Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1858-01-21


cr,tt, of the Agricultural College, on that SUP
iect. is so apt that quote from II; uey -.
sent that the course OF study IN ina mss -
is "inseparably connected with system y "a
bor in the institutions that IL ID us usse %
,,ol;ey IN afford ample and thorough edue&ueh "
he sfpdant physically, morally and inteleeluai-
H. 80 anahIe the calling of agriculture ana teaeii
men 10 increase the productions OF tue edft",
They further represent, thar III couii'i
tboroughly agricultural as the ohitea o'ates's'"u
contemplating the nature Oh 'he s'o"t u"s
tha ruhlic lands with an enlightened anu com
,rahansive forecast, no more Legitimate aud no
80 Sisnosition can be made ofhmited portions
- a., than for instruction of men in multiply
inc The productions Of the earth, and thus con
dnctinr 10 their comfort, prosperity and hisher
civilization" Irecomend that yoaloin IN mem
or;aliz;nr Congress for the grant OF lands to the
d;fSsrent states for the purpose of establishing
In this State an Agricultural College, upon a
permanent basis. Our state and County Agri>
cultural Societies have been wisely established
and prudentIy conducted. Great eredit IS que
them for the change already taking place IN the
estimation in which agricultural occupations are
bala Tiuine the soil is an ancient occupations
in itselfthe most honorable Of any engaged 10 Oy
civilized men No honorable man can look up
on il with disrespeet, aud no man who deshses
the occupation OF cultivatlng the SOIL IS NJ iof
any of the learned professions, or for the respec'
table society of men engaged IN agriculture
The HIGHEST GOOD to all mankind, depends more,
than any other ore avocation, upon the wise and
successful prosecution of agricultural pursuits
Mineral interest,-A very large class OF our
citizens are engaged in lead and iren mining -
The mineral interests of the State may well be
elassed in importance with its agricultural and
commercial interests New Developments ana
discoveries are constantly made IN the LEAD MN
ming regions, which are sources OF greas wealth.
TO the State as well as to individuals IL IS OF
much moment that the State render every iaclhty
- IL. and md arq IT,
cable in the present stage OF its finances, by ma
teral aid to further discoveries rs to the charac
ter of the mineral lands and the position and
condition of lead ores, at different and varying
depths from the surface of the earth. Questions
connected with this subject will be brought be-
fore you by those who represent the mining IN
terests and will be entitled to your careful ex>
animation.
Banking Lac Tile banking Law of the State
is deficient in many important respects affecting
the security of the bill holder, and needs most
thorough revision and amendment. The first du-
ty of the State in authorizing issues of bank pa
per- is to protect the public, and see thai they
suffer no loss. All banking history shows n
tendency, in practice, to perpetually diminish
public security, either by expulsion of specie,
which bank paperis supposed to represent, or
by the depreciation of Stats Stocks deposited as
collateral to guarantee final redemption. The
banking system of this State has proved no
ception TO the common rule The trainers 0fthe
law unquestionably designed to guard agsiI,s,
this evil but the evidence of record, showing the
practices which have grown up, coucluslVely
demonstrates that the original designs a failure
and that security to bin holders, instead OF in
creasing has constantly diminished, more es
pecially with the banks of recent origin.
The object of the law requiring the deposte Of
State or United States Stocks, with the Bank Comp
trollor, security for the issue of bank notes. was
a plain one. These stocks were not to be regarded
As caplfai. sncakmu collateral
security, available TO the bill holder only in the
Urgency that any bank might fail to redeem from its
funds. Banks were expected 70 conduct their bus
mess upon their own capital and give security be
sides, and such was the view held and acted upon
by the Bank.Departmentuntil q period quiterecent.
