The north Iowa times. [volume] (M'Gregor [i.e. McGregor], Iowa) 1856-1857, 1856-12-05
TIE CONVENTION.

% be discussed at more length than our columns
will admit of-they should also be treated with
more care than the hurry of newspaper Office
usually allows; but our object is not so much to
publish lengthy arguments in advocacy of our posi-
lions, as it is to define what those positions are, and
thus call public attention to the subject. II is
proper that something should be said by way of ex
,bting s'a reason for the faith that is in u.s." and
to the extent of our columns, our timo, and our
capacity, we move along on this, as well as upon
all other subjects of public interest. 4gaE a@l
The necessity existing for Banks Of Issue in
Iowa, as the protectors of our citizens against r
Banks of Issue in other States is to us,
about as palpable as any other demonstrate mat
ter in the line of public duty. The manner in
which they can be organized, 80 as to encourage
the influx of capital, and at the same time provide
a safe currency for the people, will be mere prop
erly in order after the voters shall have rtifeda
Constitution containing the authority to establish
such Institutions There is no impropriety how
ever, in stating now, some of the main features of
such Banks as we would vote for. ri" .# 5-Et
First, as heretofore stated, we would have no
confidence banks-chartered alta Legislative Log
rolling for term of years, with powers and duties
precisely such as the wirc-pullers and prospective
managers of the rotten concern, see proper to die
tate to the Lcgislature,-a chosen Directory usu-
ally selected for their individual strength in kna-
yery-with authority to ISSUE at least three dollars
for every one they pretend to have on hand I!
This may be good thing for gentlemen who want
to make their votes represent thrice the amount
of their value, but we do not like its best features,
and as the stock holders never are required to de-
post with any agent of the people, eren the one
third, which it is pretended is their Capital, we
have always had doubts Of its cxistance in any
raults except the vaults of a very creduous and
abused public confidence. Il
A deposit of sound stock securities of the first
class, with the Auditor of State, or, as we should
prefer, with Board of Commissioners, would lay
the foundation for an issue ofpaper that could not
ultimately fail, unless the States whence the Bonds
issuedwere to become repudiators,-a contingency
not likely to arise in the future. 10 Or $ll5
be placed in the hands of the select agents Of the
people, before those gents deliver to the deposi-
tors the 800 of countersigned votes for circula-
ton. In the absence of any requirement faspecie
per centage to be kept for the redemption of their
notes, when presented for payment, the stock Sc
curities might be increased to $125, Or to any
amount not prohibitory of the objects to be attain
ed by the law. We have no faith in clause com.
~,
of good stock securities in the hands Of our state
authorities is of more real value to the bilhoder
than the 20 per cent in specie which the banker i.
assumed to haze for the current REDEMPTION of his
paper. To cut it short, We would have no paper
issued until the State had ample stock deposits te
meet all reasonable contingencies -gire no tim.
on suspensions the holders of paper
to receive ofthe Commissioners, upon proof of sls
pension, its value in bonds at their market rates
when presented in sums of not less than $1,000
allow no bank to organize, unless upon the depos
it of $780, 00-require local directory and al
Office always open for the transaction of business
take no real estate securities, because they ar,
not readily convertible-do all this and it will b.
when you remove the nlotioe that prompts suspen
sions, you viii find them rare occurrences. (, ..
Some would divide the State into districts ant
assign bank or banks to each section stipulatins
that towns only of such numbers in population
should have bank but these provisions are Meth
er essentialnor practicable. You can not equalizt
the financial necessities of a State by districts
nor can You measure the demand for money b,
counting the people. Some towns of 500 inhabi
tants may be of more commercial importance thai
others Of twice the population. The main thin,
is to make the bills safe by ample deposits, ant
this will also be especially advantageous to tn,
banks. There will be no distrtist then, and consc
quently no runs; if assured of the present and I'll
innate soundness Of paper, there are but few PEG
pie who prefer carrying coin. This, every MAJ
knows by experience, If he has had halfa pound 0
gold or silver about his person at one time.
But enough on the subject. We have given
rough sketch of system or plan of banking tina
will be safe to the people, remuneratiye, to CAPT
tai, and valuable to the State. 1t il written at
''2 4O"pace, and goes into type without review
1t embodies the substance of what We wished t.
write. We have no apology to make for its cru
dities. We are not sensitive enough to drown
ourselves, if every one does not ndorse our views
or admire our grammar. si&frat ..r ,.s
III OSb-0.---T-
FREMoNr Rem Several ofthe lead
ing Republican papers are urging the entry Of Col
Fremont for the race of 1860. If the" Mustang
as his friends call him, does not feed from the
Democratic manager before that time, we will
confess to bad guessing. His distinguished father
n-luw. was lauded to the skies at one time as the
probable candidate ofan AntiD Democratic Fusion,
but before their convention assembled "poor
Tom wasa'cold" politically. raa,, !.
Don't be in hurry, gentlemen, about preparing
Gov lSe0 Millar-ism j. tho oplv ono of tho TSm