The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1853-01-15
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,een adopted hy majority of the people voting,
new subject Of great Importance dev"lyes upon
he legislature as every new cundriun oi ih',
.strency Of the country affects every indiirianl
md every business The healthy condition oiaH
4 .ssss OF business and all class,s oi iabn Is so
dependent upon a sound and steady sIsIrm"i
.rrrncy. that every change may well be l,saide"
v th sulicitude. II j., perhaps, too s""n I" con-
mcncs any important changes un'Ii Ie "Pt'a-
ton uf the law upon ;he banks, whnh have JUST
been established, .hall have been more fuliy
tested am happy TO know that :" Tar as IN
diyidual. haze thus far engaged I'm banking nha't
its royisluns, they are men "i high ci'Nta,"t M"
repon-ib,lity, and have 80 w''i ar
ranged their system Of operations that ,heIr
ISSUES are in high credit IN the commercial cities,
ard throughout he country. Whrih.r ANY pro-
yi,on. ave necessary to secure the puUllc rgnlnst
those evils apprehended ICON every fnNtf m@"ey
system. is matter Tor your thoughtful enisi|trn-
tinn. The whole subject of organ'zrs banks
under the law. being the supervision Of TN audi
tor aud treasurer, We may he fully lished ~
the belief tha, all the safeguards whlcl, 'lr law
has thrown nrruund hrm will be scrupu'"u'iy
enforced Connected with his pct Is the
fact Of the existence in our stat. oi Hstlu'Mns
under the srmblance of banks not only uiiauthor'
zrg bv law. but in violation Of lis strong pro-
vision, It eau hardly be dotbted the ds're I"
remedy ,li. growing evil, and ~ demand SEQ u''v
To the hodrIs Of these paper issues was s'"ng
consideration with many individuals III 'oting lvr
the abolition of the general banking law and II
the individual. embarking in these ins'lltlons
have the capital aud the qualifications requisite
to enable thom To engage ~ iis character
of business il is due to the public that they
should giya she tangible security required w
law Ia our action upun these ques'i0ns We have
d, ,,rsc, that many Of he l,sur. Of these n-lltu
tioGs go intu the h,nh- Of those prrsors VINO nave
small means of Judging If their responsibility or
safety and these individuals are OF class ,east
able in bear even small lr,-'s resulting from
bank fainrc, Fcu the worry nature ot b'nSIrg
institutions, the public haye Scry limited means
of knowing their exact financial cohai'm' M"
the many failures Which have occurred wi'hin the
last few wears have produced general diNru,t
in the nuhic mind, which renders Their cIrcula'
lion of institution organized without security
liable to fluctuations uf character greatly deui.
mental to the bill holder. wou'd feeohmenu
tha. n special law be passed, giving 'he ~hoie
subject of unlawful issue ui paper money w
charge of the commissioners to De appo'h'rd ui,
der the general banking law, whose du.y u s"'u
be to nut a stop to such issues. but ~ MI Cases
giving ample time to wind up Their business IN
such gradual way as to not cause di'Uus' a'u
excitement among the people
have taken action toward. obtaining !nll ans
specific information in relation To the manage
ment ufthe institution, nj Jacksonville Tor III" m
sane tile deaf and dumb. and the bind. onr
state has d ne very few things SINCE het orshh'
sllun murr cr,ditable 20 the mot al and charl'r
bic character of her people lnnse 'h''hu''",''
have been erected ami supported ~ large COSY 10
the state. On inquiry hhi eh""'',",""' "''
'ht all tue nene'"'eh' "''''"'''''s" "|
ter in each of the states, except one OF two are
supported Otherwise than "'''''iN "'',' "'' ,''.o
treasury. II the general ne th'os ,n"u'u "''"'
it wise and proper To so charge ue c"uIn'n
school law as to support thr entire system y! "N
upon property, the" ! would ''eonlmenn IVA. "
be made obligatory upon sa'n '""", !" Wv
to audit and pay the reasonable expense OF such
persons as should Ue sent to ihese 'rneY.'cht M
.ttutious, but in case such -ys'eln should nor 'e
rstah,.hrd IN reference tocon'm"n schools l
wotiId then recommend that NJ wore money 'e
dawn from the ,ts'"Ir asury lhn" snnI',''" '"
complete he builIns-, and on'ht eh"'' =" ua
I fu'l organic ,tlun Of th' institutions "h" '''"
family having member or me'ho''' '" er'"
shoul Ielriv the whore1pensr ihe'n'e"'s ""e"
J they are able to do 80. bat when 'h's are ""'
allie. ly shr party go'ug hsi"r- 'Hr '"o'' "s''
{ ot the county aud making ahl'!aNt tht h'eo'
Der Of hi. OF her family Is proper snHI'c: 'nr
/ tlvors, as the case NAV hP, AZ one .. ''''' ''"
tution.. and that h. is unstle to deiray meek
rcnsc' there from atd A''er ,n'' ''N'S saw
4 son -lal he received INTO shd ih'l''u''""' avn ~
expense paid, by the county ,ehd"g' 4""'t'.'
out Of the county treasury. IL 'uch f'"'',"''
should be adopted would 'hen fsc"'h"'su" NV
passage Oi a law reducing 'ls sc'"' ''N W. "'s
purpose to tie mere Nani' Ir 'hs 'o''Ps"'" VI
the institutions
A c0Gm't;ee, ty tie I,ot 's.''"'urf' n',"s
hsing appointed to make 'uil sA'h'hh'",l '"''
the progress. condition and management o' 'he,c
institutions, will probably report 10 VOW carry w
the present session IN d''h. the'e"rs 'es'r
the subject to await the report, ana your 'Hf'her
action
By a'aw Of th. special ''''lon VI Jnsc '1'' ,"e
swamp and orcl flowed i-nd' oi th' 'I'e' i'"oa'
bly amounting to over TWO m''I'"h 'vr', Nc''
given TO tbs counties which 'hey nfsH H'us,r"' hr
drainage, road .rd 'cho"i pWp"'es' ""''h''
tast WAS yiiI'ious sd'p,s'uoe o.u'' Nj ,"r '"'
cum-nrcr., iIis impos'lh. to ludg- ~ me pre-
sent time, Il is certain that II v" very "h'
equal disT"-llIun' many 'onh," s'us "'.
large asounts, or none 81 AL "'Us W wan,
cnsvs to thr amount that hsu os.n P'e'ru'' ,,'u
before the law granting 'hsm !" "" '"V Nv '"e
general government ~"u'" ,r'e y"u n","'
'"n to ah sSsn' nation o' VA" 'u'!s'' !" ~" "'
tails.
would call tic a't'il's' :" "' Een''"
sembv to ,hs s'"S-' ~ N' 'nh','nno' y. I'VE
state that kNss lie sAtrlles ~ 'le 'He