, 1861-08-12
.Gt,iraqo: Grit>usre

Chicago: Gribu1tt
MONDAY, AUGUST II. 1851.
THE aarKfNG Law. l.
T,,crs is a good d1al of public nllsapprc-
hens.ou concerning the provisions of the
new barking law on the subject Of central
1edcmpsior, which it is properto correct
The facts are these: All aeto hanks are re-
oui,ed to redeem their circulation in Chi
caeo Ct Springfield at rate Of discount
mol exceeding three-Eourths OF one per
cent, and after the first of January next at
3 rate not exceeding one-half per cent dis. |
COUNT. AL Old. banks, that is, al1 banks
which we're in operation before the pas
sage Of The set last winter, are allowed but
iof7equtred to adopt the practice Of cen
:,ral redemption, and all such banks are
allowed to increase their circulation
definitely by the deposit Of Illinois bonds
tpar, whether tho market value of said
bonds be IS or 100 or any other suppose.
bic figure, In point Of fact, the law is just
as favorable to the wild-catters and just as
.nfayorah!e to the public as it could be
nade. -:.' z. .~. t
There are shout tHo dozen banks which, |
:ot reasons that have already been stated, |
were zot called on by the Bank Commits
sione1s for additional security, and are
thtrefore maintaining q legal existenca
OF course the only ohjeet the owners could !
have in saving their charters Was the !
-cAanee Of putting out their circulation
again at par, after having bought it up at
ter, twenty or tlirty-fiye per cent' dis
count. Crhat ne may do no injustice, we t
will here state that the issues Of the Me-
ctanjcs' Bank Of Hardin, Calhoun county,
now being put forth in limited Quantities |
in this city, were never in circulation be-
fore; and hence were never the subjects Of
this reprehensible pracdce-were never
thrust upon the public at one hundred
, ctnts On the dollar and then bought back
at eighty or uinety) The law allows each
:one Of these two dozen institutions, most
ofwbich are located in the dark places Of
Eeypt and owned by nobody in particu-
lar, to ssresume business without redeem
ing IN Chicago or Springfield at all. OF
course all persons who take their notes
will do 80 at their own risk. The great
business Of moving the crops" is now
about being commenced, and he who can
more the egrestest quantity Of wheat with
the poorest assortment Of currency,
will be the best fellow. The
gold and silver which the wheat brings in
New York and liverpool must be trans.
muted into paper somehow before it
reaches the western farmer, and he who
can bring it down to the weakest decoc-
ton is the luckiest fnancier. We protest
agaiD, and we shall not cease to protest
sgainst the wiekedness which thus de-
prives the people of Illinois Of their honest
earnings. Ifwemust hare banks Of issue
five must bare paper currency, (there i;
no such thing as paper money let the peo
p!e insist that these banks be locatef
where their business is done. No mai
goes down to johnson county, Pop
county, White county, Saline county 0
Hamilton county to open q bank fl
any honest purpose. He goes there e.
press1y to avoid specie redemption. q
gees there for the purpose Of swindling th
public under the forms Of law. It is b1
aehort time since the remote county
Gallatln furnished more bank paper e
the people OF Illinois to do business vii
than all the towns and citica in the Sta
accessible by railroad. The odious Ia
tolerates these things, but it does not fe
low that the people should tolerate the
by again linking the shinplasters. It is
the province Of the farsners and merchau
to compel all makers Of currency In nline
to locate their banks at such places
Chicago, Joliet, Bloomington, spr;ngfe]
Peoria, Quincy, Rockford, Galena, Aurol
Ottawa, Galesburg, Decatur and Alta
instead Of Carmi Vienna. Galcont
Thsbes, Raleigh, Sparta and Equality.
is competent for the people to demand Il
these banks be located at places which c
be reached instead Of places which can1
be reached-at places where business
done instead Of places where no bus1n'
is DONE Such an anomaly as bank NJ
issues Of half million Of dollars in
hamlet Of dezen houses does not exist
tie civilized world outside Of Illinois a
Wisconsin, and in this respect Wiscon
is immeasurahly more civilized than
a1e. Il is merely system Of legal re-
d;ation.
Considering the difficulties which SIT
in the way of again putting these wild {
upon the farmers Of Illinois, some Of
owners will probably coquet little II
central redemption. The law says t
"may appoint an agent" to redeem Il
circulation ut Chicago OF Spring6
They may also seitAdraw their agent
soon as they get enough Of it out, and t
all hands may burrow in their hole
Carnni, Equality, Vienna, ETC., till the CT
Of doom. Very few of these Egyp
banks are owned by anybody who is
ling to have The fact Of his owner
Inown~ Hence the personal liabilit
the banker is the merest straw bail.
speak, Of course, only Of those who dt
the little good there is in the law By c
ing their banks to stand on the Audi
books, in the name Of Mre Harris, J
Doe OF Richard Roe; and it is facf,
known to the business community, tina
majority Of those located in inacces
quarters are owned, so far as any
,istilhy goes, ty purely mythical or
sronsible characters. The vice whic
;ects our banking law is SO deep-seate
thoroughly inbred, that no good can {
OF it unless tie people refuse to touch
nete OF a single bank located at an ina
s:ble place and unaccompanied by
s1rDsihle name. All Euch currency II
ffaud
THE s1NEWs OF WAH.
In war, if not in love, the longest
always carries the day. It is much
to enlist soldiers than it is to equiv
maintain them in the field. Great B
attained, and for the last century has
her prominent continental position