible that any
one would deposite money in such !;
bank unless he was prepared to take
"cash items'' for pay instead of casl
i,self2 Is there $i2,75l,3s in Miner
al Point TO be placed on deposit? o.
is it possible that any body pretending t,
have sense enough to manage none,
matters, would agree to pay $33,6l
3S on demand, when he knew he coult
not pay one tenth part of it?'
. give learn the Engineer of the Milwau
n kee and Mississippi Railroad is at Prairie d
Chen, surveying grounds for de7o purpose
/, SC,