Nebraska advertiser., 1857-12-24

uSmdno Ior the security or emlgrantS.
The proprietors only solicit a proper dis
trIbution of Government troops in garris-
sons separated bya reasonable distance
and having a certain and daily commune
cation by means of d~etachments. BY
troops thus apportioned the letter mails
could be regularly transmitted, travellers
protected, railroad projects advanced, the
country colonized, and the telegraph line
completed in a shortspace of time, with
out additional expense to the General Go
vernment. The citizens of the West
cannot regard with indifference so public
spirited an effort, and in which the only
encouragement asked is the protection Of
intercourse which should long since have
been conceded, in justice TO western in
terests.
A memorial should also be forwarded,
~prayingfor an appropriations for a Military
Bridge across the Platte river. Every
good citizen ardently desires that the
frutless sectional alienation heretofore
existing between the two sections of the
Territory should cease forever, and viii
heartily approve the endeav ors of your
Honorable body to contribute 10 such a
result. The importance of the earliest
transmission of these memorials to Con-
gress should elicit immediate action.
To the country at large, the past has
been truly an eventful year. A disastrous
monetary revulsion-delayed for a time
by the great supplies of gold from west
ern discoveries-has befallen us at last
prostrating credit-destroying confidence
ruined individual and associated capt.
misunderstanding monstruous frauds, and
bringing distress, penury and beggary to
the doors of ten of thousands of the in
dustrious classes, all over the Union. In
the public prints are long lists of failures
ard of broken and suspended banks. The
immense influx of coin has only stimulat-
ed to an increased manufacture of paper
promises. 1t is estimated that about two
thirds of the currency of the country is
Debt. The crisis was inevitable, and it
remains only to profit by its severe and
emphatic warnings.
1t may be urged that specie is again
returning to Its former channels-and
that public trust will soon revive. Yet
what amount of coin will repair the inju-
nv already wrought-or afford a basis of
security against human avarice stimu' ated
to e~xtravagant sp%eculations and unscrupu-
lous excuses, by the facilities afforded by
an insecure Banking system? The his
tory of 'sproftable" banking is inevitably
the history of alternate depression, over
action and ruinous expansion. May we
not hope that the events of the year will
lead to a general reform, and to the res
trictiono of paper to the use Of commercial
men? Believing as | do that the whole
system of Banking is insecure-even
when based on State Stocks and securi-
ties-where n promise to pay is based
on another-both perhaps equally fallaci-
cious-and being especially convinced that
the institution of banks in this Territory
was impolitic, and that there are imper-
f~ections in the charters, / respectfully
urge that some adequate means be taken
to remedy the evil, and protect our citiz-
ems in future. Many persons who have
realized from such systems advantage tc
themselves, may have heretofore seen nc
danger to others. But the experiment
hasnow, at least, been fully tried, and
none can be so far deluded by the tran.
silent stimulus and temporary vigor impair
ted to business transactions by traffic IL
expanded credit, as to fail to see the ne,
cessity of additional protection of labor
and of the great agricultural and othel
producing interests, upon which our true
prosperity depends. The action of the
first few years is apt to fix the character
of the future State; and, in the importan
respect of the financial policy to be pursu
ed, no timidity, or Indifference, or inter
ested motives should be permitted to pre-
vent or postpone a determined effort t.
avert in future calamities such as those
from which the country is Just emerging
The Banks now in existence In the Ter
ritory are perhaps as safe as most of sucl
institutions. Prudently managed in thei
infancy, but few of the community hav,
suffered loss. Yet it is equally true tina
their profits are to be made hereafter. L
the meantime gold and silver, withdraw
from Eastern adventures and ~depositarie
may be expected in sufficient quantitie
for the ordinary purposes of trade. Al
though, therefore, paper money is now S
identified with the business habits of com
munity that the prospect of its abolish
t ment, perhaps for a long time to come
t seems impracticable, and to many, absurd
yet, within our own jurisdiction, by pre-
, per safeguards and restrictions, we ma
approximate such a result; and may no.
1 provide that the full specie equivalent
all circulated bank paper shall be at a
2 times within the reach of every citizen
BY a monthly or at least quarterly inspeC
: ton of the Banks by sworn and respor
sible officers, it can be known that speci
:, means are actually held, fairly proper
I toned to paper issues. The ~circulatio
l of Bank Notes of a smaller denominatio
at first than five dollars, and afterwarC
: of ten dollars, should be prohibited; an
/. it may be provided that COMMISSIONS
f shall assume the direction of the affail
: of suspended Banks on the first day
!, their suspension. 1t seems also worth
d of consideration, whether the excessiV
n importation Of foreign bank bills shoul
S not be restricted by requiring the add
tional endorsement of such Banking Ho
seS-chartered or priyate-aS may ISsJ