Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-02-27
Rrnnch Bank al McGSegor..GcneSal
KemaIkS.


Remarks.
We mentioned yesterday, in a para
graph in our State News items, that a
charter has been granted by the Direc
tors Of the State Bank, for the establish
ment Of Branch at McGregor.
The business community in that thriv-
ing town, have been, for some time, en-
deavoring to have Branch Bank es-
tablished there, but were defeated IN
the accomplishment Of their object ''h''i
the meeting OF the Board OF Directors
Of the mother Bank at Iowa City on the
10th inst. At this meeting the charter
was granted, and We presume the Nc
Greror Branch will 60 into operation
forthwith.
Previous to the granting OF the chart
or. two commissioners, appointed by the
mother bank, went 20 McGregor, as Is
the rule in such cases, and investigated
the condition of things in the proposed
Bank, and having found the prelimina-
ries, including t,centy:t fire thousand dol
lars in specie on hand, they made ia
vorable report, and so the charter was
granted.
We sincerely hope that the people OF
McGrcgor will find the institution ben
eft to them. This is Of course their
expectation. But We must state on be-
half of existing fscts and the interests
of truth, that if our McGregor friends
find, in the end, that that institution
proves beneficial to them, they will be
more highly favored than their fellow
countrymen elsewhere.
Our own belief, founded on the histo-
ny Of banking al over our country, leads
us to mistrust these rag money Banks.
They are, one and al, but specializing
concerns gotten up for private profit, and
what is their gain is somebody else's
loss. As a general thing, the people at
large arc the losers, though it always
happens that the hardworklng portion
Of the community suffer most.
Indeed, it is our firm conviction that
banking institutions, especially such al
we have in Iowa and other Western
States, will continue to be dangerous
and swiudling institutions until that hap
py period arrives, spoken Of in Holy
Writ, when ''the wolf shall dwell with
the Lamb, aud the leopard shall lie down
with the kid, and the calf and the young
lion and the failing together, and little
child shall lead them; and the cow and
the bear shall feed; their young ones
shall lie down together, and the lion
shall eat straw like the OK, and the suck
ling child shall play on the hole of the
asp, and the weancd child put his hand
on the cockatrice's den, and they shall
not hurt or destroy" Then, and moi
until then, will our rag money mile
prove beneficial institutions to the people
at large.
The rascalities already perpetrated in
some Of these State Bank Branches, ad
nonsh the people to look out for them
Even from Muscatine, town Of proven.
bal caution and prudence, voice comes
warning the people in relation to these
concerns. There, dishonest cashier
appropriated to his own use over thirty
thousand dollars of the stockLolder's
money, amounting to nearly all of the
stock paid in. And what has been done
so early at Muscatine can and may be
done in every Branch in the State.
In conclusion. We would say to the
people throughout the State, keep an eye
on these swindling concerns. Let nc
man trust them farther than he coulc
throw an elephant by the tail, which
would not be very great way. For
we verify believe that these Banks arc
destined to be the greatest curse thai
was ever inflicted upon our State.-Du-
duque Herald.