, 1861-01-30
GbitaHuTtffb&1@e.
THK BANKING LAW.

WRpNEDAT+ JANUARY 30, 1851.
THK BANKING LAW. :: ri
Il Is much to a,e regretted that among
hiss who earnest , desire such a reform
of our banking Law IS will the most
speedily and the most edectually deliver
he :stste from 1he evils Of deprecated
md irresponsible cnHency, there should be
my serious misunderstanding, or any rsdt
cal d11tnce of opinion as 70 the policy to
be pursued. = We have thought, and We
still think, that. there is no occasion for di-
vided counseaas- that good understanding |
and IN +uahFokenf front ahon1 be preserved,
To The end that discerdant riews might be |
reconciled, and that tue opponents Of Z |
sound and readily. convertible currency |
might not be stimulated 10 redoubtc their |
activity: . It is not fo5f us to say who is to
blame for This lack Of harmony. 1t Is not
that, upon full Investigation, it
wo1ld turn out that the fault does not rest
entirely upon the shoulders Of either party.
But ae& all that pass We urge areconcilia-
tioa-a return 10 free and friendly inter
course, superiority to mere personal con-
and an abandonment Of all
pride Of opinion This is a matter ofpub-
lie soonoern, affecting every interest and
every class, and in it* ettlement au minor
considerations should be kept in the back
rruund.
Qrone thing on. Legisletors shonld he
fs9yr appraised. Tiz: that the, evils Of our
present currency system are fast becoming
intole1able to .the people ]; !; T That the Legis-
latu1e at its present session is confidently
expected to institute measurcsof radical re-
form; and that il it fails to do 80, the return
Gifts members to their outraged constituen.
cies viii be hailed with demonstrations Of
disappointment and Of unmistakable con-
domination. The bill now before the Legs
lature, known as the Merchants bill, ne be-
ne1e will, If adopted, entirely satisfy the
public expectation. We cordially approve
of it. leading atures-redempuon at the
counter in specie, at half per cent dis
count in Chicago or Springfield, and the IT,
stricton of all issues hereafter to basis Of
Illinois and United States stocks, We
are axare that among those really
desirous of reform, there are some
who think that the rate Of discount should
be ,greater than q half per cent-that the
passage Of such a provision would inevita-
bly, swamp the currency system of the State,
that every bank in Illinois would be COM
PEELED to 60 into Immediate liquidation,
and that the stocks On which their issues
are based would be knocked down to- a
mere nominal value, By forcing them all
upon the market at once We differ from
this view Of the subject, hut we do not
doubt the sincerity Of those who hold it
And here is occasion for friendly discussion,
for full and frank interchange Of views
among members ofthe Legislature and out
siders whq entertain these conflicting opin-
ions We helieve that in every material
point but this, there Is no lack Of harmony
among the friends Of reform. Let them ut
least try to harnonize upon this. Webeg
our friends and the friends Of sound cur
rency to stop their childish quarre1s at
spring6eld-to cease making faces and
calling each other names, and to bctake
themselves with earnestness to the work
before them. One half Of the session has
goneby without making any progress If
anything. is to be done at al, it must be
done at once
We repeat, that in our opinion the rate
Of ceutrA redemption ought not to be great
er than that specified in the Merchants
bill" We trust that all the Members from
this county will yet see their way clear to
give that feature their earnest support Il
they do not, then we hope that it may be
adopted without their votes. But it. after
every possible exertion shall have been
made, these hopes fail, then We would moi
advfsetsfie rejection Of q higher rate Of dis
count; # the Legislature utterly refuses to
establish the rate at half per cent, then
we would advise the acceptance Of five
eighths or Of three-fourtha Better that,
Thousand fold, than the present state oI
thingA Better even one per cent, if moth
ing else can be obtained, than to be left tc
the tender nercics Of the wildcats with.
out my shortening Of their claws or any
restraint upon their feline propcnsities We
close this article as we began 1t, with re.
gret:on account Of divided councils, and