The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-06-26

will decide Tor Themselves, on Monday next
Shall We have sound currency of our own,
regulated, managed and controlled by our
own laws2 Or shall we longer be dependant
for circulating medium on the irresponsi-
bic "Wildcat," ssShin- Plasters," of other
States aud Tcrritories?" Is the question on
that day to be determined.
l believe it is conceded point, even by
the opponents Of banking, that neither Of
the banking laws Of our Legislature, is mn.
terially defective, either in form or sub.
stance, and therefore conclude the merits
of those laws as contradistinguished from
similer laws in other States, are not subjects
of discussion before the people. The ne
cessity for Banks in the State of Iowa, and
the sabstraot question of Banking" seen
to be the only questions raised by the pas
sage of these laws. 3D..
My object 10 writing this brief article, j,
merely to reply to some of the arguments
used by tho Editor of the Bugle, against thu
propricty of establishing Banks in this State
The Editor, by way of reply to an editoria
which appeared in the last Nonpareit, use'
the following language.
"Admit their position to be true, does il
not follow that it is both the interest and
and the duty of tho citizens of Iowa, &c
make such laws as will be the means Of
bringing into our State as much as possible
of the gold and silver currency of Other
States, and to enlarge as much as possible
the amount of hard money for circulating
mudium."
Here We have the opinion advanced ant
the doctrine laid down, "that the proi.itio,
Of Banks in this State, wiH increase tn.
circulation Of Gold and Silver, and caus,
them to become the principal circulating
n,edinm." Now, this is theory of the Edi,
tor of that paper, which the experience Of
the people of Iowa proves to be false, and
contrary to the positive and unmistakable
evidence of their own senses. Iowa has
never yet had Bank, and yet it is an uncon.
trovertable fact, that her people have los,
more, and been worse imposed upon by the
trashey issues of "one- horse" banks, thar
the people of any other State in the Union
And why is it so? 1t is because our private
bankers and individuals who live by Dor.
roring and lending money, can get funds
on much easier terms, of such banking in.
stitutions, than they can of banks which are
safe and reliable.
1t is n well known fact to every one, that
our State has been flooded for the last ter
years with the paper Of private and individ-
ual Banks of other States and Territories
almost to tho exclusion of gold and silver,
and the paper of sound banks. This has
been done mainly through tho hands of oul
money-loaners, who 80 East Tor West, as
the case may be- and obtain large amounts
at from six to ten per cent. interest, and
then loan the same to our farmers, mechan-
les and business men, on the best of security,
at from two to five per cent. month. And
when those banks have failed, they and the
intermediate banker or money loaner, have
reaped the profit, and the masses suffer the
losses.
Now, such state of facts as this, must
and will continue to exist, just so long as
we bar the establishment of sound banks in
our State. Gold and silver and the paper
Of first class banks, will continue to circu-
late in other States, and we remain the VIC
tins of base shinplasters issued from some
bog, swamp, or other out of the way place
in Gcorgia, Tennessee. Michigan, CONNIE.
ticut, or some other State or Territory, and
which have obtained temporary circula-
ton at par, through the aid of some hire
ling, mercenary "Bank Note Reporter"
There is no question, but that both the
Banking Laws to be submitted to the people
on next Monday, provide as ample protee-
ton for the bill-holder, as any similar law
in any State in the Union. There can there
fore be no doubt, but that the banks estab-
lished under and in accordance with their
provisions, will be permanent, and give US a
safe and reliable currency.
But of the two, much prefer the estate
Bank" Yet, Of tho "General Banking
Law,"I will say, that have invariably
found persons from those States where they
have estate Stock Banks' established un-
der laws similar to ours, prepossessed in ia
vor of Banks Of that kind, and generally
prefer them to any other. The question is
frequently asked: show is the establishment
of banks under either or both of these laws
to drive from circulation, the paper of ir-
banks of other States and Ter
That it will entirely do it, do not
but that it will in great measure ef-
feet this object, there can be no doubt
Nearly all the money of the character just
named, which is brought into this State,
comes through the hands Of SPECTATORS and
private bankers. Now, is it fair to presume
that man of sane mind. who wished to ef-
feet loan of money for any purpose what
ever, would borrow funds of doubtful or
uncertain character, when, by going to the
Bank, he could get that which he knew to
be reliable and safe, at the same rate of in
terest, and on the same security upon which
he could obtain the other? think not.
The Editor of the Bugle in the article be-
fore alluded to, by way Of illustrating his
position in opposing the establishment of
banks as means Of "self defence" and pro.
lection against the fraudulent issues of out
side banks, institutes a comparison between
the banks and the grasshoppers. He says:
tsThey (the friends Of Banks) might argue
with equal force, that because the Grass
hoppers came down from Nebraska and
and consumed the substance of
the LAND, that as matter Of "self- defence"
the people of Iowa ought to import batch
of eggs, and raise Grasshoppers Of their
own"
If the case introduced in the sentence
above-quoted, could be made analogous to
the one in controversy, should most GER
l. A.