The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-01-23


pAAks asa Banking Law.
AT, Louis cc,emporary IN speaking 81
,s,.siue in A1issoar ssys--.No 6ss,e OF
,,.inssom q the world, In a high state II
clviTnsion and IN the enjoyment Of "a At
.aent cS~~sses, 10 devoid Of tho advants.
s~s OF a syssem OF BsrAiag.' The writer
viludes 10 Missouri BY way OF illustrating the
reverse OF this position, and says shs mas
suffered ,n0st serious hindrsnce from the
lack q 20 ordinary and essent'al a eoacon-
i,.n, Of commsrce. For though in theory |
acknsw ledgiag The propriets OF Bsnkings IN
rsaEty there was grave denial Of ito privi' |
leres. The number Of banks allowed ia The |
state vas one; and that one bank was
Monopoly Of the State. lite capital was
wholly iasdsaaate to the wants Of the Peo-
pie; and lie State char scter necessarily
,asls he snsll mesns to come extent par
,izan and political. instead of economical
Aolely IN its administration.
Bat the Consultation OF Missouri has been
20 anenAeA that banks OF issue, svfncient
rsr she wants Of commerce. may be charter.
ed. Two successive Lsgislatures Of the
state have adopted, BY ,wo-,hirds vote Of
each Asanch thereof, an article proposed TO
be Inserted IN the Consultation, allowing
The charter Of Tss Bsaks, with en- agGre-
cate capital Of tspsna miatoas. A general
election inservened beta cen the two votes
Of he Legislature on this subject. And this
j, I'll the Constitution requires TO make
change 10 III provisions.
The Constitutional Convention Of Iowa il
nov sitting. and The subject Of % amending
the Constitution - 10 perni, the chsrterine
OF hanks oi issue will be its most important
business. Missouri has always had Stats
Bank. bat Iowa hes no, under her presen
Constitution even that much. And yet chi
10 A0eded with paper money. There arr
banks ali around ", the notes Of whicl
nine-tsntAs d our buainsss men only know
or heeiese are good amply becaass they ar
taken in other banks. They have no as
suainfancs with the laws BY which they ar
soassitntsd o. permitted. nor with the seer
ritiss, ssats. stock or personal, upon whic
they ne founded. They are taken BY on
buainsss man and passed to another. BY II
farmer and mechsnic for produce o. skill,
happy confidence that al 10 right, but vi
no reason for the belief other than the CO
fAescs Of his neiehborS. We might ja
= we'll have banks Of our own, and do bu.
nsss upon our own capital, and under Law
viii which We are acquainted. We hs'
the experience Of other States before U
are seqsaiatsd with the workings Of the
banking laws. and We can certainly for
sscA hsakine laws for our own State - y
render the bill-holder perfectly safe, al
give ~ reliable home currency. We
not want the IBdisaa, or Ohio or Illino
banking law, nor the Missouri either
mAsding that every dollar bill shall be repr
sentsd in the vaults Of the bank BY 60
or silver dollar-bui we want good bsnl
ing law combining far a. Possible all Ii
exsslienciea Of the systems Of neighborin
States. The Convention will merely amer
Tie Constitution seas to permit banking :
Il will then devolve on the Legislature
essablish the particular sys'en. We hoE
that may be made the task Of the presel
Legislature. II is not likely we shall ey
have more good hard common sense al
business talent in any subsequent Legisl
tire than we have in this. We should msh
shs beat use OF this ability We can while
i the property Of the State.