Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-10-15
Illinois Currency -Letter from Hon. N
s. Henry, Bank Commissioner,

To The Editars Of The Chicago Daily Press,
At this season of panic and distrust, when
every man is afraid to trust his neighbor
and when he draws his deposits from his
bankers dare not keep his money after he has
drown it, il is proper time for the people
Of Illionois to inquire into the affairs Of their
own banks, and to inform themselves as TO
their condition.
The Illinois banks have issued and have
outstanding circulation Of about five mill
lions and half Of dollars; 10 secure that
circulation, they have deposited with the
Auditor Of the State four millions nine hun.
bred thousand Of six per cent. Missouri
bonds, and two millions and a half Of in
terest-paying bonds of ether States. The
law also makes the stockholders individually
sides that, they have the notes and securities
for currency loaned out.
look upon the banks of Illinois as among
the safest in the United States. The diff
Guilty our banks have labored under, more
than any other, have been from the gradual
depreciation of Missouri bonds, produced
from several causes: First-the large
amount issued, and the fact that ten millions
more may be issued; secondly-the fear that
in case of the suspension of our banks, a
large amount may be forced upon the mar
ket at this time: and thirdly-the pressure
in the money market that has borne down
all stocks.
In consequence Of the depreciation Of the
Missouri bonds, the Bank Commissioners
of Illinois have been compelled, at different
times, to call upon the banks to put up futher
securities, or return their circulation. A
call was made, payable in June, which was
cheerfully responded TO. Another call was
made, payable the 10Th o; this month; this
has already been compelled with by many
and will probably be by most if not all the
others. The first call was made based upon
Missouri bonds, at SO cents, or II per cent,
discount.
do not believe ruther call upon the
banks TO furnish more securities will be
necessary, for the reason that, whatever
may be the result Of the pressure, State
stocks must advance, particularly those Of
Missouri. The people of Missouri are
thoroughly walked up on the subject, and
are determined 10 sustain the credit of their
State, and have no more bonds issued. The
Chamber of Commerce of st. Louis have
already passed resolution instructing the
Legislature 10 that effect, and in CONVERSE
tion with many leading men of the State l
have learned that it is their determination
to have the next Legislature, which meets
this month"; pass a revenue law, providing a
sinking fund for the payment of theinterest
and 10 redeem their bonds, and prevent, as
far as possible, further issue.
This will restore their credit and make
them equal TO the stocks of other States
Capitalists have withdrawn their capital
from banks and railroad stocks. They mus
invest somewhere soon. State stocks will
besonght for as the safest investments, ant
will and must advance; and if they rise bu
ten per cent, our securities will pay dollar
for dollar, for our currency.
As it is, putting Missouri bonds at thu
lowest figure, 65 cents, and other stock
lat present prices, we can redeem at so cent
Ito the dollar, without looking to the indivi
dual liability of the stockholders or othe
sources.
The Stock Security Bank at Danvilie
which went into liquidation, is now payin,
at the Auditors office, in gold, SO! cents
The Belleville Bank, the poorest secured
bank in the State, will pay, with Missouri
stocks at 81 cents, so cents TO the dollar
and its stockholders, who are among III,
wealthiest men in that county, are response
BILE for the balance.
know it is objected that our banks can
not redeem in gold. Most Of them have
done so in the ordinary course of business
thoSO hilat "a &c iONdbCu III lIlC par
Of the State have redeemed, till within few
weeks, their entire circulation every sixty
or ninety days. 1t is not expected tha
when gold is worth ten per cent, premium
they can continue to furnish gold in thai
way. Perhaps it is better they should not
Our country would Immediately be drained
ofgold, which would take its way to New
York, and our currency would be entirely
withdrawn, and yet the price of exchange
and demand for gold only increased.
There is but one remed y-that is, tc
send our grain forward, and draw against
that. We can better afford to lose OH grain
than TO pay such high rates for exchange
which will continue to weaken US, and still
moi cure fhe evil They must have our