, 1859-01-26

From this tahle it will be seen that on the
morning Of the third day OF this month, the
Bank Controller had in his hands two hundred
and nineteen thousand eight hundred ind torty-
one dollars and twenty-five cents tt2le. .s4l.o5)
in specie. for Hhich Tue above named banks hive
Withdrawn their secusisies. The whole amount
Of specie in the banks Of Milwaukee, Racine
and Madison, on the third day Of Janunry lnst.,
according 10 the same report, wRs but
$l92, 914,d6. The amount in the banks Of each
pluce was as follows: Milwaukee f93, ,020 81,
Racine $5u.432.ss, Madison *49, 1885, The
Bsnk Controller, therefore, has to-day in
his possession one hundred and ten thou
sBnd dollars in specie orf than all the ban Ks Of
Milwaukee, Racine aud Madison combined bad,
on the third day Of this month; aud, at least,
sixteen Thousand dollars more thdn double the
amount Of specie ia the banks Of Milwaukee and
Madison. Eenember, that this specie is depos-
ited in lieu ol an equivalent amount Of securities
withdrawn. The NOTES are not Withdrawn, but
are stll IN circulation, though the securities are
gone. And in this maouer every dollHr Of eecu.
rl,y held bY all the banks in the State, may be
Withdrawn by them, and nll their notes be kept
rlty for them, under the controllers construc-
tion OF the Law, but his own certificate and bail
bonds 10 the amount Of one hundred Thousand
dollars! And how ample security those are for
four million ak hundred End ninety five thou
1and one hundred and seventy dollars "a. .G95.-
4fHj " uUtcb, AIe Ql6tUI3 u QE1AuIt-
ing public officers will teBch,
" do not question, nor have We heord any
one question, The integrity Of the present Bank
Controller. 1t il not question Of personal IN
teRrity, but of general policy. The present
Controller may Dot sbuse the trust reposed in
him, nor exercise ftLonioEsly The power he Ens,
by his c7uetructlou Of the law, by cofluBiou with
bank officers, or on his OWE motion, to cheat
the people OF the State out Of miions of dollars.
But who mag succeed him and abuse the tunc.
ttons he exercises for such purpose, none can
foretell
1t gives no security for this deposit of hun
dreds Of Thousands OF dollars OF specie. lie
gives bords tor..out one hundred tAoseahd d1tlars
IN al. and this is for the discharge oi other re-
spopsoitits than being the custodian Of the
specie mud securities Of the banks. 1t is ques-
tloo Of the policy Of cairusting such unlimited
power to cue man. without checks or safeguards,
no matter how upright he nay be.
This is queBtion. too, in which ail sound
banks. doinK business on q b3nd 11de cash capi-
tal have deep interest, ls well Us the people,
For whatever impllrs the Stability OF the cur.
tency OF the Slate, or weakeus It's safegusrds,
anec:s them. Suppose the Comptroller were u
corrupt man-aud there hate been, md there
may aydsn be corrupt public officers in Wiscon-
Sin -snd some Of the officers Of the wild cut
banks owned By persons residing out of the
otate, were Disposed 10 unite With him in pluud-
eriog the people, how easily they could do it.
And The Controller mRy do this .oitAout nc
completes, lie is. for al such PURPOSES, uuto.
c'-t Hnd sovereign, md may walk Off any day
With specie und securities 10 the amount of o
inIl1on o' do'lara, leaving his bal .bonds ouls
for one hundred thousand doltars to make rood
The deficiency. Nuy, he rnly draw The four
million six hundred md ninety five Thousand
dollars now IN the lreasurer's custody, to NOR
rop. aud walk of with them unIess the Trens-
uEer should take the responsibilities, jackson.
Ike, OF dsobeying the law. TO protect the in.
erestA OF the State.
Sh 1nld such stutc Of things ex,et? Should
It be IN the power OF one nun, without check.
thus to bankrupt The people of the Statey Lei
the Legislature declare that when Bpeciu is de-
posted tor the withdrawal of bnuk securities. it
shali be delivered to the Treasurer 6tfore be
ehall be required to surrender such securities;
and tha notes returned for cancellation shall be
cancelled in his presence, end be certified to
before be be required to give up the securities
they represent. and then it will not be in the
power Of the Bank Comptroller to iScAuYi<ri-t
The people, and the people will know that the
securities for every dollar Of bank circulation
are IN the Safe Treasury, in the custody Of the
o0ac7 TAom thty dare ch0stn for the safe kttping
u The public fu.da.
7. S.-S4nee being informed by the Control
ler, TINT he hsd shout hundred Thousand dol.
lars more specie than ia named in his report, we
have inquired 10 ascertnin the amount Of secu-
rites wlthd'uwn since TINT date, upon the order
ol the Controller, on his certificate that spcce
mas beeu deposited with lll,n in lru I'll rcot, and
We !earn that the amount il nearly four hundred
thousand dollars <sioo,U00) of >state stocks, at
their PAL, value, nnd t4ls over fifty thousand dbl
lar at tue circulating nutes TT iAc sad hanks
have been destroyed. So that, utter de.luctlus
Tue u1nouat OF notes destroyed and the discount OIL
the State stocks there must still be about three
hundred thou and 1cla's (s'uo 0uO) In specie III
addition TO the two hundred aud nineteen thou
sand eighty hundred an1 tusty.nnc {s219 SAD re-
I'orted W tue Comptroller, on the 81 oI ,l,,s
mouth. 50 that lie tl;ts uyer huff 1i{lon cf dol.
l4rd III specie Oh bis il4nds-an amount excctltur
oil the Specie remaining IN all tue hanks Of tile
State, on the 81 day al January, 1881!