, 1861-11-02

The naakarx k.. zpoa = specie
R&&a4. ..
2ditora Chicago Tribune: !. -
Never did community Offer hetta1 exem. I
p1idcatIon Of the pro7efb thats whom tbe |
Soda wiah to dsatra7, they 1rst make mad,
Illinois nd HI fresa hsFe heaa :emlneatly
lna:bauf. Every Legitimate edoet to sstab-
Eaah Or naiataln = good coqyertih2A hsme cur
Fency has bean hownea down, md the collss-
qgenee b. bea, aud Is, that while ha;Ana,
ton n 9issoaii, IN MssourI tool tool m have t their
large banks, with branches, capable Of giving
N exp<n1ton to the currency, when needed
to move the c1ops OF the West, illinois has
been the thestrs upon which Foreigners and
sllsns ha4a, played their ,ptaaka' car<1psing
medium, and bringing destruction to every
hQstness interest.
We once had State Bank and branches,
which furnished 8 uniform and re1iahla cur
'1ency Ike that Of tha .state Bank Of Indiana.
In the panic Of 1851, and the disastrous times
.sncceeding, L enspenaed specie Payments, and
the lfgistat1fet became il would enable its
members md their friends, in consequence Of
the depreciation Of ita bills, to pay their debts
to Il, Eeizta its atseta md wound It up, the
State first Withdrawing Its boRas and getting
-lts capital returned, while the private stock
holders we're robbed By the Legislature Of
every dollar OF stock they put Into It.
. Teen came Wisconsin Fire Insurance Com
pany certificates, isaued BY foreign corpora
ton, owned BY an alien. and its Issues always
! st large discount. South Water street and
! the grain buyefa, aud the anti.bknk prees sus.
taired It, as the best circul latfon, until it drove
out Ill legal, Legitimate, or better currency.
4 general banking law was passed, repairing
actual eapitaz, and banka with actual capital,
| ieeuing sound specie clrcu1aaon vera estab.
1ished at Chicago, Springfield, Alton, GAena.
and other commercial points IN the Btase, and
Law Was passed By the Legislature excluding
all Illegal currency. But the friends Of a de-
gleGtated currency, 99der the g9ise Of Anti.
nifty for mlEchief pass, and put In clause de-
clar1nE that the capital thotld be in bonds and
thus thHarted the inteution Of the Law, and
rendered possible the establishment Of the
countless wildcat banks which hsve disgraced
cur State. But this alone MAS not enough.
The Law drove ont the alien Wisconsin Wild
cat, and it dropped down at Washington, and
commenced the Issue of worse shin plaster
under the name Of the BANK or AMERICA, and
the same time caused to be published IN the
Gago nrG s aPd I'd otheF ha the st
of America under the General Banking Lsw
of Illinois, with million Of dollars capital.
Meantime be did establish little S50, 900 bank
IN Cbicsgo Of the came name, as q cover to
this Warrington ehinplaster. Tho oct Of the
plsster, and forthwith the great Wild Cater
pests Of to Georgia aud buys the Atlanta
Bank, ard The Bank of the Interior, and puts
its circu1at1on atloat, advertising that he
wonld ueat it In Chicago, Ii all re-
fpests, e a. the currency Of the s!ate t.
Chicsgo. The work goes bravely On. South
Water street, the Board Of Trade, the grain
| merchants, take Georgia, aud it goes. East
| eln, 1udiana and Ohio bank notes go into the
| c1ice Of the Georgia banker, and aTe returned
tor redemption, while Georgia refgns triuIn-
Tom Cat must beget It's Kittens. The univer-
eel Law that like begets like must prevail, and
| shortly Mi1ledgV1j1e, Me1chant's Bank Of Ma.
ccD, Planters Bank, LaGrange, Dalton and
Cherokee Insurance Companies, all Of Geor.
eta, with several weak cousins from Tennessee,
banks, amounting to over million Of dollars,
redeenab1e in specie in Chicago, Springfield,
Altcn and Galena, are driven In, and Georgia
rules the field. The public haYe decided II
/ favor Of deprecisted currency, and their decfs
11n Ptsyails ;GF9t5sney mengsEs take tbs n hiat
which We know nothing, why not Illinois and
Indiana currency. based upon State stocks
Indiana aud Wluo1s ere flooded with
1n6lana free bank notes, issued with
ontEcspital They. depreciats SIS they have,
81 Ike notes have In Illinois, and the State q
the State Of Indiana. Its corporator1 vert
politicians, for the most part without credit
OF capital. and the bank was opposed for th3'
reAscn. But As such bank cannct live With
ont capital, the corporators were obliged tt
eell out to men who haa, and the Bank WAS
suecese, furnishing . Uniform and reliable eur
rency, with redemption IN cein easy Of access
and the Free Banks that remained were com
peled to come to time and furnish IN equally
reliable cutrency
| The Legislature Of this State, st lis last ses
uitte6, I'D not fa1 to improve tbe m genera
banking law. No bank can hereafter exis
without actual cath capits1, nor can the cir
cplatibp, no matter how many be deposlted
ever exceed three times its cash capital
This same Legislature passed banking Ian
which Is, in all Its essential PARTICULARS, oasei
+ upon the same general principles IS thst 0
1ndizra, and which hiss worked 80 successfully
in Indiana, Ohio and ether Western States
Parties interested in destroying houa cur
1eney, that they may introduce and encoursg
Of the ann bank feeling IL the community
growing out Of the failure Of Illinois wild-catt
!, misrepreeentipg this law snd exciting prejr
dice against 1t. The press has been used 70
: this purpose, aad the character OF the banl
> hss been made to suffer in consequence Of at
/
take the preliminary steps to set it in motto:
| as if the Bank Of the State Of 1ndiaua ta
+ not been set In motion BY irresponsible pa
ties, and demonstrated tbs fact that befora sn
) fuch bank viii go, 1t must hare actual bonaja
E eaEitdt and good manages
: The objections urged against this bill Al
t mere clap-tap, originating In rnlsconceptis
g or prejudice, OF in desire to auppresa it,
: order to leave the field open for ! foreign
T alien currency. The people Of Illinois hs,
y noW an opportunity to obtain a good BknkIr
4 Law upon q specie basis. It remains to
seen whether reason and sound Judgment,
prejudice and misrepresentation shall rule Il
= day.
+ The Union Bank csa only use its curren
legltimately. It can only take seven ,
Z cent interest; aud cannot loan It's capit
0 to brokers to be loaned 1t higher rate.
{. c&n aHord the necessary expansive cu1Ten
:. when needed to move the crops, retiring
= Wben 10 longer wanted. It IL exactly suit
= to the wants OF our State, aud, if adopts
r will furnish us as relisble = currency as t
= Bunk Of the State Of Indiana doez, unless t
" people ard capitalists of the Stxte of Hint
; sre inferior to our ne;gbors n honesty a
s, capacity. No HuNBUG