, 1861-08-13
ILLINOIS BANKING.

whic1, ,ra teva 49, ."s 'st.s oanhlns. OF
weat f,na r. -. ~, ~ N'"opsEo w tne
with hrancbos ...1st .-..' Ainfte sapatal
s.,, a+.o~ 49,, OK uataany eesponeihte for
.a;+s en..sa, 1s.s,e. s6 10 LIE s1a'e STOCK sSste
1he 111ino1s ha;,t.a ~,
,o.,ss - a, so.saneu' toss pnnllc conf
s.,,,n......,. *@..~ =, sap.'0i' 1ne ID" H.
-s.-.N, ~ - :. *e -Aau uoVieetlonaole !; Tue mis-
e'tsa Was sn ~ Us aomlnlstfatfon- 1t has been
ne"lo aua' ~ ooes not Hstsef 20 much nat the
ia"H a.e, Us II ooes VINO administers them. At
some o'Ae. n@e We propose TO saoW the history Of
!, u !1ls s1ase, ana VINO are responsible for
11s Aosanset pe1Sessaons OF the Lev, which have
e@1ue1eo 'aaNefe u capital anu the people ont Of
sase f"nts VI money. .--
ouf onlee1 To-Day IL to call the public attention
TO MI eeammon's PROVISIONS In the Last amend
nent Of the Banking Law, that "no bank shan
heTtojkeT Tsce.rt 1Eos The deo5it Of bands, eircu-
td'sAghotes to d7 amount exceeding three TINES
us ona eas cash capital actually paid in,'' and
1nat no bank shall hereafter be organized in this
" State, nor shaA any more circulating notes be
aened to any bank in this State, un1ess said
"bauk shall have bona .fde cash capital of at
"1east twenty-five thousand dollars, actually paid
Sin, in good faith, 70. the purpose'of remaIn,no
uin such hank aa c.nfto1. .1d a. :. - -.
'clared that the bonds deposited with the An.
'sditor ehall not be considered ~ anv axfdanc,
.'of the existence Of capital in anv anch bant ~
association, nor Of the amount or extent AZ
s.such capital.'' Had these provisions been IN
tho old law, and riqtdv en- forced the nnh3ic con,5
not hare been swindled az thew faye heen 1,y +he
mere wildcat banks. The as3 ner cont of s,+na1
caeh should have saved the public fton, 1osa nm.
on the bonds, and maintained the nnh,,c c,ns-
denca. The State banka of Ohio and indiana have
authority to fssue three for one. and vghen 20
consider that the pnblfc hare m o+bo- -. 80
ther aceurity for the redenntton ~ AZ In. -.
theee State banks than The ,nntna] 1ah;,t., - ~
branches for each other IT. VIII hs rsaa; ~ sss
that tbe n,f~,,o s+oo1~ a,,.. w. oe isAous seen
te~sa 49,. go sssten'' properly aomsnis.
aS, ~'ss - ass1a3 ett':se' @ae od"Ss oao7'sd sad
mono9ta og dcsrM bankers, persons engaged in
The business, ike the owners Of the indiana and
1als 1890 u nusn SAFER TO the public, If
!efs p1ontapie to the owners Of banks, than the
~ Tbe ne Iranesas y. e.,1ss u. ulo or INDIANS.
H. na " s4ees slase oahka are owned IN
divfdual private ooncerns. as mucb densndant n5 W.
upon the Individual ~ t,,st-
Except the joint habiity,) as are the establish
ments of any private banker in This c,tv or 81
No. m.s.,,
Iheee remarks are not made in disparagemeut
OF the State Bank system But 1t In fair to state
aansd ,s 9 - apoa paone etocks, BY persons en-.
- .ssta'e uanAlng' with actual capital,
proitab1e to he bankc, ~ u1 suoagn nos 50
n nr,no,a ,rht,,, t. aass,: consequently any oank
- -u1oia "n-ei Ii secured upon Northern stocks,
and 1or the redemption Of whose circulation any
ness m,1es ssu =, N ene oanstng huat
~ .~ss $500. 14oe1 Aapie' - eaier TO the public
lnan au5 otnef oank. the banker hii. the bonds
ban1s ian 81, "a rt ~ 1sr esa.em' II the
.eA..3 - -. - sp 1ae .oAo"1ns letter from
N IN EMINENT a3anclef N NC" aork 20 the Hon. Vim.
In well vor+hyof 1nn.tderat;rr, ,S,,e %, auu
-rhst a ms - e'D'Aoetos1ol' "oaie II illustrates
"A0' MS sas' va,.z -
WE B. oaDEs, Esq-D<or 8r-rhe apranr-
ment of9 more important Organization than tf1e
Illinois baas1ng system has 60 ABSORBED nv
to almost anything else. Nevertheless. + Iii
briefly indtcate the plan which in my Judgment
5on5t ~ STATE ate, wants.
xae4ciol centrs, such as works 90 well thron oh the
8 SS5n6o4 Bqnk r. Boston, and the AetnopoIi7am Of
requisite drainage. 9~e't0 'ae
I'd. Require 4osthg, or at least fno1tllv. stata
rents to be published. These are fatal to shams
and! keep the banks under the best Of ali 1aws. =
we1iintormed public opinion.
The "Eeekly statements ~ Of the New York
city banks, enlighten1ng their managers and the
public, have sn1sed their average stock Of sDecie
trCm about !e5 Or eere4s millions to pzf7 t,gsnf,,
7ai!tons:
Sd. ALLOW only those bonds which have the most
uncha1geab1e market value to be taken as the
security for "cizculatfon-1'
4th: Let the redeeming bank at Chieago be the
dfpesato7y Of coin far al tie banks nf ctrcu{Qtio
tnusr ne supefrision Of the Bank Commissioners,
Sla' Lei LeTfeFcnte3 o. .De1053fe Of coin In the