The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1861-05-07
The Currency,

" tue Noi tlleSS lllluOlS dEu Wisconsin
banks, most of them having disposed of
their promises to pay at from % to 40
per cent. discount; and now that the
bankers and brokers have got the great
bulk of the trash in their safes, obtained
at this great discount, they have com
menced the other part of the usual game,
which is, to declare the money good
again, SO that they may send it forth once
more into the channels of trade at the
value Of its face, themselves pocketing
the amount of its former depreciation.
Annually we find this same game repeat
ed. The bills of these non specie paying
banks, of but little real value, are scat
tered proiusely over the whole country,
become almost the sole currency, go in
to the hands of every farmer, mechanic
and merchant, and then some banker,
ready for nice operation, throws out
the bills from his bank, the press pub
fishes the fact of the insuf1iciency of Sc
curities, and down 60 the bills to 90 or
40 or SO per cent. discount. At this de-
probation it comes back into the hands
of Mr.. Banker and his coadjutors, the
loss coming out of the pockets of the
people. Then, just as soon as the bank
er and his friends have secured almost
the entire circulation, they suddenly find
that the money is good, call a meeting,
resolve to take it at their own counters,
and of course to pay it out, and away it
goes again into circulation, until they get
clear of it, when they again discover its
worthlessness, and again fleece the pub
lie. A large number of the bankers of
Wisconsin and Illinois have declared du-
ring the past week, that they will take
certain of the deprecated bills as former
ly, for limited period. 1t is not pre-
tended that the makers Of these bills have
given additional security, have made the
bills, in fact, more valuable than at the
time Of their depreciation, that the notes
are redeemable in specie at their place of
issue. Nothing Of this is claimed. But
the currency is to be made good, just as
it was made bad, at the caprice, and by
the mere declaration of these bankers.
And when these sharks have again
gulled the people into accepting this
currency, and they have issued, at its
face, every dollar they have bought up
at 60 cents, they will again when they
conceive il be to their interest, play the
same nice game again upon the innocent
bill-holders.
The onl y way TO right this matter is
for the people to refuse peremptorily, to
take this trash. Just as long as it is in
circulation, just SO long will it keep out
all good currency. During the few weeks
that have interviewed since its deprecia-
ton, our own State notes have been, to a
considerable extent, brought into circu-
lation. Should it still be kept out, our
currency would become almost perfectly
reliable, and we should be without this
continual dread of loss through It's oper-
alton A few banks in Illinois and Wis
consin have good and sufficient security.
A list of of these we have already pub
Ilished. The remander-those made good
| by the ipSe dizt of a few bankers-should
not be touched. If they are, we shall
have, as formerly, scarce dollar of re-
liable money in circulation among us.
We hope, therefore, that the effort that
has been made, in this State, to drive
from our midst the notes Of these worth l.
less institutions, will not be relaxed, but
will be displayed more energetically
than ever. Our produce is needed, and
will command good money. 1t only
needs that farmers and merchants should
persist in demanding it.
We herewith give list of the Illinois
Banks that We're thrown out, but which
the bankers Of Chicago have determined
to take during the continuance of the war.
This limitation, our readers will see, is
very indefinite, aud the time for the sol
vency of the banks may at any time ex-
pire. We certainly think it would be
better for our people not to receive
them;
! Agricultural Bank, Alisana Bank
Bank Of Aldo, Bank of America
= Ashland, Benton,
Egn, 4" Genesco,
. Illinois, 4" Metropolis,
Z" Napierville, &" Ottumwa,
. Peru, Central Bank,
/ (bicopn Rank Commercial Ro al.