, 1860-12-08
THE CURRENCY MEETING.
The solid men of chIeaso . In Council.
RESOLUTIONS, SPEECHES, ETC.

Every department OF business was lully repre-
Charlcs G. Watser, Esq, called the meeting:
to order, and appointed q Hampstead, H. G.! ]:
Dnrand and ". L. Kurltnrt ai a committee to 81
nominate officers. The: committee after re-
firing, nominated F. Tr1TLE, Esq. President,
and the following gcntlclnen Vise-P1csidcnts:
c. 6. Wicker, '+sJno: ?. Far~rll, II
II. VI. King, oM D. Gilman,
G. G. Powers, &C. G. Hammond,
". Clark, Clinton Briggs,
Jno Wilson, Nathan Mears, ~
George T. ABBEY, l. !. Mum, :: 4
r. D. Gray, CT, Wheeler, :" i
Nelson Taftle,. LIB Otis, +
: ", Blair, W. n. Ross, !
John TyrTell, w E. Dog:;ctt, |
D. B. Cooke, ). W. Cling,ilan,
". Z. McAllister, John Gould,
=. b. Hanna, Geo: 1. Flanders. /
Merrill Ladd, ESQ.,, wnl elected Secretary, i,
All the officers took the stand, after which the
Secretary read thsca1l for the meeting. =. |
On motion, F. D. Grsy, C! G. Wicker and" !!
Clinton Briggs were appoi9ted committees on
resolutions and rrRe'tsd s. following, which
~ wuan4s. In or4<+ to 7rst:t aor own interest,
as State, tho hnaAcie1 economy should b. euell
to plac- her On par with others, and whereas.
n ouF opinion the present monetary sFdsis n our
which discrin,inates against the interests of her
own citizens, In Its practical workings by giving
to- few irresponsilsh r. hanEes in mos1 % cases, re
pie arc compelled to pay for them, and submit to
Tho couressoa Of eyefy dolaz bf their surplus pE-
i've op Mill Goars @ IN ss
have increased to twelve mt1ffou duliaEs three mill
Ions Of the increase. being huE the present year's
WnEnEAs. From the nature Of tho evil. the com.
besr tue burden Of Is le2seeiated currency: And
css r he & Il
depends upon the stability Of the banking policy,
and sgcfnE the state 81 cur mon
badly executed systepl--thoush good upon Its face
and eommeadahle II spfritnnd, hsreas, it IL sus.
ject' to the abuses. Aforesaid, and our Supreme
Court havirg decided that the Iesi-1atuse ha. tue
power amend It, 1n airy wa;, fur the better car
t6ai 1csishioa can be obtained that viii The
views Of both bankers and pcuple and prevent auy
farther abuse Of the laws. Therefore 49,,
Important duty OF the LcstalatuEe At its coulit:
Ing law. a. will eventually make oar currency cred
table to us as State "a I'D a9endhtory 9sr a"s to
sssa as of "a IS d s Hsss'e
aS sss E. ss Sa sas
banks evidently located for the purpose of evndins
the conditions Of the law.
] Letolrfd, That 4 hw alau be passed requiring
the Bank Commissioners to proceed ut once, 10 put
any bank intn liquidation which fails 10 1e1srla
theiE hills A. requisedin the fureEnfnG fesolntios-
EttHrttf, That all hanks hereafter organized bo
required to deposit, ns <rcutty for the circulatiou
Of theis bill4 the stocks Ut thu State OF Illinois or
the United States.
| HesNr<I, That the Legislature pass law giving
power to any Nntary Public In TIE State to protest
any bill or bills isrued BY banks Of Illinois, ut any
| point In said State:
| to carry out the objects of these resolutions.
| Rttolrtd That We hereby nrse thu hearty CO.
operation of every legislative district in tho s,e
to eject through their Representatives the objects
| herein indicated.
Gen. r. X. Swift spoke from the gallery in
substance as follows:
He said it would be better, to print In tho
| morning papers the resolutions as offered At
this meeting, and let them be considered at
SONIC coming meeting. There Is less call for
haste than care and caution. 20 important arc
tho interests touched. The committee to
draft tho resolutions should be well chosen ;
the resolutions should be put where they may
be considered before they arc to be passed
upon.
The resolutions were then read siugly. The
first S passed without discussion 4 discus
sion arose Oh the second resolution As to the
pless nc .. spesSep aled that Chicago rnopiu bs
inserted instead Of Springfield
J. v. Farwcll sail the location at Chicago
would meet with opposition from the southern
| part OF the State- -..-...
lion at per cent was unjust; it should be III
gold.
n B. kiddcr explained At some length the
rule in other States, particularly New York
and urged the passage Of the resolution Iii
thought the great evils from our present chr
rency system might be amended gradually
WIN our: State longer sphnit to eurrenc,
t1at we cannot 70 to New York with. CA,
/ We not have currency to command. the re
spect Of the country as we'll as the specie O
the country? IIs liked the spirit ofth reso
luton. lis would move to add that the bank:
may redeem i'll drafts at one or one and one
currency to one+half per cent. OF gold aud III
shall not again witness what We did recently
seven banks discredited, representing two mil
lions of currency. LIT the law be amended
uere We have twcnty-tTo banks. on which I
call has been made, Of these, seven are discred
', classes. We may by: this amendment Of ou
,, | law have currency calculated to win Inspect
! lie urged that Chicago lad strong claims n
j tie point Of redemption.
/ Nj. King opposed the redemption in draft.
Judge Oils said the law only recognized coil
!. currency, hut there il . constitutional objec
tion to drafts as the basis Il is optional wit
; the debtor to receive drafts or bills. In oil
times the banking plan was that men .sto IA
,nonty to lend combined and started bank
Now it has CONC to pass that men .rto ,7a7s
oorTo1 etafI oank. ltaeefs.l seVenty.nE
: OF onF b2nkS nave no location or name. W
| take out Two ono dollar bllis, one IS locatea
Thebes, one at Sparta. No one brt an 1ilinoi
wlld-cat banker conlu answer tne q1esuo
c where Ihcbes anu sparta afe- AZ 70 pface
1 redemption, 1t should be put rs an a!tcrnat1!,
Springfield o. o. Chlc1so, as It may best please: a
| our sister states nave currency beGtcr ina
|. ours We must discuss this subject, urge III
i holding Of meetings through the country, an
;, create public opinion that will demand prof
- CT amendments TO the Law.
: Mr.. James Wadsworth commended that y
Il should do our work we'll. lie Thought .tt:
:, our currency should bc equal to gold. Cor
beef and pork in Illinois should command tt
= gold, as molasscs and sugar did in Lonisian
i Nc objected strongly to the one per cent. r
IL dcmptions:: -. ';
- Mr.. Hathaway made some strong poin1
- against onr banking law generally.
Gen, Swift 2ynin urged the necessity
another meeting, illustrating the iurortan
OF the subject by reference to the fact that f
forty years the wisest men in New York ar
, New England had used their best exerttous
IL perfect their banking systems, aud still th'
r were defective. he referred to the dtfHcn1ti
d which the managers Of tue hanks Of Fran
aud England experienced In times Of pan
and political excitement Everything he
{, should be done with great delibcration Al
care, :.
tr Gen. John Wilson next took the floor. ma
=