, 1859-10-05
THE ILLINOIS RANKS.

the ,noac:-lnarlsct: and every fall in the price
of exclt:age, comes a snpplication from tho
illinois Banks, that they may not bc harehty
dealt with. Last wees, when Eastern bills |
were scarce at two per cent. premium, the
bankers had storm Of curses visited upon
their heads; but when the same bills were
plenty 1T QUE and.a-half per cent, tho cry for
mercy was Needed ly every man on the street;
and If vote lind lcen taken on Waller and
Lake streets, yesterday, at the close Of bank
lloura, majority would hare said TINT tho
baakers were pretty clever fellows, and that
their l,anks wcre no: Cuch bad institutions
alter all 1t is this periodical relenting Of the
business community, this eternal hoping that
tho worat is past, and flat the good day
a-coming i.as dawned at last that gives the
banks the unblushing ASSURANCE with which
they first cajole, then laugh at and all the
time h.ced the public
Our rcatlcrs know that wo are for stringent
measures; that VIC regard the Illinois banks,
with their irrcdeemable currency, as positive
curse to tho business community; and that
the best interests Of the West demand that
they should be made to pay fpecie--pay gold
in rou;eau on such sums ms may be presented,
without higgliug or hesitation-or shut up
shop without delay. But if the business pub
lie faI into the old error Pf supposing that
ono swallow makes sumneE,-that fall
- IN 10 tn al
will not rise to-.uorrow-that tho payment
u-ci Il bauh couatcr u thousand dollars IN
gold coin, last week, is IN Insurance. against
tic mcanucss Of counting out American quar-
tors At the rate Of threo hundred dollars day,
next wcc1;-wc. unsupported and single
handed, ,nuss give up tho fight We do not
change our opinions Of the iniquity Of banking
as 1t present practised, os oftle necessity Of 4
radical rcform; but We know not wly we
should butt Our hcads agatnsta stonc-wall, in
the interest Of tho men WHO stand Of at dis
1ance, and laugh to see the lair and pebbles
fly. We look beyond tho present hour, and
see that the abatement Of the ruiuous rates is
hut temporary after all; tint MS soon as tic
ice stuis up tho lakes and canals, the ex-
tortions Of 1873 will 10 practiscd again.
At this moment when we are sending of to
tide-water unprecedented quantities Of grim,
and wien bankers may hare their choice Of
,cargocs against which to draw their bills the
popularity Of tho banks advances rs the price
Of exchange receacs- But this smiling aspect
Of aiIairs will he Of short duration. The men
who arc thus icicitatins themselves that their
business with Eastern jobbers may be done at
living rates, and who decline 10 enter into any
arrangement for permanent improvement Of
the 1aal;in5 system, by tie compulsory enforce
1nent Of sound principles, will, next winter,
when hrte to fire per cent is considered a
moderate premium for the privilege Of paying
their debts, repent their folly. We urge that
the Chicago merchants shall act in concert
and nov: that tho bankers who arc not r.
srcnsible for these issues Of rags which aro
worth two per cent less than their nominal
value, shall assist them; that Illinois money
shall he received only at its worth on deposit
or for payments, and that the losses consc
qucnt upoa the circulation Of the deprecated
stuff shall Io thrown back upon those who bor
row it. Then re shall hare reform. But i
that is not to la the course adopted, we have
dono our. duty. To have no eastern debts tc
pay. Let those who hare, aud refuse to dc
what they ought, bear the burden!~