, 1860-12-24
Our Banks ar They Are, and NJ They
Ought To Be.


picture of 1t into plain English,
OF your readers, as basis of Judgment.
We take it for granted that the honest
ofthc country really need to see .
lew facts placed before them to enable them
10 pass such Judgment as will be heard In
our legislative halls upon the right side Of tile
question First the whole theory Of the Laws
covers only the point uf security to tho bQ1
holder. The promise to pay npou the lace Of
the bills Is falsc prctcuse, and was so intend
cd by tho trio who coneocted it. Secondly, |
3fatteson IL supposed to be the |
Jather Of It. The son and s7'irif, which com
posed tue diabolical trinity in It's perfection,
are bc' ind the scenes. Suffice 1t to say, they |
deceived tue people, and hence the origin Of
the bill Is well defined, whoever they mat be.
The original Law allowed = circulation eqsta' to |
Tie amount ef stoeks put up. at'circulation,
by the lcgerdcmain Of tho law, asas made to
pay for tho stocks, by being paid ont for the
turner's grain, which was sent to New York
for that purpose. Now ,rbo is tho lender Of
money in this case, the banker or the people:
TAe bunker makes DRAFT on the farmers
f,rana1y, In the shape Of his bills, and claims that
he is a public benelhctor; iwhllehc draws inter
est upon what lie owes), becaute he was allow
cd the proceeds Of the grains to secure the
debt, and supplied the country with sur
reucy.
n.nror. xrho ,rn ,co,t,r,,&c i1raw interest IN
' WV ~ o -a. ~ ..'..., -,~1., =.
what thfy tena. oufs' 1aof' " tnenl' o'u~
tercs On rhat th<y ouc, and twenty-five per
cent in addition; for large proportion Of the
49,. =. :. ,,>,,,. o;ab+, con+s and of
bohls a1e put up IT. uoo"+ e4s".' .e7' 49,.
course draw interest upon their face. II tae
stocls r1.nrain At the market value when put
=. 49,, -,,.o of+h, ;,,t.rost 1f thcr risr
nl's lucy ate su'e VI .uS t"Is
they have tho advantage u 1hat a1so' II tnes
fall 1,clow tlIot standard. the bill holder has
-, ra,radr ,,non ,hc banker in ninety casea in
" er ~. 49,. .... 49,,
Aundred-the u" "lnda up tne eonce1h' anu
after raying the cxpenBcs thereof, the bill
holder sets the balance, The risk is all on one
a. :. -, rx .tn n.t.. ,a
side, and the profit Is I'LL on the other, and
tile people bcin. much in the position
Of Il poor lndian, who had hunted with a white
! man, upon tile condition that they should d.
vide the game when the hunt was over. The
Indian killed turkey, the Wllts man killed
buzzaEd.-and the question arose now they
| should divide them. Inc white mah sald 70
| the Indian, "You take the tuzzartl, and will
take the turkey, or will take the turkey and
] you may take the buzza-d." Tic Indian re-
| marked that the English language must DC
| very bad, for It gave him the buzzIrd, which
ever way the division was made So our
Bank law compe1s the people to furnish ailth
capital, and l'ocAet ~ INC 1osses, Win no
share in the pfoats' inis may oc very pota-
table 10 the pubic. anu ante7saan9 10 inc panh'
erz, but to III outsider II LOOKS very much one
sided mus matters stooo, I'LL Inc laW was
amended, and the Banks were required to Pot
up 4 margin o. ~ per cent: aooEe tAGlE cneu'
latioo IN stocks, making thein lose ,na1 aa n1as-
| gin IN case OF dePrecn'tlon II stochs peo"
their circulation; and no" over rohe-haA ol our
currency ts thus secured;
Ihc TapiaHy WIN Nhlcn m1ney ~ oeen
made IN tns h1nu u oanhlls business. nas
had Inc effect 10 aosofn all the actlse capi!a u
the State, and, this tall, large snare o. ons
shipments OF pfounee; putung IL ..tl tn1o oaa''
bills I'LL Nc arc actuaily oset1uu "4tn cui
rency, which, IN the man, no one IS tcspohsi
bic for, and with nothing 10 represent II pn'
those stocks.
This is ! WFetched state OF things, a. oest
but with . panic, and depression IN stocks
commercial and all other interests arc mauc II
suffer horribly; SO much 90, that ]oopcfs ant
retailers OF the hrst class declare 1nat nnless
chanseis effected Tor tn: better; III l'aclng On ,
financial economy upon nfm basis, tnes I'll
1sayc The state.
We have long entes1aMea t9o opinion n:. lna
| LIE lncseat eesteut "utlu A@Ai ~ t.e L ~