, 1861-05-20
Gbira9p G1ribtlte


-
7row1.v NAV eo 1871
--e.M1 ND---. ---
THK CURRENCY. |,
When our present banking system Was
adopted, almost the enti1e buslness Potnon
ofthe State were in favor OF tne laW' AZ
int an new opmmunftfess Illinois had I
beep the theatre: On which " Wild-cas
bankers had aeted, Rith, 10 them. the most
brilliant success; and everybody was de.
LIGHTED that We were % have @veaf
secured" currency. But either by OVER
sicht..or design On the ,patt, Of some:
shreWd OPERATORS some" serious 'oe'
fects relating to forcing the banks TO pay /
snec;e vera dgTcloped ii the workings OF
the law. These were remedied at the
next meeting Of the Legislature, and under
ths amen7ad. law. several of the banks
were wound up. But 1t Is now patent to
all men That there was another, and, as It
has proved, more serious defect There
ras no limit to the multiplication Of
tho banks, and their establishment
filling entirely into the hands Of
adycnturers and sharrers, who
could manage under the amended law to
nut up the ten per cent margin, the issues
Of our Illinois Banks 7ose to nearly thlz-
teen millions Of dollara Thus matters
st,od on the first Of November last
The interest Of parties establishing new
banks led them to select stocks that bore
The lowest price in the market, provided,
pn1v, that the interest WIS regularly PAID.
Tic lower the price at which the stocks
could be bought, the larger the returns up
on the investment Hence it was found
on examination that about eight and hall
millions of our currency was based on
these Southern stocks. SK mhnons oi
this currency were thrown out on tne nts1
of April, and an effort on me
mart Of our bankers and business men
was made to carry the balances as currency
ill the close Of the war. Our readers are
already fully informed as 10 the causes
which have forced the failure OF this well
meant, but as it has proved, impracticable
scheme. Nearly al our Illinois banks are
deo3 1,eyond fedcmption. All th2t is now
left. is for the Auditor 10 administer upon
their eff cts. divide the proceeds and bury
ttem out Of sight forever.
And now what is to be done in the new
,cra;t;on cf thinrs in which irexorab1e ne
cfss;tv ,5as placed us? First, and above all
let us give way 10 no unman]y 1epinings
so,3,n1c financial evils are upon us; bu
rag, and i; is to be hoped, permanent goot
nil, III. the result. For years past, Chca
co has bccn doing business upon 9 depre
c;at,d curre;,cv. For six months past, til
n,,ts;dc f1pr1res for New York exchangg
have been from Eve to thirty-6yc per cen
r,le tbo ,rcrare Mt fen Dcr cent, and o.
t1,c <,,,,rosi;;cn that four millions of cu1
,oro-, ;e constantly emp]oycd. and that
;s m,f,c "a do q business Of $4,000, 90
:, t1o course cf q ycar. a loss Of ten nc
80 '. .1,:. .,,,,, ST, oxc3,onc
cci'. 10 coh'el1 .ils sul. W.. inso ss S 49,
Nealo en'eons " nes 4 ..ND,',1-,, y. r -,,T,
Hence the business u 'ne et'y "ouie su-le
more IL d sapsle sea. ~ . oa.:,. s a,,,,r., =,
cent 1f:;]n II Neu4o ~ e'nN e9 et1'Ae i 80 - =,
y on WHICH u l. oo''o ~ LII 'o''s'-- ~ '1'''
N,csaa. :, .o-o,
Luz '4's = hot ~. ~ 1 u'n - - "eprs; 49,:
a'eo currency oute'o -'7, ~ ~, ~
c2sn' ee'o:iea tle N.'1 n41le ~ psi 5s.sos :. ~,
Hti"el' IL T. INV .o'1r w. .1.. wv ~ ais,
:''eu .al1ss' 49,. .,-;aa .:.aa ,,o-o @ 49, a.
n1'e ''>1hs .,..a .. i',.ss .saxa,'nnt, @ a-o :,
"neic; ''s 'uee - a>-s.s1 ', .uo,a - =, -
~ 's 7 - 1,,,.:,,asT ~,
nen.e d ,'' ] " 49, -a.a
ie1'nI,s 3 a:''a: ~ -. 81 ,,,,s;ness of t,,c =;
e. ~'' 5000 1o-;. ona Ch;co
" uone on .pes H;a;aa+a ~ sar - oos;t;o,
nou'u 49, w., .oo .a,-,-o+ n t1c Eest q
.1s sus"l ~ ~. ~ - .aao;o 1,,e;s rrin In +
,e.e...;eo1,1o arotnot;opc wb;
'4o ..~ .,sa A, 49,. eaw roors 1,oro cost
-,a -:1,;a,,s af ,,onov. and # ia n1a
t d....1--.--... $3.50 .,4 .1.es4: 4---,-- =
never cease till they stcrnly refuse all c
rcncy not readily convertible into specit
The evils under which We are suffer
are brought upon us in great measure
the traitors of the South. Is they are
scramble to the rebellion, and the vi
could not have forcscen them, We sho
hear them with becoming patience Il
could have believed q year ago that
nessec. Virginia and Missouri, with
madness of the suicide, would hayeplu
ell hcadlouu into rebellion
vara Bv 50 doing they b
1uouoht f1n absolute destruc
~ millions oY va1urs unon .,s: but t
condition is infinitely worse than ours.
,,,,,o,,. or,a +7,a;r ce1f:res
-., 49, -...,.. af.,'a wor15 oro a,eo :,
- ..oo.,. Eva -ro c,, retr;ava al
...ua ,',r+. :. w;,, no +ho rorh of a v
g. 49,. =, ,ooo,-o- a1a7 q
es.N,,a, ~ tha;- ro.1:1acc f,11v and wicked
49, ~ :" .@s 49,. .4,1.o .,'o,. -''"
~ ~. s ~ -,oa,., +,,o~of,ra FIR al
.,'s,s 49, r,- doe1onaancv and qlo
W.. -. :,