Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1858-01-21
Circulation Of Tie tellop;ag Banks,
Statement Of Condition II Banks:

Of the total outstanding circulation of the
Banks, S3,215,4SS, Missouri has furnished sc
curites to the amout of $4,000 600. The IA
ciity with which certain stocks are changed in
TO currency under our Bank Department, must,
unless checked speedily, put an end to our
! Bank Sytem. It's well understood that $780,
70 in money will buy about Sl25,000 of these
missouri Stocks at any time Upon these stocks
from $90, coo TO SlH0, 00a may be issued, to buy
| rs much more Mis- ouri Stocks, which in turn,
| being des posted as security. will draw nearly
| as much currency, and so on almost indefinitely.
| The Banks being established at inaccessible or
unknown points, TO avoid the payment of specie
unon the circulation, would induce an unlimited
imitation of the currency. The value of these
Stocks ultimately may well be questioned
/ While few operations in Wall street may give
them n hctious value banking basis, it is be-
! ieved that were the demand created for bank
| ing in Illinois and Wisconsin to cease, they
would sink at once far below the rates at which
they are received on deposite security for our
bank circulation, and that they are not a safe
basis, even as 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 cur>
rency of banks established for legitimate busi-
ness purposes. Banks located in business Gems
tres, where they are liable at any time to be
called upon to redeem their circulation in
located at inaccessible points and would be nec-
e~sairly compelled to withdraw their circulation
entirely.
| In concluding this subject, would say, that
the State should have honest banking or none al
all. II is a branch Of business in which the
temptation to pervertion, if not to fraud, is great
under any circumstances. But 1t is the duty Of
the Legislature to check all infr:ngements upon
/ the plain intention of the existing law, and t
T pnnISh wifi ri vii n
vision, either in letter spirit, and especially
| 10 guard every avenue for the preparation o.
! fraud upon the people. 4 thorough investiga'
ton of the Bank Department, and the manner in
which its operations have been conducted, at al
early period of the Session, is recommended.
! egSlGf}oR.-Grave charges have been made du
ring the past year. and constantly reiterated, oil
corrupt conduct in the Legislature which disposed
OF The Grants of land donated 90 this State for Rail
road purposes. The charges are that individual:
connected with the Milwaukee & La Crosse II. Il.
either officers otherwise, offered and paid to
members of the Legislature of 1856 either in money
or bonds, or otherwise, large brides to procure
particular disposition of those grants of land
l. is also charged that there was the same species
corruption in the disposition of portion of those
lands designated as the North Eastern Land Grant
These charges are so open and bold, that good cit
zens have become alarmed at the idea of such Off
cial misconduct aud the regulations of the members
of that Legislature. and of the State, have material
/ " suffered in consequence.
Ii there has been M such corruption and wrongs
those indicated, it Is due 10 tie honorable men Of
that Legislature that they be cleared of those char
ges aud that the ISLANDERS lie stopped Ii there have
been such frauds upon, and corruption in Legisla
ton IN this State, pubic justice demands that by ex
posture and punishment an end should be put to
such vcualitv.
| The man who would dare to approach sworn
public officer with bride to turn him from his hon.
| est convictions Of duty, should he hunted down by
the law and severely punished Ii is due TO the PEG
! n an a. Ia MI, tlr,p
/ tyes can be bought and sold ike slaves in the mar
| kct or like cattle in the SHAMELESS Honest Legisla
ton in protecting the GIFTS IF all by wholesome laws
IS the great safeguard Of the people and they have
a right to demand that az the hands of their repre-
scntatives 1t is time this ciam0r ceased. or the
guilty party were exposed and punished. The self
| respect which every Legislative body should feel
should lead without hesitation 20 exposure of wrongs
and crimes. No countenarce should any longer be
given 20 causes of reproaCh against high and hon
! orabc body of public men. Public morals like pri
| vate morals are never improved by winking al de
/ hnqUencleS covering up crimes after they been
| committed neither operates as a punishment to of
Tenders or TO deter other men from the commission
of like offences. Legislation should be as pure il
motive ana action As the admin straOn of justice OF
! execution of the law. Ii the law making power i;
! Suffered te become corrap: with impuuitv the ad
mnStraton OF the law by Courts OF Justice viii b,
suffered to become corrupt with like impunitv anC
the rights of the whole people be ieopsrdized Jus
tice To the Legislature upon which the corruption il
charged. justice the people u the State who hav,
been outraged, il the charges sratrue and iustic,
10 yourselves demand that The legislation Of Thu
State be purged ct these charges ana of offences /
/ offences have been committed. | viii sustain thu
Legislature to the full extent of the power of nv De
/ partment, in any investigation upon this subject
i without any regard to where the blow may fall
i a question which concerns the honor OF your de
partineut. l submit herewith the whole question t
your self respect your honest convictions of duty
and your obligations To the law and to the people
I A. 10 what you. duty is upon this subject.
The manner in which toe Railroad companies I
which the grants Of land were given by the State
have fulfilled the conditions Of the law, win necessa
vilv come before YOU. "A strict compliance with th
material requirements Of the law must be exacted
Stockholders in maRy of the Railroad companies {
ihs State. and large class Of the best citizens
the State who have encountered their farms TO al
Railroad companies have suffered great losses an
are liable 20 suffer still greater losses account
the criminal msmsnE emeut and breaches of trust
their agents and officers. As far as possible the Lee
islature should establish safeguards against sue
wrongs and pass laws making II a criminal offenc
for any director officer. agent servant of aay
r. Co 10 appropriate SELL transfer or in any slanne
9isnos. OF any funds or securities belonging to an
Railroad company, In the stockholders thereof 70
ans, other object than Tor the necessary and lerit
i mate purposes OF such road
i An alteration should he made in many ofour Grim
;ral laws which in cases of light offences, and par
,;cnlarlv with youthful offenders, will give th,
/ o,rts Greater discretion in imposing punishment
j The law on the sui ject of gambling needs amend
in0 The penalties against this vice operate as IL
;7s+;ons 10 indulgeit. AteveFy session of the Leg
islanlre gamblers and hlacklegs throng this city
5o-inC the footsteps ofcitzens, enticng the youns
sS con6rning an evil habit in the old Severe pun
ishmept should be imposed upon these professions