The miners' express. (Dubuque, Iowa) 1849-1854, 1854-10-18
THE DAVENPORT GAZETTE, ON
BANKING

" ID An N LN1.
Is We do nn, know when We have been mn
;, unused, than to-dav, in prru,iny an ar icle
he e. Davenport Gazette entitled, a f.
I rh"ught. "n the Currency 1, is wha, M,
re st,l dtppnn, trash, the very essenee
: : no"@nse.
The ute banker IF the q Gazel,e' cor
mrr in this Wis.,:
"Qnack Legislation is tn ,he ho3i polite win
: qrack nge'y .r phy~c ;. T.. the human bod
A Iowa s- been anlrr ih,s species Of govern
NJ. ~ since is" "rganIzaticn as a State, We ina
ratiOnally conclude that ITS cDndi.iUn ut III
time is ~ very sound. An evidence If this
found IN the unhpalthy cnid.tinn Of It's currrnc
'nadr up as II IL of the refuse # other States
4 The editurs frs, sentence contains hO.nei
ign e, whic; il may be prof abe to consid.
put which might have been ex;end, 60 .as {
IN re in' luded greater scope aud variety q
"rri'"ry. I'll" might v'ry appropriately hav
added, that, ac. "gie is tn tie body int
rc'ual ~lla, qaack palroism IS 10 the bod
Fusion or Abul ton. Whn the "Grzette
attempts l., DISCOURSE upon the subject Of cur
rencr, unless it, future ebu,ions are chnrac
'eiized by higher degree OF mental reese arcI
than the present. it may well recsptulste tn
word quack, for il would have preserved its ap
p'oprin enes had every line IN the article sup
piled il
| Wi,hou' presenting TO j. feDd the paper cur
rency Of Iowa, which we readily admi, is bas
enough it is not true us stated by The Gazette
that it is "made up IF The refusc Of othe'
States" The large bulk of the paper currency
Of Iowa, is OF the stock secured banks Of Iii
n"is, Ohio anc Wisconsin. It il protected by
all the legislative guards which those State.
have been able 10 throw around il and possesses
jus, as much cha -acter at home, here, for
he very good reason, that il has just as much
security to back it, rs the bills which circulate
nearer the bank If the bills circulating in
Iowa are of refuse character, secured as they
are by stocks under the direction Of State offic
ers, then are all Tie bills vometed forth upon
the public by the banks Of Illinois, Ohio and
Wisconsin, of this character; and certainly in
view OF such coud,icn Of bank paper, would
It no, be The hris hit OF folly for Iowa to follow
so dangerous an Example. If the stock secured
bills circulating in Iowa are unsafe, we have
little prospect Of betering our condition BY the
introduction Of banks in Iowa, where the Sc
curities are more difficult 10 be had and the in
ducenents are greater TO trespass upon the
credit and earnings Of the people
But how stands the case W tn Iowa, under
what the Gazette" styles. its democratic
quack hgis'otioms iowa was reclaimed from
w. savascs and organz d as Territory in
1888, was admitted as Stat, in lS46 and is
10 day settling faster and IS in q more flourish
ing and prosperous condition than any State in
the West. Its indebted dness does not exceed
seventy thousand dollars and its people have
been carefully preserved from the grasping and
ty annical avarice Of noneyed and manufactur-
ing corporations. Such in,crna improvements
NJ il ha, ar. paid for and no State in the West
can boa If more munfcent school fund, or
a better regulated school system. Its farmers
are alnassing handsome fortunes, its trade>men
wear the aspect Of prosperity aud cont, n,ment;
its towns are thriving with rapidity and
durab lity unexampled in Western history
ana it is adorned throus hunt its length and
breadth with schools, colleges AID churches.
Here ls Iowa as it was in 1888, with popnla-
ton Of a little over twenty thousand souls /; and
here t is nnw, with a population Of probably
between three and four hundred thousand souls;
tree from debt or an estravagant system Of in
ternal Improvements to prey upaa the earnings
Of honest industry; its people con.en'ed and
happy. Reader will you believe it, all tbs has
been attained under democ attic quack Iegisia
ton and in the absence OF refuse bank paper
Ii is only within the last two or three years
Iha, bank paper has come into our State, and
yet VIC seem to have been thriving ard -four
ishng beyond ex,mplc from 1888.
Aga n this as ute fna .ial adviser tells US
"The States that have entered largest into
the manufacture OF paper money, Illinois, Ohio,
etc, have passed laws prohibiting the circula
tion o any Mates within Their jurisdiction, ex-
cept IF home issue, under the denomination OF
ten dollars The result ls. that banking being
ov. rdone in those States, after sufficient notrs
are issued to supply the home demand the bal
ance are shipped to Iowa. Sometimes, as in
the case of the Memphis issues, large cdi'ian
OF which was recently crc llated in Iowa,
bank having no credit at hume VIII send its
notes here for dislribu ion.
The admission that bankng is overdnne in
Hin is and Ohio, and Of necessity their issues
are forced up,n other States, is an unfortunate
ore for the editor The same result must fol.
low the e.tabl,shm mt tf banks in this S'ate
This is precisely the doc .inp the democratic
parry hold and it is the strongest argu neni
whirh can BE- adducrd Nhy banks are q nuisance
nkin. is a we'll d..,is, d scheme for 'aryiny
the power and dom mon nt ipftal ,li The expense
Of LABOR |, is cnnvcnleLi PLAZA f'r increasing
the gains of the money l"anrr, with u. adt>
ing to the convenience or interest + 'hr pub.
lie. No man e,nba ks h,s c,p'a! in banking
un. 80 he has n cert,nty before him OF large,
profits than other branches Of business aff,rd.
The business beinl one of credit, "t curse
the longer the ere iIf, t.r pr"fit,ble Tor
the banker. How then does The ba ,k manage
tn OBJ ain the long st p'ssiDlr credit? Why,
pre- ci,e!y as the Gazette says. by fire its is.
sues upon other Sia'cs. The y ,.cy -: tn.
bank is to give its issues rem ,.r circulation
as possible, in order ii, It the a l!s m,y be the
longer finding their way back home THIS sa
wise policy and it is one which eve. v sasacio Is
banker adopts l,is the policy which all banks
adopt and the PeoI IL If i,ws, If they should
consent to a banking svs'rn,, Could nt.x. &c,
10 b. cx mp, from Ihe rule. Establish a sys>
tenn of bank;n. in j"wa, by wluc', a foreign
circulation tor It's issues sh n d BIZ cut III. and
ynu would find very few men in the Sac vii
linz t. embark their mean; in the enterp- iss.;
f'r the simple reason tia they w,uld be li,bl.
at any moment to be called upon T. REDEEM
their bl 81 and the Gazeite nnwitlinyly re
Inaras, would b. without a market for Il cir ir-
rr.,onsihle is.Ws.
We would Ike to have the Gazette iufrm
US, by wha.---es. Of moral acc .TFtabi!iy u
coEs plains Of the ,rr s,,n-,bl. Ut ether
States forced upm IN p,.n lie . wa WI" yr'
advocates \ sr.inl,r p"h:y ." tts az :"
n I,