, 1861-11-16
A PERIL. KSGAPRn,

~ NAAAN %%AN P~otA~ VI iAC 1044 .G1EIlCE6
Of illinois were, q few weeks ago, engaged
in railing at the TRIBUNE for its course On
The Fremont quesuen-a course the neces-
sity and propriety Of which, will, in due
time, be fully vindicated-we were fight
ing battle in their behalf the importance
Of which they will probably never fully
comprehead.. We refer to the contest
over the "Banking Law with Specie
Basis" which was submitted to them
for their approval or rejection. We
knew the history Of the measure
its inception, its difficulties in
the Legislature, the means used to pass
it. the men whose bad contriyance it was,
the hopes Of i1l-gotten fortunes to be &C
qui1ed if it were approvsd-and re were
determined that, cost what It might, that
Law should not be saddled upon the people
Of Illinois for the en.ichi,!Z Of parcel Of
Spectators, at their expense, if our labor
could defeatit, We printed the Act entire,
and no other journal in the State did so;
and as soon as the text was before the pub.
ic, 80 that all readers could
verify our criticisms, we opened
our batteries upon the abomina-
1iou, and generously seconded by the
country press, succeeded IN killing it so
dead that it will never be galvanized into
life again. It's hide, eyen, is perforated
with SO many ahots fired from our rihed
guue, that 4he claTed animal is not worth
skinning. These who are interested in the
remains, can haul it of to some pit, cover
up the ca1case, and shed as many tears
over it as they please, while ne take credit
to ourselves and our colaborers for the neat
and expeditions manner ID which the de-
st1uction Of the monster was effected.
Meanwhile, we congratulate the people,
who have BY this time been sufficiently
plundeIed by "specie-paying banks" !" that
the cunnipgly devised plan for the organi-
lions Of an oyershadoWing institution with
power equal to thirty millions OF money,
il well managed, and an indefinite sum,
if co1ruptly administered, with its post
notes, with its issue of circulation upon
deposits, with it's lack Of guards in 1ela-
tion to specific amount Of specie always
to be on hand, with its lax and imperfect
clauses 1e1asive to the power Of compel
ling the bank to pay coin for its notes,
with it's batch Of branches and officers,
and with all its miscellaneous faults OF
emission and commission, has been put
cut Of the way.
We speak Of the matter now, not for the
purpose Of blowing our own horn, though
We might do that with great propriety,
but to call the attention of the people OF
tie State to the fact that the effort, 30 sue
ocssful IN the last Legislature, and, owing
to our 1abors, 80 abortive as soon as the
voters had chance to condemn il, will pro.
baby be renewed in thee Convention and IN,
less there is vigilance on the part OF theil
constituents, the delegates may he Ia.
enough in the discharge of their duties, tt
permit in the Constitution, to be framed
some clause out Of which will OF may
spriDg another creation not less dangerou!
than that law which we have JUS
aided IN killing of. We do not expec
that all Banking viii be inhibited. Op
posed, On theoretical grounds, to the man
ufacture Of paper money in this agricultu
raj country, we know that the people ar.
not as radical on that point as we are, ans
thas they will probably demand Of ths
Convention some authorization Of bank
OF issue under proper guards and regula
lions. Their will in the matter will b.
the controlling power. Our duties in tn
premises shall be to watch with keen e7.
The doings Of their servants, and to ute
the note Of warning when we have reason
to believe that the sovereignty ofthe Stat
il about to be prostituted to the furtheranc
Of the schemes that the wild-catters hav
in view. Let the people also be On tn
alert