The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1856-01-16
aEARarA BANK NOTES FaR WESTERN
CIRCULATION

The abuse Ut credit generally springs
from the ease with which il is obtained. -
When il takes life time OF probity and
hsrd work to possess ii, it IS very apt to
stand sad be better protected than when
reared upon an unsound basis These re-
marks suggest themselves when eon'empia-
ting upon the facilities for manufacturing
paper money in such immease quantities as
is now monopolixed by the great Chicago
Banker. His determination to force his
Georgia wild cat currency upon the people
Of Illinois and Iowa, without limit, without
restriction, and contrary to Democratic"
principles, is now manifest. II IS TO be the
currency Of Iowa until further notice
The magnitude Of his power, its being
liable to abuse, the uncertainty o. life, the
want OF correct knowledge Of the trae con-
dition of his bsnks, are all strong reasons
for refusing this species OF currency
What guarantee have the citizens of Hi
nois or Iowa that Atlanta Bank or the
Bank OF the Interior will continue the re-
demptoa of their notes in coin, should their
great proprietor suddenly die, or that the
whole machinery of his immense business
would not be stopped These are impor-
tant considerations for The farmer, the me-
ebanic and Isborer. Rtbe best organized
banking institutions of the country, there
:. k;oh .la h;lEl,otdar +. anhisrt
ed from various causes:-sucb sudden
reactions in pricss-impairing the assets OF
the bans--bad management-dishonesiy OF
officers, &c, but how much more necessary
is il that these shinplaster concerns should
assure the public that their existence does
not depend upon the life OF one man.
The holders OF those notes have the same
right to know the financial condition OF the
two banks in question, that the holders of
New York city notes have. Why are state
ments, if this currency is so very good, not
made public more frequently at the West,
showing the amount Of circulation, deposits,
and other labilities-speeie, Northern ex-
change, bills receivable, and other assets,
in each The only reports made are those
required by the laws Of Georgia, semt-an-
nualiy, and they are very mesgrs. Per
hsps, however, the 100 merchants who
signed tnst manifesto" who it seems are
willing to give credit to Georgia money
the same as the bills OF other States" are
in possession OF some knowledge about the
frss condition OF these banks; ii SO, they
should giYe it to the public, the public are
certainly cropping in tn" dark, and need
tight.
This manifesto tell. the public, Geor.
ga money is only tolerated simply IS a
choice of evils" until 1.-THE general banking
law can be amended so that capitalists can
DO business under it, No amendment,
/ shor, OF a total repeal OF the State Stoch
i Security clause could make it for the istcr.
IS. OF the great faancier to abandon BIZ
| cheap Georgia currency for dearer one
I redeemsble at home. All the talk abou
altering the Ilnois law, IS to gain time and
quiet the public. How can it be amended
so as to make it profitable for capitalists to
organize under il, and retain the State Stock
Security feature! There is no remedy, al
pointed out in former number, bat il
/ Chartered Banks, with stipulated paid NJ
capitals, and under the supervision Of Banl
COMMISSIONER.
Much is said, in almost every article upoI
this important subject, about the prosperit.
1 Of Chicago, Of "ths advantages to our (her)
merchants already derived from Georgi'
currency" and that "many respectabl,
dealers seem not to understand whence ha
come their prosperity" These dealers
+ who are SO ignorant, were doubtless szclu
ded from behind the scenes. What la
contributed to the wealth and pr osperity 0
j Chicago, but the products of the soil pours
T into her lap By her 1000 miles of Railroads
Look at the statistics published on the Is
Of Jsnusry-those figures tell the story
Not wild eat currency. She will confirm,
to prosper long after that is forgotten.
OeLETEoRFE.