, 1861-11-02

Ii IS asserted by the friends Of the Union
Ea1k Law that the clause authorizing the
issue Of post notes is in the Indiana law,
and yet no harm has resulted from 1.-THE
post notes are never issued and never seen.
This is true, but there is q very good rea-
sou shy they are moi issued in Indiana
1cason which does not exist in Illinois.
The Constitution Of Indiana prohibits the
issue Of such notes; the Constitution Of
Illinois does not. Article KI., section Of
ibe Indiana Constitution says:
"Ai1 bills or rotes ieEued rs money, fhall be at
eH;t5mes, redeeuah'e in gold or eilver.''
There is no similar provision in the Con
stitution Of this State, and therefore there
is no VT o prevent the issue Of vast
numherc- X notes "payable ut a future
period and not on demand" in case the
saw sha]l he ratified by the people next
Tuesday. It is plain that the post note
clause crept into the Indiana law by acci-
ttnt, because it is not to be supposed that
tl,iler Ire legislature OF the Bank would
knowingly fly directly in the face Of the
EA11N 4AH. ~ A1IGe AAALt LIZ
l:lI1ois law by accident also, but VIC have
10 protection against the evil consequences
I'll the accident, such as exists in Indiana.
We give place this morning to anotb-
Ct argument in favor OF the proposed Law.
Tic reader will perceive that it is mainly
devoted to q eastigation Of foreign shin
ylalters-to all Of which Te say amen.
Orc 81 two errors of fact, We think, are
committed, but they are not essential. We
lgl:eyc, for instance, that it. is not true
That the issues Of the Wisconsin Marine
AID Fire Insurance Company were al
ways at large discount" That is irrelev-
ant, howegcr; the system was wrong, and
II might easily be shown that the varlous
shipplasters manufactu reed by George
Smith, more than any other agency tangh!
1he Western people to believe that they
could not get along without shinplaster
Of one kind OF another. It was that, nor
than any other thing, which taught us t
believe the strange he1esy that it is neces
sary to print vast number Of bank note
every fall to "move the crops "a heres
which eeems to beset our correspondent
He calls it expanding tic currency, al
sreaks of it's benefcent results to the cou1
Try as though the crops would decay o
OUR farms, unless We have q big bank somF
where in tie neighborhood to give them
hoist. The fact is, if the farmers Of th
Northwest should demand rubies for the
products they could sc. them The bus
less Of bank, in the premises, is simpl
10 transmute the gold, which is paid
New York and Liverpool for our grain al
provisions, into pocket engravings signt
ly President and Cashier.
Our correspondent says that the obje
liens urged against this bill are mere ella
trap" Is the objection to the clause a
I 1ho,izirg the issue Of post~notes me
1 clap-trap? Is the objection arising tro
. zhe fact that the bank is not required
= lzeep any specie, mere clap-trap? Is t
Il t1Jcc:ien to the clause authorizing
Il counts to the amount Of twice the capi
Il and la1f the deposits, mere clap-tra
81 TLere is another objection, and that
f that in tines Of war and panic and pull
& danger, it is peculiarly hazardous to TIM
e lie currency, to multiply bank issues,
# L. place tie business Of the country on s
q 1l;nn.r subs.1atum Of specie than it n
I'll }ias? Is this also mere clap-trap?