The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1860-04-28
4 1s !

- -
CU1RENCY IN FEE NOAIn AHD s0uIn
4 Nsshins stsiko Southern uas-sspse
| iall1 ose from Nsv Orlsans-with NOR
)sar1eiss, 80 lirst Waiting thsereat, pssgrss
| sine a.dsealthy MoRshwssts Shan the NONE
tAsv and hankineF syssens ef tAat sectioa
h So snlighssnsd, sntsspsising and saksciou
il other sphessev i eleitss eur spssial won
| der that this people should saaosion sst
Il seaport . monstaSy system which bears up
% ito Face the badge Of fraud, and in il
character and s6eets beirays great lacl
Of iDtslligence, Of hnswlsdge Of the mos,
cemmon rules Of political and social scono.
my, AMI of the laws Of trade. While n mosi
other essentials Of high civilisation th<
tNerthwest viii oompase With any other SEQ
1 tioa Of our couatsy, in ito monetary and
| financial ideas and customs u can scarcely
BE- considered - Aaving emerged from the
oivilizsd stats. The whole ceantsy 10 flooded
with shinplasters put in circulation By dis
tant banks whose resources are aaknovn
TO those who have 70 uss them, and which in
meet easss have been sent . long distancs Cd,
70 prevent their coming back o. the hanks,
Vie majority Of which are mere bogus con-
Germs. This i true not only Of tho wildcat
banks Of the Wsst, but Of many in the Easa.
The very best Of than ont Of the great e,siss
| are unable 10 stand run, and b. the difra-
sion OF their paper through sseien whore
no other money exists, they prevent such
ran. Their notes pass from hand TO hand
with little attention or inquiry % 10 the r.
sponsibility Of the banks issuing them.
Now and then when in doubt, Bonk Nots
Reporter, which every dealer has to keep by
his side, 10 referred to, but even this proves
| . very uncertain guide. The bank may fail
after the Issue Of the edition Of the Reporter
which 10 referred to, and Il 10 hard to kssp
up with the new editions Of that vads nsscuns
These ehinplastsrs are usually for email
amounts from one dollar up and are printed
on bad paper, pusposcly to wear out ~ quick
coin, % that Is 10 estan . refreshing and
novel sight when gold or silver dollar turns
up in the course Of trade.
A contrast in this respect between the
North and South, is very striking and re-
markable. II shows that while in some
other spheres " have not kept pacs With
the enterprise Of the North, Ne have far sur.
passed it in the wisdom, efficacy, honesty
and correct ideas Of our monetary system.
Here alone does banking rest upon solid,
secure basis. Here alone ore shinplastsss
not only prohibited, but the very possession
of Thorn 10 rsproach and almost disgrace.
The man who would attempt to circulate
them would be arrested by the police Us q
suspicious character. Our bank notes, Of
which I've dollars is the smallest denomi.
nation, are occurred dollar for dollar, and
specie not only abounds, but ws have such
plethora Of il that the banks refuse to
receive it on deposit or in payment Of notes,
and the Custsm House declines to receive it
for duties. Gold, too, 10 equally aban.
dsnt.
A very amusing incident fell under our
observation some days ago, illustrative Of
thu different ideas Of bank responsibility,
which prevails in the Northwest and in the
South. A rather verdant individual had 70.
eeived in one Of the Northwestern States .
check on . New Orlsans bank, which, in
observa nce of very common caution, he
had taken care to have made payable in sps-
clio. On presenting his check, the specie
was quickly and gladly shoveled out to him;
but finding that it was larger amount than
he could conveniently "tote," he requested
permission to have it deposited, and to open
a deposit account with the bank. His at
tention was called to the notice, No specie
received on Deposit Our Northsrner was
perplexed, and as the hour for closing the
bank approached, found himself as much
encountered aud Inconvenience by pie
shora Of precious metals, AZ was Midns when
he obtained his fee for deciding musical sc,
to between two neurological rivals. Atls-t
in desperate agony Of anxiety, he asked.
swell, what do you take on deposit in the
'sre Bank?" "Gold, or City Bank notes."
Bank notes! Why, stranger, you must be
fooling. Bank note, in our country ain't
nothing long side Of silver" eyes," re-
piled tho cashier. shut here they nre worth
centage premium on SPECIE"
swell, then shel out your notes" replied
the behiyhted and desperate Westerner,
ssleaa tina nramium." He Was quickly ac-
and gathering up his notes,
departed greatly perplexed to know how
people living 70 near and having such init.
mato commercial and political relations,
could maintain system Of currency and bank
ing so dissimlar and opposite in their main
Features. Those dissimilari,ies are due to
lhs fact, which it is high time our Western
friends had begun to comprehend and profit
by--that in no part Of the Valley Of the Mis-.
'issippi arc the true principles and proper
Of banks understood, except
n this city and State.
1