The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1857-09-26

For Representatives Of l4th Representatives District,
JESSE w. DENISON,
OF CRAWFORD COUNTY.
Ranks in Iowa.
In our last issue, We asked for informa-
ton in respect to the position Of the Demo-
cratic party in this District, upon the sub
jcct Of Banks. We are gravely informed by
the nominal organ, that s..he general senti-
ment Of the Democratic party, is opposition
to all banks Of ISSUE" and the editor fur
ther says, that she verify believes nine-tenths
of the Democratic party are opposed to
banks." After giving his reasons for OPP
posing the creation Of banks, he very inno-
Gently asks, il We will acknowledge the Re-
publican party to be the bank party, and if
we s'dare make the bank question the issue in
the next election" If our neighbor means
to ask If tho Republican party make that
the only issue, we answer unqualiiedly, NO.
If he wishes to know whether ue will make
the bank question tho only issue in the next
election, we again answer, NO. We have
no such intention, neighbor. But thut the
Republican party is in favor of the estab-
lshment Of banks of issue is an uncontro-
vertibls fact. That we intend to make it an
issue in the next election, is most true, but
that We intend to ignore all other issues, is
far from being the fact. We do not intend
lose sight of the S'little niggers," as we
should thereby deprive our most amiable
neighbor of his most fruitful theme, for
those luminous political dispositions which
it has ever been his wont to pride himself
upon. We can't do it, Col.--it's asking
entirely toomuch of us--we should be lost
without your well-known cry Of snigsers,"
"AbolItionists," and "Negro Equality"
,;to,;.. ,ha. - edge tie Rssppabllieappar-
,u, $500 bank party? Certainly,
!. 10 is the Acknowledgment, in the shape Of
Resolution, adopted at the late Republic
can State Couv ention. ..a .. 1.@a#
Resoired That tits A deliberate conviction Of this
Conventiun that the next Legislature should provide
system OF BANKING tat Will secure 10 tue state CAT
cuiatns medium, redeemab!c at all times within its
limits, gold and silver; and will support for State
officers and the Legislature, SUCH and such only, as are
sv"wedIy and unqualifedly favorable to that result
That, neighbor, is the position occupied
by the Republican party, upon the subject
Of banking. Isn't it specific enough, for
your purposes? Does it SAVIOR of an inten-
ton to dodge the question? We maintain
quite the contrary. The Republican party
is in favor of"a system Of banking that ,cill
secure 10 the State a circulating medium,
redccmable at all times rittin its limits, in
aoM and silrcr.' Would banks Of that cha
racter, protected by Legislative safeguards
against the possibility of loss to the bill
holders, "bc a curse to the country, and a
swindle upon the laboring classes" Our
neighbor says they would, but gives no rea-
son for the opinion, except that eve have
no use for them" On the contrary, We
claim that we have use for them. If there
we're no banks in the United States--if We
had nothing but q metallic currency, then
indeed, there would be no use for them
But, is such the case? far from it. Every
State in the Union, except Iowa and Cali
fornia, perhaps, have banks of issue, and
the currency of this State, is conglomera-
ton Of all kinds-shin-p lasters from all
parts Of the Union, from Maine to Louisiana
\ great portion Of this currency is utterly
valueless, besides the banks are so far re-
moved, that it is next to an impossibility tc
attempt to get it back to the fountain head
and receive the genuine basis Of thespromise
to pay" IL we had banks in this State
this sort of things, would, in a great meas.
ure be done away within place of foreign
currency, of which we know little or moth.
ing, we would have sound, reliable curren-
cy Of our own-a currency, which we have
had some hand in establishing, and over
which we have a supervisory control. II
reliable and sound banks can be establish
cd, and We see no good reason why they
cannot, we maintain that so far from oper-
ting as swiidle upon the laboring class
s, they would operate to their pecuniary
interest, inasmuch, as they would have n
tendency to bring down the rates of inter
est, increase our circulating medium, and
drive out the worthless trash with which our
State is now flooded. To the absence of
banks in this State is Justly chargable to a
great degree, the present unsound and ques-
tionable CURRENCY, with which we are CON-
PEELED to do, business. As a metallic cur
rency is entirely out Of the question, we
submit it to all, whether it would not be
better and safer to have banks of our own
currency Of our own--than to depend up
on Nebraska or any other State or Terrific
~, for medium Of exchange-for 'spromis-
cs to pay" Our currency is supplied by
private bankers entirely, and in many in
stances ''promiscs to pay" have been put in
circulation, that were scarcely entitled to
the dignifed appellation Of ''wild cat.''--
This had been obtained at somes'institution''
for mere nominal nterest-about the same
per cent. that would eventually accrue to
the bill.holder, when the time comes for the
'institution"to collapse. Would this bt
the case, had we good, sound, reliable banks
of our own? We argue not.
II We have banks in Iowa, they ought to
be sound and reliable, for the reason, tina,
absnkiug law cannot be huddled up in the
Legislature, in secret ccnclave, and by some
sort Of leserdemain, passed through botf
houses, aud become law without direc,
vote Of the people. Under the New Con.
stitution, n banking law may be passed b,
the Legislature, but the same does not be.
come 8. law, until approved of by the people
by direct vote upon the same. In this
way it seems Gus, the people are not likely
to be imposed on, for the reason that tn.
merits or dement's of the law, will be sub.
jected to the most rigid scrutiny, before the
people decide upon its adoption or re
lection.
But, says our neighbor, niae-tenths 0!
the Democratic party IRE opposed to al
banks Of issue. Granted. Then what? o.