The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1855-12-29

The War on the Will. Cats.
The war on the Georgia vi cat Banks,
which has ragged now for se1ral months,
appears 20 be rapidly approaching head,
In former years. while George Smith was
the only wild cat banker in the country, a
war made upon his currency generally had
no other effect than TO get up a brisk run
apon him, which he had sufficient bottom
TO meet, and after It was over left him in
better credit than ever. Since men Of little
or no capital, however, have undertaken to
initiate him, and the people Of Illinois have
been badly bitten by the explosion of one
or two Tennessee concerns, the Cherokee,
and the famous Millcdgevillc, their conf
dence in wild cat currency is more easily
staggered, and the present war promises to
be more fruitful of results. The wild cats,
year or two ago, had also another prop
which is now moved from under them
While our home banks, 60 whose prosperi-
ty the wild cats must always be fatal,) and
our business men generally were anxious to
get rid Of this debased currency, several of
our heaviest railroad companies came to the
aid Of the felines by countcnancing and deal
ing in their paper. These companies were
then paying out money here, and as they
could buy, with the good eastern funds they
brought, the wild cat of its issues by the
package at 80 cents on the dollar, they found
it u good operation to foist the article upon
their laborcrs. Now, however, their course
of business is reversed. Instead of paying
out they are receisiHg money, which must
be paid in good funds to their eastern stock
holders. Accordingly, their expenses for
eastern exchange have become so heavy
that they arc beginning to second the move
ment of the home banks and our business
men, and are throwing out the wild cat
Thus the Illinois Central and the Chicago,
Alton and st. Louis Railroads have already
commenced the work, and we have no doubt
the Rock Island and other roads will soon
follow suit. Almost simultaneously with
tlllS movement we also NOtlCe circular
signed by a long list of the produce mcr.
chants, and heavy dealers in Chicago, said
by the Tribune to comprise "all the best
known and heaviest and most influential
houses in the city," who call upon the home
banks to throw out all the wild cat currency
after the 10th Of January, pledging them
4 II a.. IL
if the home banks take the lead and in re
ply to the circular the Marine bank, the bank
of r. X Swift & Co., and the bank Of Officer
& Brother have already agreed to comply
with the request Of the circular.
Now, this looks like doing something
After the 18th Of next month, according to
all reasonable probability, Georgia money
will no longer be current with most of the
produce and business men of Chicago, with
our leading railroads, nor with our home
banks. Under such general discredit, is
it probable that wild cat san remain at par,
or maintain any sort Of general circulation
in the country? Our decided opinion is, that
the stuff must ~ into dis.iv,lit and depreci-
ate in value, ndpersons who have any con-
siderable sum Of it on hand will do wisely to
rid themselves oft.
In the present war, the wild cat banks are
not inactive. They know and feel it to be a
contest oflfe and death between themselves
and the stock secured banks of our state.
And while the sympathies of our people are
with the home banks, by whose circulation
they know they can lose nothing, it is a
hopeful omen Of their successful issue from
the contest that the wild cats are no longer
able to control their circulation, and, (as they
could year ago. force them to suspend at
will. Our home banks have more money in
circulation now than when they were at
peace with the wild cats. and many of them
are increasing their deposits with the audit
or and getting out more circulation The
truth is, so much of the wild cat money has
been driven home to the parents at Chicago,
that they have no currency on hand to an.
noy the home banks with. They are no,
only out of money now, but must soon be
out of credit likewise. In their desperation
they have hired the Chicago Democrat and
other papers in their pay to sound the note
of alarm to depositors in our Illinois banks,
in the hope of getting up run upon them
in that way While we have no idea that
this will succeed it yet shows how desperate /.
game they are prepared to play.