, 1860-12-31
pArK1rt4 IN. ILLINOIs.
u How Shall yyo Secure sound, Me'
ltub1c ana Couvofa1plS Cu11eneys
~. ~ nrq{~rsa Nsy

Editor. Chicago Tribune:
The resolutions recently adopted at a
meeting Of citizens Of this city on tue
xrbtcct Of Illinois currency, cannot DC
as expressing my matnred public
rn,xtctions. They were adopted without full
.,;scrzs;on mi, sumo Of them amid obviously
conflicting Views. .,
This importar,t subject should be thorough
IL discussed With this view the writer de-
s;rcs to submit to your readers the following
remarks. hopiny if lie may not present, hc may
=. least elicit from others important facts anu
considerations.
Itsccus to be conceded that legislation
is isrequirci- We want currency that can oe eon'
vcrtcd into gold aud silver, OF thcr equs'a-
1ente at ,ar with cert1inty, 1roa":ness and con-
vea;ence. Our present system OF banking ms
.iycu US :, currency which nnnot DC converted
on any reasonable terms, and which, LOT lne
purposcs OF commerce, other than local ffaae,
in which it is to some extent still tolcrated,ls Ii
practically worthless. Wemust therefore come
20 one of the three following conc'Hsions:
!. Tic provisions Of our Banking system, II
ad,uuate, arc not applied aud enforced.
=. Tic systcm requires n'''ss' ''AA -
mud amendment, OF
=. ine "no'e - - ., .1,au hare ~,
ihcsc thscc Ffop'o'''eD0 Ill IN. M
casion, as We prosfess. ~ soA'
perhaps III '1c o'ue' s' ,1
It has been lhcme 'iuittu1 =, -n.,,;a,,t ]
experiment 10 oc'i'' 80. 49,, ~ ,no,,vcs If
syatc1u OF cSchau5e' 41 ,l.,.e. ~ :,
convenience but pefotls n'o1e s-:.- -.
scarcity Of the precious meta19-a ee1'e4', ~
Iays more felt in new than in old countries
.,u.,.;,1,3 fn- tho is.ne Of substitutes
o1asea nA'e co,,o,. ,1w,vs
Tor specie Ill tAe sna9c " p"i>A ..,.-,
aiming, however, to make tnc la&scF eon'ci.-
ibis iuo the fursuer with certainty, GU ce'naso'
~, ,..,n.r ,n,n.x which can be coll
| u E'"'. oo' ..:.,. .,,.;r,. oor,,;n.
vertcd into gull auu saScr WILL e"1tAs -.
| ty. ,,rou;,tuess aud couIenltncc, anu yet sup-
..,s,. t,, ,,,r,oscs or :, circulating medium, iB
se.'. a.:ps,,s. s o.t,;n,,,,. Tbc nat; Issuing
noI t4ae''~.''. 49,. -, ,.,,, i.snr
| .x,o,,,.r +,,,, tbc spccic has held
~ a.1o"nA ,. len. u,o,
fur redemption, of, that ne alas t7sae 4'
productive securities, As Na11onal' eAa'e "
a,,,o- h,,de NOR. or less variable iu value. or
ol ..,, ;.r,o 1,,t thcse induk clucuts
ae Will no1 lseoe' 49,, ,,r,mrt.
cr IF conversion To answer the purposes
ae'' - ,,.,:..,. ,,,,,,;,n, ,bc napcr money
ol c4fca1aeloo As'A1D' r., ,,.to,c..
must he CARRIED TO greater Ut asss
from the place Of redemption. 1Als 'Asa'n ~
c,,,. t.c Convenience OF conversion.
~ ...,...1. .,et,,, ,nnst rest largely upon
Tic wholc ssslen lao''
credit aud must be subject TO The uace' ''''4n'
o,,1.,,,,,ors ur credit, Hence, many
| +e7 an" AS'.' -+o.;,-. curre,cv NJ
wise men regard rel,ss'; ..,..;rnt Wrrt the
auaercntl; VICIOUS anu ~ 'Is.s. i'm, MI credit
connf1Gt "1aiu - ia questionable to say
bank hitls ancauuSu: ~ ,,H;tI its nrcsyut cxrs
he 'c:st ol II Nnc!uel M.s ,t,,u money.
