Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-01-26

! j uQeau Eank, MIL, ID CDO
Kenosha Co. Bank, Kenosha, 5 900
Marine Bank, Mil, 5000
Merchants Bank, Madison, ii ,924
Peoples Bank Mil, 1000
Producers Bank, Janesville. S.99S
Racine Co. Bank, Racine, LISA
Rock Co. Bank. Janesville, l5,OS3
Second Ward Bank, Mil, l3.O4S
State Bank, Madison, 29,37l
State Bank of Wis, Mil, 36,3l3
WIS. Bank OF Mad, Madison, $500
Total, 1887 400
CIRCULATION OF THE FOLLOWING BANKS.
Arctic Bank, Eagle PIT, SS6. .OOS
Chippewa Bank, Pepin, 5O,OO0
Green Bay Blk, Marinette, $4,000
Oakwood Bank, North Pepin, 60, 600
Lumbernans' Blk, Conterelle, 299, ,9S5
ST. Cr'x Riv'r Blk, Brinkerhofr, l5O, 900
ST. Cr'x Valley B'k,St. Cr'x Fls, 1895
Wis. Valloy Blk, Millvilie, $4,000
STATEMENT OF CONDITION OF BANKS.
Ag'te Cap1. Ag Cir'on. AgAm't Spe
! iy Ois 4, 50. 5s- s5so,OOo ssol,74s sl74ess,sa
jan Jo e55 a 3 100000 405,lal 1sa,4s2.sl
July :, of, ly2oOUUO iSb,2lb 24U,9U9, ,TS
Jan. L, %, 100000 740,764 33I 1897
July :, %. 536,0OO 930,320 35S I27 SO
Jan l, So, $4,000 IO60I65 53l 1864
Jan. ). 81, 1856, 900 1902 $40 54293S,SI
Jan. 1858, 5,9i0,000 s,2l5,4S8
Of the total outstanding circulation of
the Banks, So, 3,215, ASS, Missouri has fur
nlshed securities to the amount of 50 ,004,
600 The facility with which certain stocks
are changed into currency under our Bank
department, must, unless checked speed
lily, put an end to our Bank System. 1t is
we'll understood that 100000 in money
will buy about Sl25,000 of these Nilsson
ri Stocks at any time. Upon these Stocks
from $95 900 to Sl0O, 900 may be issued
TO buy as much more Missouri Stocks,
which IN turn, being deposited as security,
will draw nearly as much more currency,
and so on almost Indefinitely. The Banks
being established at inaccessible or un-
known points, to avoid the payment of spe-
Gle upon the circulation, would induce an
unlimited inhation of the currency The
value of these Stocks ultimately may well
be questioned. While few operators in
Wall street may give them fictitious val
lie as a banking basis, it is believed that
were the demand created for banking in
Illinois and Wisconsin to cease, they would
sink at once far below the rates at which
they are received on deposite as security
for our bank circulation, and that they
are not safe basis, even as a collateral
security, much less when held and used
as actual bank capital.
This system of banking, in the end.
must drive out of circulation all specie and
the currency of banks esta blished for le-
gllmate business purposes. Banks loca-
ted IN business centres, where they are
liable at any time TO be called upon to re-
deem Their circulation In specie, cannot
compete with those institutions located at
inaccessible points, and would be neces-
sarIiy compelled TO withdraw their circu-
lation entirely.
In concluding this subject, would say,
that the State should have honest banking
or none at all. 1t is branch of business
in which temptation to perversion and eva
sion, If not to fraud, is easy under any
circumstances. But it is the duty of the
Legislature to check all infringements up
on the plain intention of the existing law,
and to punish with severity every viola
ton of its provisions, either in letter or
spirit, and especially to gaurd every
avenue for the perpetaton OF fraud upon
the people. A thorough investigation of
the Bank Department, and the manner in
which its operations have been conducted,
at an early period of the Session, is re-
commended.
LEGISLATION.
Grave charges have been made during
the past year, and are constantly reitera-
ted, of corrupt conduct in the Legislature
which disposed of the Grants Of land do
mated to this State for Railroad purposes.
The charges are that individuals connect
ed with the Milwaukee & La Crosse Rail-
road, either as officers or otherwise, Of
fered and paid to members of the Legis-
lature of 1856, either in money or bonds,
or otherwise, large bribes to procure a
particular disposition of those giants of
land. 1t is also charged that there was
the same species of corruption In the dis
position of portion OF those lands desig-
mated as the North Eastern Land Grant
These charges are 50 open and bold, that
good citizens have become alarmed at the
idea of such official misconduct, and the
regulations of the members of that Legis-
lature, and of the State, have materially
suffered In consequence.
If there has been no such corruption
and wrongs as those Indicated, it is due
to the honorable men of that Legislature
that they be cleared of those charges, and
that the slanders be stopped. If there
have been such frauds upon. and corrup-
ton in Legislation in this State, public
/ justice demands that by exposure and pun
ishment an end should be put to such ye-
naity.
The man who would dare to approach
a sworn public officer with a bribe, to turn
him from his honest convictions Of duty
should be hunted down by he law and Sc.
verely punished. 1t is due to the peopl,
of this State 10 know wether their rep