Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1854-01-30
BEGINNING OF THE BANK WAR.

BEGINNING OF THE BANK WAR.
Upon the bill 10 authorize Treasurers
to receive the bills of our State Banks
for taxes, lengthy discussion arose In
the Senate last week. Judge DUNs
moved to strike out of the bill all after
the enacting clause, and upon this the
pro and con of Bank and anti Bank made
issue. Dunn claimed that our banks
had already driven most of the specie
out Of circulation. Mr.. WAkELy said
one Of the reasons for his opposition was
that the law would seem to conflict with
+ the Constitution of the u. S., which
provides that nothing but gold and sill
yer shall be legal tender for debt
Notwithstanding this, we propose to
take bank bills for taxes. Why in the
deuce, Mr.. WAKELY, don't you go for
repeating the bank law, If that is the
case? Can you see any difference be-
tween the payment Of taxes, and The pay
nent Of private debts The same obi
CATION rests with the one as the other
He deemed the law as it stands, right,
He deemed any tinkering with the cur
rency an evil. Then why did you ever
tinker into existence the law to make a
currency for The people p Mr.. McGAR-
RY finding no one so competent as him.
self 10 speak, thought that if it was a
sacf that bank paper had driven specie
out OF the State, it would be good rea-
con why we should pay our taxes in pa
per. Ii there was no reliance on such
security, let the whole banking law be
abolished. He did not think the State
had right to repudiaie its own paper.
That's fact.
Mr.. Cary said that this was-ah, per-
haPs question for Democrats. The
time was, said Mr.. WARELY, when a
mans Democracy was questioned if he
advocated paper money at all. He could
not subscribe 10 the doctrine that Dem
ocrats opposed banking, even at the risk
OF having his Democracy questioned
The BUSINESS Of the country had in
creased to such an extent that all the
gold and silver in the country would be
inadequate. He considered Milwaukee
indebted to Mitchell's Bank for her pros !
perity. Our banks arc good-perfectlv
safe and their paper current anywhere. |
aud shall we now step in and discredit
them, by refusing to take it in payment
OF Indebtedness to the State
Mr.. Dunn wanted more light on the |
subject before he could go fer receiving
paper for taxes. The Judge was now
an a solemn mood, like the heavens be-
fore chariyari Of midnight thunder. !
lie could not see that refusal to pass
this law would discredit our banks. He |
thought Mr.. Cary had taken a strange |
view Of the question. Ii he thought it |
would discredit our own paper, he might !
be constrained-though he was opposed !
TO bahks-tc go for the bill. He differ |
ed on the point that the commerce of the
country required bank paper. TDark and
heavy. no State ever required it. In
the eastern portion Of the State. qchent
furnished abundant exchanges in the
west, tcad operated in the same way,
there never was necessity for banks,
Tor wheat and lead can regulate our ex.
changes better than banks. Mitchel's
bank hts cntailed upon the State The
curse of the banking system. Our cur
rency would have been better off with
ont them, ~ climax our currency would
have been good, and bank note detectors
would have been useless; but now, no
man was safe in taking $50 bill with
out detector. He believed that if this
bill should be adopted, every dollar in
specie would be drawn from circulation.
We are highly pleased with Judge
DuNN's views on this question. The
truth is, the Bank party OF Wisconsin
are in an awful dilemma! II they re-
fuse their own authorized paper in pay
ment for taxes, they will show them
selves TO be asses they will exhibit
confidence in their own banks if they
provide for receiving bank paper for
taxes, they know that not specie dol
lar will be in the State Treasury,w where
OF to pay State dues, and that lie peo-
pie will be compelled 10 adopt all cxclu-
sIre paper currency also.
We are we'll pleased with our Lee
gi>lature. They have killed the Senate
bill 10 aniho5ize Treasures TO receive
the paper Of our pet banks for taxes
The democracy may yet recur TO cid Jack
sonian principles IN this respect, while
there is life thereis hope. Judge Dunn
has fought nobly.
5-Read the letter Of our Madison