, 1861-11-04
The New NeA1le Law.


Ou my return this morning, notice in the
papers ssye1a articles On The bank law that b
to be passed upou by tho people Of Illinois
% Tuesday next
lido not thfnk they fair1y stata,the facts In
thatr objections to the bill; nor do think
the people Of the Stats Of Illinois desire to
eay, "Down with al BAnks,'' and let other
States fufntsh us with currency; nor do I
believe the people Of the State Of Illinois are
willing to ply 10 per cent on 1osns and dis
counts when they can Is we'll have the same
accommodations for Z per cent.
And this is one Of the points In the bank
law that has been seen by the knowing ones
that It takes ont 3 10 Of their profits aud leaves
nois. That IL the difficulty: the coveted
bonus Of 5 per cent. per annnm In the shape
Of per cent. In lieu Of z per cent:
The dispute. In the courts Of Ohio, men-
toned in the TRIBUNE OF this date, on the
subject Of taxes, does not figure at all In rea-
sons sgainet this bill but when all the truth
is told in that campaign, it shows thEt the
Ohio bank law (siml!ar to the one now sub.
mttted to the people Of Illinois, Was and is q
good sound law, standing the test of all the
brokers and high.rates- ofinterest men com
bined, employing runners, and sending to all
Of the banks their bills, demanding and get
the war to Indiana, and her banks stood 1t Us
well
This Bank Law now before us is the Indiana
Bank Law, and has all the principles of the
Ohio and Iowa laws. Now I ask in all fair.
Eess the people TO observe the following
Indians and Ohio, in 1850, and their different
results, showing IS follows, to Wit:
Illinois had her banks, that all the Jour.
na1s OF the State get forth as sound
ard reliable, with loans and discounts .
amounting 70: 0:-..-............,.- $3S7, ,229
Bills In circulation on.................. $751;
Indiana loans ard discounts ......... 7'765's61
Bhia Blts T. 1ae1s e1Ienlasten s5 s:oa. 2as
Bills IN circulation a .A............... 1888 $50
Ii the State Of Illinois, in 1850, had been
barking under the kame laws as The States OF
Ohio and Indiana, her l3ans and discounts
would probably have been 0.0O0, 900 and
her circulation less tnar 81 O00, 600, instead OF
COO, as it was under the stock system /;
ard her bill Of receivable would have car
ried Illinois banks through as successfully,
and maintained her credit, as was the case Of
the Ohio Indiana banks.
Let it be borne in mind that the people in
Ohio and Indiana had their loans at i per
ing 10 per cent, and finally had to bear the
loss upon deprecated stocks that stood be-
hind the currency. The defect in the Banking
Law Of Illinois was in the law itself and not
in the people.
I deny the allegations that the citizens Of
Illinois are not trustworthy, and have not the
ability to manage banks as well "a the citizens
Of Ohio and Indiana
I Bay more, that if tie Union Bank becomes
law, and the ten banks each severalIY elect
seven directors, and one ont of each seven se.
lected; aid the len directors SO chosen {repre.
senting the seventy directors) over different
sections Of the country, having met in gen.
eral board to decide upon the interest Of the
bank, it requires six Of them to vote for and
impose sWindle upon the people before a
wrong can be inflicted upon the bill.holder or
upon the person who has deposited money in
either Of the branch banks.
Nov cay in all cancor that this is a good
bank law, and should be ratified by the people.
It will have tendency to drive out the de-
preciated currency, and encourage reliable
sIecle paying currency of other States and
corporations to seek this field for circulation.
from the fact that it will not be at once picked
up aud sent home for redemption By an inie-
nor currency issued here. Another fact
should be borne in mind is that this contem-
plated Union Bank will not furnish one.half
the banking facilities needed. Thepopulation
Of this State is nearly 1one.half as large as
that OF New York, and her regular banks
have loans amounting to more lhan $500, ,O0O,-
GOO, and the trade or Iuiuois demands more
than $20,0C0,C00 to transact its Commercial
can be made in Cook county or in the city Of
Chicago, and all the moneyed men can be en-
gaged IN banking that desires, and Illinois
can furnish respectable portion OF the cur.
rency that she requires.
In conclusion, will say was not apprised
Of the Law or the bill until saw it under CON
eideration in the Legislature last winter, bat
when I saw the bill and read it, believed
then as do now, it is good bill, and that it
will practically work we'll ard give Illinois
good sound currency. If it passes and goes
into operation, exchange will never be over
4 per cent on New York. do not expect to
OWL dollar Of the stock Of the bank, nor do
expect to receive dollar benefit, other than
to get money as per cent instead Of ten per
ceht, and good money at that.
l see no chance for the commissioners to
control in the taking of the stock, and put
money in their pockets. The subscribers
must have the stock they aek for, and the
smaller ones have the preference, and chen
the stockholders control and the commission
ers' duty is at an end.
For one, see no mad dog, no wildcat. no
such hnmbug that epy-glass-Writers have dis
covered, and say, stand up like men and vote
for the Bank Law. CHARLES W4IKEp
Ch5eago, A00. /, ISL.