Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1861-01-22

Of 80, 600 volumes. e''
The public spirited men who conceived
ana have carried ON the enterprise. have
rendered service for which they deserve
70 be held IN grateful remembrance by
ourselves and our pasterity. respectfully
Suggest the enactment Of law. requiring
the Secretary Of State to furnish 20 this
society, one hundred copies Of all docu.
ments printed By each General Assembly
LOT the purpose of exchange with other
societies for similar documents and other
valuable Earks.
SCIENTIFIC SURVEY.
work has recently been inaueurated
oy the leading nsturalists Of the State
which, y prospered. will doubtless prove
70 De OF great advantage 10 our educational
Interests. refer 20 the Scientific Survey
now gpiEg on under the direction OF the
Illinois Natural History Society. Large
coiiect'us 70 the various departments of
Natural History have been already made
within ynr State limits. These specimens
are now bell Z dep6Sited AM. carefu,lv A.
ranged in the Museum Of the State Normal
University. where they will serve for pur
poses Of education in that institution. and
viii also furnish. as the work goes on. new
sources OF useful knowledge to our citizens
| THE CURRENCY.
The subject Of the currncy, 90 deepIy
affecting all the channels Of business and
trade. is perhaps as difficult Of solution as
any which will come bef,re you. A large
majority ut the people are Unfamiliar with
the system and details Of banking. and
they place their confidence in the paper of
Banks frpm reliance upon the wisdom
and integrity Of their representative. in
surrounding it with such safeguards as
will insure its prompt REDEEM ption. All
classes have deep interest in the question.
what are they to receive for the products
OF their skill and Industry The question
Is not now whether it were better TO restore
10 SILVER and gold than to use representa-
i've values. The currency is in circulation.
Can any measure be adopted by this As
sembly which will, directly or Indirectly,
ward on those financial embarrassments.
or, at least, mitigate their influences? |
am aware that it is rroublous, and one
which has perplexed the ablest minds and
is doubtless fraught with difficulty in the
minds OF the most skillful financiers oe your
BODY That we are at the mercy of specu
ia;nrs' stock brokers and panic makers, and
subject 10 great losses by reason nf fiuctua
! past and present experience of the conn
try fully confirms.
can only suggest some measures which
| appear TO my mind worthy at your cnnsid
sration, and trust that the whole suhiect
VIII engage your attention, and that after
discussion of its merits, you nav wisely
adop; such q course as will correct the evils
from which we suffer.
| racopamanh
law, that banks should redeem their c,rcu
latio; at some central point. specified, for
instance, at such rate as will remunerate
them for the necessary expense incurred NV
this plan. What rate should be | am not
prepared to say. That this amendment
might temporarily disturb the value of the
circulation will readily be seen. in as
much as the practical effect would be %
bring all upon equal terms and those that
could not nor would not cumpIy, would
be necessarily discarded and put in LIQUID.
| alton.
The apprehension Of the forced sale of
securities woul1, for a time, disturb their
value, but apprehend that il would he a
! system OF pLrihcatiOD, and If it should re-
duee our twelve millions Of circulation yery
materially would not in the end be an oh
lection. Loss might, and probably would.
be incurred by bill holders to some extent.
but the question naturally arises whether
they shall lose something now and hereaf-
ter gain, or be constantly losing. l recon-.
mend also that securities hereafter 20 he
| deposited In trust for issues be restricted
to Illinois and United States bonds. At
an earlier date. many objections might
nave been urged against this provision bnt
now that our circulation is twelve millions:
few. 1 presume. will be disposed to com
plain, should this sum total increase for
years to cnme. As the value of the United
States securities has deprecated very ma
terialiy TOR the past few weeks, it might
he wise to restrict to Illinois bonds exclu-
siveiy; but we may reasonably hone that a
administration will place the government
debt upon such q basis as will command
the confidence of capital at home and
abroad. BY tbi. policy the bonds Of our
State would be absorbed for banking pur-
poses, and thus Withdrawn from market TO
considerable extent, and would conse-
queutly he less subject to rapid fluctuations
Of value. For additional protec tim to the
J public and bankers, a. we'll us for the salts
faction Of our State officers, | would aug
| gest the propriety of instituting a quarter
| ly or semi ANIMAL examinatio Of the bonds
which are deposited az securities for their
issues. As no one will question the iiteg
rity Of our present excellent Auditor and
Treasurer, and as / feel assured that such
examination would be cordially approved
by them, justice to demand no precaution
should be neglected to preserve intact these
securities. j would also recommend that
provi-ion be made against illegal transfers
or removals of bonds from the custody of
the State Treaseror. by the use of stamp
or seal or other indemnifcation which
would prevent their being negotiated.
Any imperfection in the law which pre-
vents creditors of banks, whether bill-hoI-
ders or creditors in any form, from recov-
erlng their just claims from the stoekhol-
ders, should be remedied, and the intent
of the law with regard to the personal La
bility of stockholders should be made
explicit and unequivocal. With regard to
the matter Of redemption, inasmuch a. all
representative muney il more or less valu-
able IN proportion to the expense of its
couvertibility, it becomes question Of
some Importance how much latitude should
be allowed for liberal dealing with the
banks. am not prepared to suggest rny
additional measure upon this point, but
should the Legislature, after full investl.
| CATION, find no constitutional objection tn
such change IN the existing law as would
compel redemption at some designated
| point, the measure proposed would, in my
Judgment. tend 70 relieve us from many Of
our endorsements. Any measure that
can be adopted improving the present law,
will be appreciated by the people.
Many radical changes might he made,
even to the adoption of an entirely new
system. Though question the propriety Of
such measures now. Too much Legislation
upon our banking law would perhaps be as
injurious as none, and in view Of the fact
that but small loss has, as yet, been sus-
tanned by the liquidation Of lllinois banks,
l am not disposed to sugges: too stringent
measures, being well assured that no legis
iaiion will eHectualIy prevent the evil
effects Of financial panics originating in