Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-06-05
The Bank Election

/ The time of voting on the two proposed
Banking Laws-the 28th inst.-is near at
hand, but there seems to be very little said
about the election. We fear the result will
be small turn out, and possibly the defeat
of both laws, We have not doubt,
however, but that there is an overwhelm-
ing majority in favor of system OF banking.
and if full and fair vote is obtained, we
have no fears for the result. That our
readers may have clearer idea of their duty
at this election, we copy the following from
the Gate City: '.''-
Upon the general question of Banking in
Iowa We doubt not a large majority of the
people would vote in the affirmative, believ-
ing that in the existing condition of affairs
aLd the general prevalence of paper money
throughout the United States, it is essential
that Iowa should have a system of Banks of
her own, regulated by her own laws. But
while the sentiment in favor of the expedi-
! ency OF Banking system is so strong, there
Is at the same time great Variety of opinions
as to the kind of Banks we should have and
the provisions of law in regard to them. To
pass over all minor differences we presume
there is pretty equal division on the uues.
ton as to State Banks and Free Blnks-the
latter being more popular in the northern
and the former in the Southern portion OF
the State. .-- ..
Now while there may be as many opinions
as there are voters in regard to special pro-
visions in reference to Banks, and while
there may be pretty equal division of the
friends OF Banking between the State and
the Free systems, it is essential that all
should uuite, and vote for both laws as ad.
opted by the Legislature, in orer to secure
the establishment of Banks in this State.
For II the votes OF those who prefer State
Bank and Branches over Free Banks are
added to the votes of the opponents OF Banks
OF all kinds, the Free Bank law will be de-
feated. And again, if the votes of those who
prefer Free Banks are added to those who
oppose ali Banks, the State Bank law will
be voted down. Hence it follows that the
friends OF Banking must vote for both
laws Or they will fail OF carrying either, and
the business and the prosI ects of Iowa will
angnish tor another ten years for lack of tie
ordinary financial facilities enjoyed in other
States. .f# ..-
Let there be grand rally throughout the
State in favor of the Bank laws, and an am
pie supply of the accumulated cash capital OF
the Eastern cities will soon find its way into
the vaults of new Banks that will be estab
lished in Iowa under the laws approved by
the people Of he State. And then, upon
the revival of the business of the country,
the citizeHs of Iowa will have abundant
financial facilities tor the purt hase of the
hogs and cattle, grain and other products OF
The country, instead of having to wait till
some spectators in distant cities furnish our
dealers funds to buy, or look out for some
uncertain straggler to come along and con-
tract for the hogs, cattle, &C.. or, what i
still worse, be compelled to receive wiId-cnt
and Nebraska shi"plasters, or city scrip, in
payment for the productions OF the State.
Again, we say, let the people rally to the
polls on the fourth Monday of June, and
vote for both Bank laws.