Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1860-07-20
Meeting of Bankers.


the Preamble and Resolutions published
below were unanimously adopted. The
subject presented is one of general interest
to all classes not only for the reasons sta
ted In the proceedings but more especial
", If we do not mistake, because should
the Milwaukee banks succeed in their plans
and objects, the circulation of the country
banks must be thereby curtailed and mon
ey be made more scarce and the times thus
rendered harder Justice requires that
our own State institutions which pay a
tax into the State treasury, and incur 9TH
er expense, should have preference over
even equally solvent banks of other
States. As it is more than probable that
the banks represented at this meeting will
strictly carry out the plan they have adop-
ted and hence Illinois money fall below
par, it will become farmers and other class
es holding property to see that they do
not meet with loss by accepting the incur
rent funds of neighboring States The
following are the preamble and resolutions
referred to: Fl s @ Hs
g.. Whereas, The Bankers Association Of
Wisconsin did, on the 9TH of September
last, adopt the following preamble and res
olution, viz
=" Hhereos, The Banks of the State of
Illinois furnish currency which they do
not redeem, and which, by the laws of that
State, cannot, without much delay and ex-
pense, be converted into coin and, where
as the banks of this State furnish a cur
rency which they do redeem, and which,
by the laws of this State they are COM
PEELED to redeem in coin, on demand: and,
whereas, the banks of the State of ILL
nois have been, and are rapidly increasing
their circulation, while those of this State
have, during the past year, been steadily
reducing theirs )" therefore,
Resolved, That until the laws of Illinois
are so amended as to compel the Banks of
that State to redeem in coin, on demand
or until said banks establish some central
point for the redemption of their currency
In New York Exchange, or coin. at a rea-
sonable rate, the Banks of this State will
not receive Illinois currency except at
discount, and will not pay it out, directly
or indirectly, within this State-which
discount shall be one per cent, until the
10th inst, and after that date, at dis
count of three per cent, subject to any
change that the Directors of the Associa-
ton may recommend.
And whereas, by their recent action the
Milwaukee Banks have undertaken to re-
ceive and pay out Illinois currency at par
with Wisconsin currency, thus departing
from the letter and spirit of the above res
olution, without conference with the coun-
try Banks:
Reso7red, That in the opinion of this
Convention, this action of the Milwaukee
Banks was entirely uncalled for, impolite
and unjust to the country Banks of this
State, and calculated to work injury to the
business interests of our people, by intro
ducing poorer currency in the place of
better, by continuing the late high and OPP
pressive rates of exchange, and by tending
to compel the withdrawal of our own State
circulation, to make way for an unconvert-
ible foreign currency, and at the same time
further reduce the Banking capital, and
thus impair the revenues of the State.
Resolued, That the country Banks will
not lend their aid or influence to the cir
culation of the currency of the Banks of
Illinois, or any other State, which is not
convertible into coin or Eastern Exchange,
at reasonable rates, and that we shall ad-
here to the resolution adopted by the As
ISOLATION at Milwaukee, on the 7th Of Sep
tember last, and that we viii continue to
refuse to receive and pay out as currency
within this State, all such bank notes, un.
til they shall by law or some arrangement
on the part of the owners or agents, Be
made convertible on equal terms with the
circulation of this State.
Resolred, That the papers of the State
be requested to publish the foregoing pre-
amble and resolutions.
aasH The candidate of the Douglas wing
of the Democracy, for the Vice Presidency,
is prosecuting his canvass under many dis
advantages. His own neighbors repudiate
him and call him traitor to the party
The otherday he made speech at Macon
which was entirely unsatisfactory and met
with perfect storm Of Kisses. At its con-
clusion, the Ex-Governor had the pleasure
of seeing himself burnt in effgy, from the
windows of the hotel. r. ......
The Seceders have not the remotest
chance of carrying single Northern State,
and there is only one or two Southern
States that they can claim with any degree
of certainty.-Democrat
Please name the Southern State, or
Northern one either, that Douglas can car
ry. We know of gentlemen anxious to
back up their opinion that he will not get