Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-02-09

rT,;ted States this side of California, where a
paper circulation has been dispensed with and
how that came about was IN TINS wise prior to
Is - we had, If rot the most worthless currency
imaginable, 1t WAS because Nebraska, Georgia,
and Tennessee wildcat banks had not then
come into notice Then our circulation vas
composed Of the Irredeemabe issues OF the State I
Bank of Illinois, which, "a between that and |
real money, were ut n discount of about twenty |
per cent. For long time the miners submitted |
to this tax upon their labor but finally rebelt |
ed. held meetings, and resolved thai, rs their /
staple brought real money III the eastern mar
kets where it was sold, they would not be put
Off by the middle men with Irredeeinable rags
The consequence was, that when the producer
refused to receive deprecated paper, the pur-
chaser had 10 find coin. Gold, which before
scarce As 10 be a curiosity, now took the
place of paper, and completely drove 1t out of
circulation. Exchange, which before was at n
premium of fifteen to twenty per cent, Went
down to about par. That the people were sub
leeted to Inconvenience in having TO use
coin instead OF paper, eau bear testimony II
desIrous of travel ny from one ex-
tfeme of the Union to the other, he could readi-
lv and easily carry coin upon his person To meet
all necessary outlaws
Now, what our miners accomplished in the
way of reforming the currency, may. with con-
cert of action, be accomplished BY other produ-
GERS. At this moment Iowa and portions OF H.
Hnois oyerrun with paper money puTport
ing TO be issued by banks III Nebraska and
other far-off places which has driven ali good
money out of circulation. Ii passes In limited
circles. because the people are deluded with
the idea that If the people do not receive that
for their surplus there Is nothing for them
They do not seem to understand the fact, that
the man who deals out irredeemable paper to
them for Their flour, wheat corn. and pork, re-
ceives good money for those commodities when
he sends them forward to market. The remedy
of the producer Is plain and that Is, to refuse
to receive any thing for his surplus but what the
United States Government recognizes as money.
But as 1t may be difficult To secure the concert
of action which would be necessary to accom-
plish this object to the fullest extent it Is ell
worthy Of inquiry if the Government has not
the power To impose such burdens upon the
banks rs Will result IN giving Us a currency of
coin or its equivalent. Should Congress impose
\ tax on ali bills under twenty dollars, of such
amount would exclude them from circu-
: latIon and thus substitute III their place coin,
which would be used IN all small daily trans
actions, the effect would, doubt, he most sal
utarv. We should then have. at all times,
large infusion OF com IN our currency, and should
be less liable to tluctuation than we now are.
1t Is very common thing for western bank
ers to issue money that is payable al some re-
mote and difficult point of access. This plan,
rs appears from letter of Colonel Benton,
Gently published, had its origin with Scotch
man OF Aberdeen, about the year 1906 Anoth-
er Scotchman from the Aberdeen, Is the
father OF the same system In the W est
OF all the States, democratic Georgia, has
been the most prolific in giving birth to Illegit
innate banks of foreign circulation; though the
Territory OF ebraska appears to have followed
along not far behind. From a recent Chicago
paper 1t would seem as though y ebraska had
brought forth wildcat banks by the litter and
fontenellc, Florence Platte Valley, Nemaha.
Hanbeek, De Soto. and TekanIa, are some of
the euphonIous names appeI ed To the rag mills
iar-oH Territory, all of which would no doubt
received their quietus from Congress long ago,
had 1t not have been for the modern heresy of
nna-intcrventIou.
The State which | in part represent has per-
haps Is good banking law any other, but
even there, IN some instances they come tie
dodge of practicable inconvertibilIty, by locat-
Ing their banks / the wilderness, ut points ex-
lstlng only III the bankers imagination or, if
having real existence, TO reach them would be
attended with much difficulty and danger as
an exploration of Central Africa
Ny friend from Illinois Mr. hELLoGG) has
given notice of bill 10 allow the ub-Tre;s-
TRY and United States Mint TO receive deposits,
and to issue for purposes of circulation certif-
Gates therefor AT this moment IL does not
strike me with much favor; aud ! fear If once
adopted, 1t would lead to complications on the
part of the Government that would be- fatal to
It's well-being but without preudging the
proposition, shall wait patiently 10 hear what
may be said in lis favor.