Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1858-01-02
Wi scOsAsin Esas Eks-ssReEs RISE ard
PrDgress-8amkaf,g Process.


PrOgress-ssanExafsg Process.
1t is needless TO give the history Of Free
Banking. It is sufficient that THOMPSON
of the Reporter, a Wall-Street broker and
row a bankrupt, invented it as a contri-
vance to supercede a contriyance-witl
power to ~contrive a currency without an
foundation but debt. This is the last ba-
sis hat any one but THOMPSON could have
thought of. Hard money was formerly
used as a basis; next, real estate; but ii
naIIy, the debts of States and railroads are
made the foundation of three fourths of
our rag currency. By a law of Wiscon-
sin, any persons may associate themselves
together, borrow a certain quantity of
State or railroad stocks. hand them to the
comptroller, raise money enough for en-
craving plates, rent a room, beg an ink
stand and quill and commence issuing
bank notes. Of the first issue they paw
for the stock; or what is better, they lend
the money at 20 or % per cent, and leave
the stock unpaid for. as it can be had in
abundance at 6 per cent. interest. The
face of Jefferson, Jackson, Pierce or Bar
stow is engraved on most Of the bills, tie
bank officers being chiefly democrats
Thus, the banker eirculates his debts and
Bill B~arstow's head AMI draws interest on
them. The banker is not responsible to
the people who are circulating his debts as
money, but to :he Wall-Street Broker
The law authorises the banker to get in
debt to people because the State or Rail
road owes him. If the people happen to
want their money, they go to the bank
and ask for it, which is called a run the
law does not require the Bank to keep any
specie; it only requires that if the banker
don't pay in so days, the Comptroller
shall sell the stocks deposited in his
hands, and of course, if the stocks bring
anv surplus over cost of sale, the money
may be paid or partly paid to bill-holder.
This is the process of Wisconsin Banking,
the most miserable imposition ever invent
cd to defraud people of their earnings
Infamous as Wisconsin Banking is, there
are men, lots of them, even in old Grant
County standing up day by day and offer
ing apologies to the people for the semi
worthless currency of our State. They
would have miners receive it for mineral
and they would load our State, County
and town Treasures with il! They claim
to be just as much opposed to paper money
as anybody, but it is the law and because
other States have paper money, we mast
have it. This is the special pleading used
BY democrats who are Just as much OPP
posed to slavery as anybody but slavery
is constitutional and people have a right To
have niggers if they want them." The
fact is. all who are in favor of banks and
niggers, will apologize and beg for them,
Notwithstanding their professed opposition,
We have no respect for any of these infer
nal institutions to rob people and if We
could blow them into everlasting perdition
this moment we'd do it. If this is Jeffer-
sonian Jaeksonian Democracy, of revolu-
tionary memory, we can't help it. 1t
ought to be Black Republieanism, but we
fear it is not-there being 20 many of our
men who are 50 eowardly, SO compromising
and half way in their notions.