During the past year however an entire change
seems to have taken place in the practice of the
Department in this respect, that at this time the
stocks collateral securities deposited is made to
tsand fJr&represent bank capital itself s. very large
issues bills have been credited and pat into circu
lation upon this hypothesis In numerous instances
too, the banks thus started with other known
capital than their collateral security, located in
places or at points without population unknown
10 the people of the State or the maps inaccessible,
and beyond the reach of bill holders. even when
lncvn; and not un(requently the bills appear to be
signed ncutlous names as officers by minors, or
by persons pecuniarlly irresponsible. As neces
ary consequence i'll all such cases. bill-hOders
not demand payment or on default have their notes
protested, do any act 10 obtain the money due
them Il ON the security which is the only real
or tangible capital of such banks The trainers of
our bank law evidently never contemplated the or
ganization of banking association, and the ennis
sion of bills by it, without the establishment of Il
banking house place of business, accessible by
ordinary means to the public. open at regular bus
mess hours and with officers we'll known 10 the com
munity in which they reside; and it was, of c0nse-
quence anticipated that persons having such bank
bills might present them for payment at any time,
and in default OF payment have. them protested, 50
that they could secure payment by the established
legal method 1t could never have entered the
minds Of the trainers of the law that bills should 60
into circulation directly from heCOmpiTo Office
without ever going ii7o bank or passing over the
counter ~ bank in the ordinary course OF business
cannot regard such issues in any other light tLan
as manifest perversion OF the spirit and lGsvn OF
the law; evasion of It's terms for the purpose ot
preventing bill-holdeFs rom obtaining payment of
their dues and thus far at least auduent in design
Whatever may be said of legitimate banking as an
abstract question, or It's benefits IS compared with
currency of coin, this practice has certainly rem
dered it impossible. No association, however de-
srous can carry on alcgitimate and honest business
real capital, while such institutions as those al
luded to are permitted TO exist. Thequestlou IS mar
rOwed down to Il single point, Honest or FTdudu
lent Banking. Both cannot long exist at the same
time. aud il is your duty to determine which shall
prevail and whether the interests of the people of
Wisconsin in the premises, shall or shall not be pro
teeted- IL is my earnest wish that the great anG
growing evil should be speedily checked and re-
moved, and no proper effort will be spared by my
Department To accomplish that result An eNamln
alton TO the manner in which of that class TT
banks started discloseS facts less appreciate
to al persons and which cannot in justice he with
held here Ia the alluded to stocks We're issued
at the capital OF Missouri. cnthe 18th day of Decem
Der ult., and were registered by the Auditor OF that
State on that same day. On the 18th OF the
same month they ware regisered9t ST. Louis, by the
President ofthe Pacific Railroad Company, and on
the 3lst OF the same month were registered IN the
Bank Comptroller Office of this State, as security
for the issues of bank notes On that day the receipts
In the Treasury of all funds were little over two
thousand dollars, Us appears by the books in the
Treasurer office After that date no business was
done money received or dsburscd. until the
fourth day OF the present month. when he amount
of Sl2i - - which was in the Treasury the 81 81
Dec was paid over by the retiring Treasurer to the
present Incumbent of that office and the sum of
$4,000 of bank notes. issued on the aforesaid Ms
sour bonds and dated in july last, a pat OF
the fluids so paid over.
These notes had evidently but just been sign
cd and it might be concluded, passed directly
from the Comptroller's to the Treasurers Of
fee. The bank was new one unheard OF be-
fore, so that the plate must have been engaged
under the order of the Comptroller, aud the
bills printed IN advance of the Issue Of stocks by
the Ctate of Missouri and apparently signed be-
fore their deposit in the Bank Department, and
the State Treasurer must have taken the cur,
rency in exchange for other funds in the Treas
urv before dollar oft had been put into circula
tion elsewhere. This institution Is so Naguely
located as to be wholly inaccessible 10 the bus
mess public 1t needs but little sagaeity to fore
see that if such banking is to be tolerated, or i
the Legislature at this session shall fail to pro
vide stringent remedies for the evil, that all le
Ultimate banking is ended Tor the present anC
wide spread financial ruin must soon overtakC
the people aud the State. Another fact in thi:
connection is well deserving of your attention
and the application of proper tegis atlve cor
recton. The funds found in the Treasury by
the new incumbent amounted to the sum o
M L. oil IN, h,,,