siencc, It wonl4aslh a'n uaa o,rs ,1onc al,1n
don the use Of paper mon t,s, sys,.,,;tt;n.r to
fent!y vlcloEs. Nua's, 'ne. aoass:t. inv can She
It's use rs tc1n,.osass of;.;:r ,r,ncr rnoae1
I'!osiac ~! ts ,or,,;ntr 1,ro1uttllrss and con
I'ulcncc, aou Pfssiiatt i''t l frso,1c,,t and iutul
low!n:s, IRON II, o. 1Ale ~
er1tlc! ,,,- e,+;.c,ctorv an
10 arrive u aly.t::l. !, Is ,,rcrss,ry 10 OK
s"cr I" 'ncse 9"ss.'1 ~ ~. ~ ,n;nutr,css. the al
amlnS, Win i.9,~ .;aes ofthe various Banking SIS
saaE':ee Ia.a .9.':,aS ctotes
Thcsc are distinguished oE lne Aun1 y: ~ r -
ia!ion, whether SPECIAL Or SrneIa, ':''ue9 "!av @
thu ha:lks arc oE,llze 'a tms ~. n, ,i,c rat,,r
rity, whether wholly Tf'fatc, y! ~. a+.,;n .as
If public pletSc required lor snt seuc,1;"
,,f the bills. Private Banks may oe ''rsaulzc
Under general law, snt4 occ1's. .I -;+.ata H.nr
special charters, yrt in 1act lug p1Nate nanH
nt the country arc or.-anlzeu nuuef ~. go. aa
aud secured banks under rSencsa' 1a"s ~ ~.
therefore, with thIs explanation aa ~. ~
,urr.s&s Of this Discussion, NM fna,:cu11le'
| classify Them as Chartered md ffce ts1'ks.
The former system. is that Of ~" Ehsla"s
and it exists ID most Of tlle Middle, soinc
thc We=ter. and i'll all the soathes s'ni
Z The latter is the New York ess:o''1. az.
has been adopted with more or le:s lnonlac
lion. in alI the Northwestern ssa1cs' eScfl
g Michigan anil Iowa. For short, We may dcsl:
ua.c lie tws, svstcnls as the Aeu EHJldnd au
I Van York systems.
i Under tie E:r:ler system the Le9'siatu'
, sc?cialtv determined, from time to tillc' VIZ
= ;1ankin: capital is desirable, "ho snouit
| ,,crtn:tit.1 to organize hanks, and wae1c tae'
: hanEs s;,,1i he located.
Under the latter, it is in I great mcaSn
: .;i;hout restriction how many hanks sha'l
! organized. WIN sllall control them, "n
r amount OF hills they shall issnc, or where 4
- Banks be located; but IN alt these Pastsea.'
:. lies with those WHO may cnnose :" -, To...,
Ii themselves under tho PROVISIONS O: 5cne'
:ar. =, Dc cr.:liuc.
T. Uf4ler tho former ILLS arc lssucd Whol
D. upon Pirate responsibility: hut where well re
- u;ated, III, rigid restrictions. In Fermo
:" il take the sx.tcn If this State to illust1af
ar The CAPITAL lil1st al be paid in; tho Dirccte
". arc sworn aud tslcy nus: give bonts III
- amount equal to tic capitAi, tc tue s'tlst
u sion Of the Bank Commissioners, 1"f !nG 'a'
IN lul management OF Their tru~s. anu lhc
n. tcnptis'A 1t thrir b'ts. Sot nl",s; III A''i,u
W. than o,c.i;ftl Of the capital may be loaned
L. any one pariE, directly oF inasFccl's, not mt
m than flc'tcflth 10 all Inc D'rSe;os7' Hl IL,
stan unc-twcu.ieth tn any "nc liseetor-
I'll bills must be redeemed IN specie, on ae!'a
in md the hooks, papers, ami a'ss1s on lue nal
:a11st be 1t ell times nlrn to the inspection
~. tho Bank Commissioner. This officer i
OIL pointed annually by The ic:l.Aat':ic. II
,1- :1alc his duty tu frequently visit ALI exam
- Dlnks and to report ;i:'n'ial'S III ne1Al as
re- IL: condition oil each, anu he IS eiolnca
,c- NECESSARY power ~ administer oa'l's; ]eoc
..junctinns, &c. His sallry !: 1lScu ~
L".islaturc, t.u: raid hy She banks.
re Under the New lort> system. M'lS arc iss1
1nly upon thc pledges OF Hiarkcta'i!e Scc.sf
~ With some State Officers, and tins system
~ ..n!c ~ es7 .,'. ,.t;,,',,,;s;,',, a,,rs
m particulars. hut tue o'sttngues,l,? nHu1.
49, :hc security PLEDGED. Cnder hnth, the sto
IT. ;',lders may te. aud tn generally arr. n
to n sertnin extent, liable lot Tue reuc'nP1
II the bills. True, At various times Mhet :
.;:rity las bcca provided TOR n1iacr tne =
England rystcre New ork, anheI hcr
\. >ystcIi.. 111aue provision tu:u ~ p,Ne ~
", '. contribute to . agenrrJl fund for The rct!t
JILL tim OF the bills Ut broken 6ahhS. 4nls
yc, shown rs the Safety tMnu' system. !
or one time existed also In Vermont. lnls
mt OF security has not obsanei iasoe-.t i1so
ff,fi