The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1857-10-10

Illinois Banks in St. L0r Is.
A meeting was held on Monday and again
on Tuesday Of this week by the merchants,
bankers, and other business men in ST. Louis
to take into consideration, generally, the
present condition Of monetary affairs, but
more particularly, We infer from the pub
hshed proceedings in the ST. Louis Repub-
lican, to come to some conclusion in refer
ence to the currency Of the Illinois Banks
Before the present storm in the financial
world commenced, the paper of the Illinois
and Indiana banks composed about half the
currency Of St. Louis. When the crash
came, the St. Louis bankers and dealers at
once thraw GU, Illinois and Indiana curren.
cy, or took it only at shave of 10 and .
per cent. The result was, the city found it.
self without money. and rush for gold as
made upon her bankers, the best of whom
in few days were forced to suspend. This
meeting, therefore, got together to recon-
slider the movement with reference to Illinois
currency, and after discussing the matter
for day or two. came with great unanimity
to the conclusion that henceforth, among the
merchants, dealers, &c, in st. Louis, the
paper of the Illinois banks should be re-
ceivcd at par.
What chiefly led to this resolve, we have
no doubt was the speech of NJ s. HENRY,
Esq, one Of the Illinois bank commissioners,
who gave substantially the following state
ment of the present condition of the Illinois
banks:
Their present circulation is about s., 50O,-
600, and that it ia secured by $i,5OO, 900 of
Missouri bonds, and g, 500, 900 of interest.
paying bonds Of other States-Kentucky,
Louisiana, Virginia, Tennessee and Illinois
The depreciation that has occurred in Mis-
souri, bonds has twice led the Commissioners
to call upon the banks to deposit additional
securities. The first call was promptly met
in June last-the second was made payable
on the 10th Of the present month, and many
Of the banks have already responded.
Missouri bonds are at present worth about
&c. in the market, and the others from 75c.
to par. so that, at the present cash value of
the securities, the paper OF the Illinois banks
would be worth 80 cts. on the dollar. But
when it is taken into account, that our banks
are rapidly retiring their paper, and that
most Of them could redeem third of it be-
fore they would suspend, their notes must
be regarded as secure beyond question, dol.
lar for dollar.
But Mr.. Henry could talk to the ST. Louis
merchants and bankers with the more free
dom, because if there was any doubt about
the security OF the paper of the Illinois
banks, it would be owing entirely to the de-
probation Of Missouri bonds, which st. Louis
had taken so deep an interest in having is.
sued, and upon the good standing of which
her very salvation depends. BY discreditins
tire Illinois banks, 81. Louis was but creating
alar.n in reference to these bonds, q course
by which she was biting her own nose of
The busih ess men of st. Louis therefore re-
solved that Missouri bonds were good-ergo,'
Illinois bank paper was good, and they would
take it. The CHIEF commercial paper, the
Republican, and indeed Ell LIE st. Louis pa
pcrs, adopt the same tone, and we have the
paper named disco Irsing in this Sise:
The Banks of Illinois are good. They
stand upon a substantial basis. They are
better than any stock banks that were ever
made They have the credit of State to
back them. No State Tor twenty years past
has failed to meet her engagements, princi-
pal and interest, nor will they ever do it.
The stocks are taken by the Aueitor Of ILL.,
nois for what they are worth. and he, look
ing TO the interests Of the bill-holders, will
not SO far forget himself as to rush stocks
unnecessarily upon the market, should the
Banks fail. a large number Of these Banks
are founded upon Missouri State Bonds,
which are as good as gold. But in addition
to this, the Legislature Of this state meets
two weeks hence, to inaugurste s'new Co
vernon, and to revise cur Revenue System.
There is . feeling abroad which demands
that the Assembly shall adopt such measures
as will place the credit of Missouri beyond
all doubt or cavil. Provision will be made
| TO secure the payment of interest upon our
public debt, and the principal when it falls
du. and it will be done in such way as to
remove all doubt on the subject Say that
Mis 4. to be the case in regard u the psinsipai
seeurity IF the banks Of IUiaSis. and why,
should they not be sustained? 2 Why should
1 not value be given to these notes &C once,
and oy THIS means bring them into active
circulation! In six weeks from this time,
the hog crop will be in market, and its value
in Illinois may beistated At six millions. civ
| ing . large margin for decline IN the value OF
the commodity. But the farmers must sell.
at whatever price they will bring, and here
| at once is an outlet for this paper. If the
people will 70 to work like sane mon, and
agree upon some corimcna ground for the
( use of the paper whenever this 10 done,
{. there will be ease in the money Market for
currency" will at once be available in al
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