The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1856-01-01
Iror the Gazette.
For the Gasette.
0Eo AalA BANK NOTES HO1 Wksf11N
CIRCULATION.

Ipon the business community Of Chicago |
-uin and distress; another paper states that
BY suPpressing sneG, il will oPerste 40
bringing about relief, that their place can
be instantly supplied BY issues Of Legitimate
banks of New England. Ohio and Illinois.
Communications in some of the papers
Justify the leading Bankers Of that city in
continuing to perpsuass upon Illinois this
dangerous and iliegitimate currency, 0ns
We notice BY q member Of he Legislature.
who oa9ht to knoS better the sentiment OF
hi. State IN regard to Banks of issue
The State Of Illinois has al~sJs been re-
gsrded as hostile 10 Banks. and has passed
stringent laws against Banks of issue. Hsv-
ing suffered severely IN 1887 BY the liberal
grant OF charters before the agricultural re.
sources OF the Stale needed them, she no
doubt he'd cause for a sweeping reform. End
rot NATL the general law, authorizing the
business OF Bsaking and deposite of State
Stocks with the Comptroller. could Banks
De ofganized wfh power TO issue bills Tor
cireulation. Can 1t be possible that bust
ness men 6ii. not see thai IN conierfing the
right 10 establish Banks under this general
law, the Legislature never contemplated any
such esasians Of IL power, as 10 permit IN
disidusls to get up private Banks Of ISSUE
OF their own, and enjoy privileges ten'ed 70
corporations!
The whole MISTER 10 sbsurd. We con-
tend that these Georgia corporations are
private Banks Of issue, and are 50 regarded
when the credit OF their Issues is brought
into question; that the immense property
and even character of these leading stock.
holder. are guarantee for their safety. If
such be the fact. the laws of Illinois upon
banking. or right to requisite her own
system OF Banks Of issue are . nudity, and
are trampled upon. We can show further,
that the notes are used in violation to the
spirit o { the lava ofthis State, and are notthe
legitimate currency of the State Of Georgia
II is true, many were new. charters grant
ed by Georgia-and few were those ofsold
Banks1n liquidation. These charters were
procured 81 co Ito the owners Of from $40
10 $4,000 each, and in some cases $4,000
were paid rather than to let 50 good an OPP
portunity to accommodate the wants of the
community pass. There are now eight
Banks Of issue owned and controlled in
Chicago, viz:
Atlanta Bank, located a. Atlaats, Decatur CO. Ga;
Bank oftbe Interior, 80 Griaa, Pike 9
Merchants Bank, Macon, B,ba 8
Laotzngs Bank, 8. =" LaGrsnge, Troop "
Cherokee los. s Big. Co Dalton, NurrsT :.
PisnieTs & sschsr!s Bk
Manassstursrs' & Mech. BIZ Columbus, Auscog o."
BIZ A.isdzvilie ,Milledg. lille, BALDWIN Co, Ga.
Tie latter failed last year, leaving An IN
protected circulation Of Sl2o. 900. at present
quoted d, so to 90 per cent. diseoant. That
Georgia Bank notes doing business at home
are as good as any currency in the Union.
no ono who is familiar with the Bank note
trade Of the country will deny. But the
notes of the old Banks are seldom seen this
far wes,. The notes of the Banks whose
charters were purchased By Chicago Bank-
ers, with the single exception Of the Aer-
chants Bank Of Macon, have no credit in
Georgia, or in the vicinity where issued
Their notes are not received BY the Banks
ia Savannah, Augusta, OF their interior
branches q Agencies. but are looked upon
with dstrust and suspicion. Tie Mer-
chants Bank of Macon. BY The credit given
TO its issues BY its President and Directors,
men Of responsibility and character, is en-
abied to obtain fair line of deposits from
the Merchants Of Macon. and transact q
considerable local business. With the
others, the notes are paid out at Chicago,
and .exeept u making provision for the
redemption Of their notes. do no other busi.
pess whsteYer in Georgia.
If the Mercantile interests OF Chicago
think this currency az safe ~ that o! iii.
nois OF v iseonsin, occurred by State Stocks
they ai-' ~ id away By -oHs promised
sccoalmadz'.p Or Dy s0aar i.neI-d bank
influence act ia our power 10 d.'ine. Nc
sane business man can look cstmly upon
this sys,em o. importing an iiegi!imste
currency from 80 distant State. sud feeI
secure 10 is stability.
We have no charges 10 maze against tins
Chicago Bankers; they are doubtless sin.
cere 10 their efforts 70 vie w,h Each other
in maintaining as chesp "a currency for the
peop!. ss possible, and ns doub, desire Il
make al the money they can out OF the
wants or the merchants Of Chicago and people
Of Illinois and Iowa. We make no com.
plaints Of their management fo- we are in.
norant Of the true condition oil these Banks
Of Issue We will venture, however, tina,
they have their maximum amount Of notes
in circulation. They vii. no doubt, re.
deem every dollar tdey have pa, in circuls'
tion, or tkey may not, we have no security
that they will They may furnish thei.
Banks or Offices in Georgia with the means
To redeem the or millions put sfoa!. or