Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-12-11

THE CuRREEoY-THE BUSINESS MEN OF
CHICAGO N CoSvENuoS.-A meeting Of the
business men of Chicago was held in that
city Friday night last, to take into consider
alton the measures necessary to reform the
vicious currency system Of the State of Illi-
nOis. The meeting was largely attended,
and was composed of the solid men Of Chi
cago. After the election of officers, Com
mittse on resolutions was appointed. The
Committee reported the following resOlu-
tions, which were adopted
Whereas, In order TO protect our own in
terests as a State, the financial economy
should be such as to place her on q par with
others, and whereas, in our opinion the pres
ent monetary crisis in our State is the direct
result Of our banking system, which discrim
mates against the interests Of her own citiz
ems in lis practical workings, by giving to q
few irresponsible bankers Gin most casesl the
interest upon Sl5, 5000 900 Of stocks, while
the people are com PEELED to pay for them,
and submit TO the conversion of every doll
lar of their surplus products into bank bills,
with no other basis but those stocks, till from
five million dollars in 1857, they have in
creased to twelve million dollars, three mil
Hons OF tue lucEEha6 pel1R lfOLu Nae present
years surplus crop, And
Whereas, From the nature Of the evil, the
commercial interests Of the State are com
PEELED 70 bear the burden Of its deprecated
currency. And
Whereas, The protection Of commercial
interests is the foundation Of all State pro-
gress which depends upon the stability Of
the banking policy, and seeing in the pres
ent deranged state Of our monetary afairs,
the evidence Of a loosely drawn and badly
executed system-though good upon its face
and commendable in spirit-and, whereas,
il is subject to the abuses aforesaid, and our
Supreme Court having decided that the Leg
isiature has the power to amend it, in any
way, for the better carrying out Of its in
terest and spirit, and believing that legisla-
tion can be obtained that will meet the
views Of both bankers and people and pre-
vent any further abuse Of thelaws. There
fore
ResoiUed, That we deem it the frst and
most important duty Of the Legislature ct
its coming session, to pass such amendatory
acts to our banking law, as will eventually
make our currency creditable to Us as State,
said amendatory laws TO take effect on or
before July lst, 1851.
Resolved, That in our opinion such enact
ments should make Chicago or Springfield
the points Of redemption for banks in the
State, at a rate Of discount not exceeding one
per cent. for gold, and that legislation should
be had, discriminating against banks evil
IDENTIFY located for the purpose of eYading the
conditions of the law.
Resolved, That a law also be passed re-
quiring the Bank Commissioners to proceed
at once TO put any bank into liquidation
which fails to redeem their bills as required
in the foregoing resolutions.
RESOLVED, That all banks hereafter or
ganiEed be required to deposit, as security
for the circulation Of their bills, the stocks Of
the State Of Illinois or the United States.
ResoLUed, That the Legislature pass law
giving power to any Notary Public in the
State TO protest any bill or bills issued by
banks Of Illinois, at any point in said State.
Resolved, That committee of FIVE be ap-
pointed to carry out the object Of these reso-
lutIons.
Resoived, That we hereby urg, the hearty
cooperation Of every legislative district in
the State, to effect through their representa-
tives the objects herein indicated.
Many prominent gentlemen addressed the
meeting, showing the rottenness Of the
bgnking system of the State, and calling for
an eradication of the evils surrounding it BY
Legislation. But while many urged radical
measures, which if passed by the Legisla-
ture would destroy the banks entirely, the
conservative element, which was in favor Of
retaining what was good and effectually pro-
viding against the abuses which have fasten-
ed themselves upon the banking system Of
the State, were largely in the majority.