, 1861-11-01


our prejudice when ne ere called upon to
adopt or reject 4 System Of banking. The |
pIeeent general banking law has been tried, |
ana has proved total failure, for two reasons !
ono on account Of radical defects In the sys- |
ten iteeif-and these are shown to be Inherent |
in it by failures under It in all the States |
where It has been tried. The second cause Of
failure is-that men who wanted to boHoH
money, took hold Of it and organized banks
under Il as means Of borrowing, instead Of
capitalists who had money to invest. Such
adYentureIe would ruin any system. Now
our difference between the two Bystems Is
that to enable that moneyless class Of adVen.
turers TO organize banks under the new bank
law, there must be . common concert
before the public can be 60 imposed
upon and swindled by 8 worthless currency.
As NO currency can be issued unless ten
| branches are organized, and bali million
actually paid up, it will be difficult, If not I'M
| possible, to carry out q concerted conspiracy
against the public. Under the present system
| any single bank may act alone. The Mer-
chants, Association, after careful examination,
declare that the new Bank Law has sound
| principles as the foundation Of successful
system Of banking, aud :aa7sy excellent provis
ions
The objections enumerated and for which
they condemn 1t, are well taken. But We sub
init the following considerations why it should
be adopted So The basis OF syssczn Of 6dssktng- =
l
FIRST. It is useless to talk about getting
the Convention to adopt total prohibition.
That was tried in 1917 and failed, although It
had double the strength It now las.
: SECOND. Even adopted It could not exclude
the preant fully system already fred upon ats.
With all the amendments Of last session 1t il
i impossible to make HythiDg Of the systent IL
, self but total failure.
THRD. The system in the new Bank Law
has proved successful everywhere it has been
diana with all tie defects In the laW that are
p.inted cut BY the Merchonts' Association.
FOURTH. The principles Of mutual liability
in every br5nch for each and all the others, i
the ytry best principle for the protection q
:, bill holders ever adopted, and has everywhere
7, that 1t has been tried secured sound and con
r ve1tible currency, as Is shown In the Ohio
= indiana and Iowa paper now current among ua
FIFTH. AS We cannot, If we would, get iii
j. Of a barking system altogether, as our pres
!. banking law system is intrinsicslly the be-:
: ever tried, ne had better adopt it as an anti
J dcte to the one We have, and afterwards II
lie peal it's objectionable features, and engra1
u upon 1t others OF a saluta1J class.
q time Bills is IN the Indians law. It ought to
9 and may be Ecpealed-ard the provision i
l. the Ohio law requiring 80 per cent Of tt
Dr. amount OF circulation in specie In it's Vault
- at all timer, msy be engrafred into it. Th
T. Legtclature has The power to make all thef
n changes and amendments after banks are o
e. ganized under it. This power to issue po
II, notes, &c, has never been used IN Indiana-
:, eEvEHTH. The power to discount TT
IL and q half times the Paid up csp's,
and haf the amount 5 ,:a o, qsRoe1s5, = isz,
s, | more than that Is in the Ohio law. Notwit
ul standing all these powers here objected to
ck this law, and NIL those supposed defects to
.he found In the Ohio and Indiana lawe, yet t
] {enp hv n and a1p1nEA h
1eo been good aud convertible into gold.
me We would therefore suggest that it Wot
lat be wise under the circumstances by which
at arc surrounded, to3 adopt this new act as
8as basis Of trssem, and 60 On s;a anS perez e.
failure. The Commissioners haye no Po7
after the stock Is taken and Directors
elected Their powers are temporary, q
the limited to mere ministerial acts to organ
, of the banks In districts and receive eub8cl
~ tions and cause elections of directors.
nal The people should not allow themssi7ef
lpo- be deceived by hue ard cry Of lnteres
aer- bankers and sharpers. They had better
,1a- sure and watch carefully those who are I
0Aa1 ing this CRY Of mad deg snd stop thief.
,eri- They might perceive the bankers under
nty. present rotten system, and i kindred elias
+an- Outsiders, who are agents and interested,
straining every nerve and moving heaven
earth 10 introduce into circulation Caa
n,, money ant Eastern onls, US .ea naaef Ws
ago, serted for approval. II money is to
N at thrust in upon uR, iseued under 8
.asw bank laws In States and conntr1es-ah
ssn which We know, uothirg-ard oTc1 which
atton have no control Can we not have as goe
ieut currency made, here at home, urdef %
xard eystem, and one under our OWL control
,s,h,a where we can inquire and know all about
,e pa- interested appeals and miszepfesentati
The Newspapers are made to speak the 1ang1
onph Of these interested parties who desire to
every p1eciated paper.
reGt This Bank bill contains the best system
rar introduced iato this State, and the people
better adopt It for self protection. This
Is only allowed to Charge seven per cant
est. Theae very men are engaged in int
e anG cipg into circulation among us, Canada N
,,a Ia>akle in currency. Now when you have
'ao' 10 Montreal and presented your bill,
busl- Eind OF etumptsu Will be paid to us n q
ts arc ev7 Noeuch stumptM can eVez be man
Ohio 1Dred u1der this bill nor cAn such cur,
- cirt ulato se afnst It's bills. 4 DMEoTo1
noAl On one Of the b1ancAes Of the S,a:a Bank
81 a uAnR.