, 1859-08-13
L Mutual Redemption Hank In Wis
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fFsom tie Milwaukee EyculnE Wisconsin, ..th.1
The Convention of Country Bankers Of this
state, is still 10 session, or .ras ut one o'clock
this AFTERNOON, in nnc Of the porlors Of the
Ncwhall House.. There were about thirty gen.
1cncr present this forenoon, and quite pro-
1r..ctet discussion wAs carried on upon rcso-
]utiou offered iy Mr. 1lennis, tue tendency. Of
which wus that there should be discrimination
made between wildcat banks, aud the regular
Legitimate baaks lie intended Lis resolution,
he said, 10 appls more to hanks to be establish
cd hereafter, than to those already established.
Que gentleman thangtlt that the true question
before them was not that Of discriminating be-
tween legitimate and wildcat banks, but how to
get rid oil the illinois currency thut is driving
HuT own to the wall, lie thought the only way
was u refuse it altogether, eren as We had done
with Minnesola currency. and that unless we
did So, it would eventually render our currency
perfectly worthless.
Dir. HALL, Of Aurora, Ill, thought it was per.
frct!r useless far US to attempt tu throw out the
Illinois currency. Far lie saidi tue banks 1Icre
1tlrrw It out, it wond continue to circulate here,
on uur railroads, in our stores, and at our ho-
1c1<.
So,ue Of our city bankers were present, and
1tIcy seemed to laTor the 'dea Of throwing out
Illinois currency entirely, or rsaclns heavy
discount upon it. They went for the rcdc'np'
lsou principle. no matter whether here or Ut
Madison, only they wanted that there should be
regularity and pcsmaucncy about it.
tFrum TIN Milwaukee, sentinel, letl.}
The Convention Of Country Bankers adjourn
cd yesterday ut o'clock. after very full dis-
cussion Of ihe plan proposed for the establish.
lnent of d Mutual Redemption Bank, ogreeing
t" have tue subject tnken up for final action ut
the meeting of tue Bankers Association which
il to bc lAcld iu 1Lis city on the 10th Of next
plan for Eener ! redemption system, are TO be
Printed iu pamphlet form and sent to each Bank
rr in tue 5tatc, 30 thut all may have IN orpor-
,nuity IN examine into the subject thoroughly
before the next tn:ctln*. Until then. the pres
cnt sysltit, of re1eeming their currency at the
tinue. Tile project <f a Mutual Redemption
Bunk, whcl. We hope mud are rery sanguinc
will he carried into effect, appears to have been
iruuguratc1 vt Ill Informal meeting Of q dozen
or so lsauksrs held II Madison short time 80,
aud as that is the huceus of tho movement
h.,,l,e idea of the plan proposed may bc inferred
ts.'1n the conclusions Ut which they arrived, tc
i;c~ That th- incrc4d s.su,1n of c.rralai"n Is
srlca ene which VIZ spet.e ulfy snd be ueneae Ga
] is aa: rtasiss t s.aoaia !. ( ,nsas tou.
.tr as,i I;siae eona .ine atsys,. spa r
nj sIs1 Y @ 70 81 j. sa f se ata
u Ill lis soaA r. dstzayea su t't" ugo
i@.s., That while the entire West and Nvsthwea f1rn
a 1 !. = e. fss .a a's1 ss n1 ,. ess,
1,,,uu,Ins. l%it W Lsh uul r.,l.at n Us Of echan
.te oi,r,1ve the ba..e cbnlmutdy. casency nud
laade eonstrbte at oofHponens fas'nab'e s4tea VIII
i..~-s tn iAacins he sa.e Of eAanee mr.
re,lry tun1-7 rn*f.tis,l t}aronr' !mpFusrs ID ced
f Tpa tilc T+esi @}a4eiN q! Javt TIL nd. ntion T.
rs-eiaed lit auIh csnu,l lly 40 rraef Ia Ejus
IT, e = s
'ons currraey IL. cu1euc. lot II
rt' but t-tx<~, and Il ttt cxrsase of tH'9r nfori
H-n Thst tho u,o& Eszstl nnsle Of redemption tults
tnfhr 2Efzept rdndalou Ut aA il that n Permanently
,,.a4td b.ns+ c.n, ~ o,an4n.i"a q anti lnt9sne
aA Interest trAect aud fu'!h 1ehanse 70
ILL ldc: uf the duct lsio1 tnellc1t to An} 'oe
:rrr~k That we submit LIE dcta u plan of orsnta
1n,"x ca,n.ra:! u bankrsa Of the sts q se Garlic
a g,i:t hs,s .!eaa,e asd aesadta aesi.a tsessoa.
Mr n. B- Van 6l.ke, Of tho Wauracca Cou
ty Eauk, presented the details O( the l'fa
agreed upon Ut the Madson meeting, Hllit
were in the shape Of q constitution md BY
,uw. lor tho pronosed organization. The
..e,ncd to Lc no difference Of opinion as 10
ucccssi:y Of sone uniform systcm of REDEEM
tion The present one was unsatisfactory 6o
To the country aud city b3nkcrs, and the latt
expressed their willingness TO accede to a
good plan for redemption that might he adopte
II the plan Offered is currjcd out, the cap
al the Mutual Redemption Bank will he lna
tp vf deposits from all the banks in the Sta
sl:cl, deposits IL be pro rata according to
ciscu,a:son Of each hAuk, and naanagsd hy
Hoard Of Directors to be elected By the sto'
holders. In the course Of the debate the 10
lion Of the bank was discussed. some spoke
Madison as HI expe.1Eent point, but the major
seemed to think il should he located ut Milw;
kcr, the commercial center Of the State.