Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1861-10-29
Hanks and T,anl1Ing.

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From our earliest Acquaintance with po-
litieal matters, until the present moment,
wo have regarded the whole paper money
system as wrong ard on all proper occa-
sions have denounced it as SUCH Our votes
have always been cast against banks and
banking laws and the party with which
welfare the privilege ofmemberatiip claims
opposition - banks as ono of its cardinal
virtues. The fiapder of the party. Thomas
Jefferson, as Wen as all its eminent men.
Including Jackson, and Benton, and Doug.
las, warned the people of the errors and
dangers Of a paper money currency. And
Fortunate would il have been for the conn
try and the prosperity Of the people had
their wise eQ6nseis been needed.
Our primary grounds of Opposition to
banks are.that they are species Of mon
opoly and that they do not afford adequate
security TO the community to protect the
.Peopls from less byiguorant and fraud.
ulant mar agemept.
Ia the Fret place, bank charter or a
| leeisiatisef enactment authorizing the nr-
gapization of ass6ciationsor companies for
the issuing qf P-per promises to pay, is a
grant OF power at variance With the funda
mental doctrine Of Democracy and equal
rights, which no argnmeu, or necessity can
excuse. 1900 4-l-.
! The effects Of a bank upon any commit
nifty are easily traced Let us in,agine a
little Knot of speculators to have possessed
themselves, By certain acts of political
management and bribery, Of a bank char
| ter and let MS suppose them commencing
! operations Gpder their corporate privileges
They it up magnificent office. furnish i
with costly fixtures, safes and all the para,
phernalIs usually found in such insti.u-
| TONS. They then secure fine printed notes
and begin lending their credit. In nine
cases out Of ten bankers possess no rea
capital, and where they do, their credit il
loaned 10 tarics and sometimes to ten times
the amount of their actual capital. After
bank. organized and managed aceordin,
to the most approved system, shall have 60
fairly under way. if commercial business j
active and the demand for mopey urgent
care Is taken to put as many notes in cir
eulation as possible; AS long az the dslu
sion Gamble keptup, all does very we'll, an,
and immense profits are realized. Every
thing seems TO flourish for a season, be
when pay day comes-when people deman,
money instead Of pnper promises, a sudden
check is given to the seeming prosperity
The bank is forced to close its doors an,
ruin and bankruptcy falls upon Thousand
By the re action in business and by beinj
caught with mere worthless and broker
promises to pay instead Of gold or silver.
Furthermore, we have ever contendet
that the inevitable tendency Of pape
money issues Is to create artificial Unequal
tiles and distinctions in society, and to en.
able the Intoleut and the dishonest to de-
fraud labor out of its just rights. The bis
terry of the past few years has establishes
this beyond o doubt In this State alon
millions have beeu flched from the poor la
boring men Jy means of these paper money
swiudliug eoncerns.
And as tho people will be called upon t.
vote for or against the banking bill pro-
posed by cur last Legislature, on mex
Tuesday, we trust that they will give it s
/ quietus. In consideration of the fact tia
we are soon to have convention to fran,
( a new constitution, let the vote against tn,
bank law On Tuesday tell wi.h effect upor
that body when it meets.
It's source Of aipcers pleasure to u
to perceive that the attanfi Of the people
is beginning to he seriously awakened CT
the bank question. and we hope that they
will wipe the s~ indling concern out of ex
'istepca The opportunity for this ID nov
offered We trust that they viii breast III,
storm as becomes true men, and crush the
1 system that has brought such terrible fnan
cial calami,ies upon our State.