The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1857-10-29
Banking i'm Iowa.

We presume that no one wili-now question
what The sentiments of the people Of this State
are in relation to the expedieucy or necessity
or System of Banking of their own. Three
times they have pronounced an emphatic de-
clsion in favor Of these institutions, first by
deciding that they ought not to be prohibited
secondly by adopting the new Constitution au-
thorizing them, and now at their recent cleo
ton by choosing a legislature to inaugurate
system for US. We may reasonably conclude,
therefore, that at the coming session of the
Legislature, the subject Of Banks and the
currency, will occupy prominent place, and
we may regard the adoption OF some system
OF Banking as m alter Of certainty.
We do not suppose that the present financial
excitement in which the banks of the coun-
try play conspicuous part, ought to influence
this question except so far as new light may
be thrown upon the workings of different sys-
tens OF banking, but it is possible that it will.
The fact that the banks are the fiscal agents of
the country, and represent and control so much
of the capital engaged in business, makes
those institutions apparently responsible for
the present condition of things, and it will not
be strange if hard money men charge them
with larger agency and responsibility than
properly belongs to them, and it may be, will
seek in this revulsion an argument against all
banks
But any such conclusions will be mistak-
en- view Of the subject. The banks alone are
not responsible for the present coalition of
the finances. As a portion of the business
community they must bear portion of the re-
sponsibility; but to cast all the blame upon
them, would be doing them injustice, and Civ
ing them credit for more power and influence
than properly belongs to them. II would be
making the agent responsible for the principal,
whereas the reverse is the common and faiIer
rule.
So that we do not see in the recent CONNER
cial experience Of the country any new srgu-
inent against banks, and we don't believe that
the Legislature will see any. Banks have been
called for by public sentiment Of the State, and
we are pretty clearly of the opinion that the
time is near at hand when the people will be
gratifed in that behalf.
IL it should turn out that the Republican
Party have been again entrusted with the con-
troll of the Legislature, as present appearances
indicate, one great principle of banking sys-
tenn, and an important one will be regarded as
settled by the result of the election, and that is
a specie basis for any system that may be
adopted. This was the import of one of the
resolutions adopted by the State Convention,
and we glad for many reasons that that pat
riotic body took such good care as to lay down
this great fundamental principle. as guide and
land mark for Legislation on this subject.
Specie, gold and silver, is alone money, or
more properly speaking, the only representa-
tive Of value, paper SO far as it is used being
rather representative of credit, than ANYTHING
else. Both are useful and valuable, the latter
asmuch perhaps as the former for there is not
specie enough in the country to meet the ne
cessities of trade, represent Values and serve
the purposes of exchange; bit after all specie is
the basis, and only reliable basis of circula-
ton, and no system of banking would be sound
or safe, which should attempt to substitute
any thing else in its place as basis Of Bank
ing, such as individual, or corporate liability,
Real Estate or anything else, however perma-
nent, reliable, and valuable in itself considered
it may be. Gold and silver are the life blood
OF commerce, and the only reliable and safe
basis for banking, and We repeat that we are
glad that the Republicans in the Legislature
will find in the platform of their party so
just and salutaIya principle 70 set out with in
providing system Of Banking for the State Of
Iowa. es