Kenosha tribune and telegraph. [volume] (Kenosha, Wis.) 1855-1855, 1855-05-17
Our Banking system.

ticles recently, with reference to our Banks,
showing the following state of facts:
That our own Banks have not as yet sup
piled more than about 80 per cent, of the
currency used in the State, or the currency
required to do the business of the State.
That our home currency, instead of in
creasing, and promising eventually to meet
this want, is absolutely decreasing, in con-
sequence of some Banks winding up, and
others diminishing their circulation.
From this state Of facts, the argus argues
thatour Banking System, which was design
ed to furnish home currency, has proved
failure; and after looking around in vain,
for remedy, comes to the conclusion that
it is quite probable that the people will re-
turn in opinion to the exclusive hard money
theory, and sweep the whole system out of
existence.
Our Banking System was devised, and
our Banking Law passed, amid much fear
and trembling. The people were just ava
king from that condition ofprofound appre-
hension Of paper money, which previous ex-
perience, under rotten systems, and siren
uous drilling of party leaders, had impress
ed them with; the consequence of which
was that those of the legislature who were
friendly to paper money, and wished to pass
a law under which it might be made, were
yet very much afraid they were invo-
king monster that would require most ex-
traordinary guards and checks, to keep any
place within bounds. Another part were
opposed to paper money, in all forms and
shapes, and were quite willing 10 load the
law with such restrictions as would entirely
prevent its issue; and between them both,
the present law wasdevised. We thought, las
member of the Legislature, it was too re-
strictive---that it would not accomplish he
end for which it was designed-and did
what we could, in vain, however, to put il
in better shape.
1t is as it is, and is working as the Argu,
states. Various remedies are proposed, the
most prominent of which appears to be, tc
prescribe the iugress and use, in our midst
of the currency of other States. There is
an old adage, that one man may lead horse
to water, but a hundred can't make him
drink. We may prohibit and exclude for
eign paper. but as to making our Banks is
sue enough to supply its place, that we ap.
prehend will be more difficult. There is bu
one way, we think, to get home currency,
and that is to make it the interest, of some
one TO issue it and put it in circulation.
fit is quite impossible to make It's issue
profitable, and at the same time, have it per
fectly safe. then the thing is a. an end, and
bank paper is impracticable. We do not
think, however, that it is. So far as prof,
is concerned, we are sure the business wants
Of the State. will justify an ample profit to
bankers, and we are equally sure, that with
this, perfect safety may at the same time
be assured.
The whole thing will need, and will prob.
ably receive an oyerhauling from the mex
Legislature. Wehope the better views which
prevail on this subject, together with the
experience had, will enable u. to put ou'
system in shape to accomplish what is de
sired. t..ea .---trf...5 7ea.sas g.s