The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1861-06-29
Illinois Banks

Illinois Banks.
The Bank Commissioners of the State
had . meeting on the Goth inst, TO make
up . report upon the Illinois banks, the
following banks were called upon for ad-
ditional securities, June 9Th:
American Bank, Bank of Brooklyn,
Bank of Commerce, Bank of Illinois, Bank
Of jackson County, Bank of Sparta, Bond
County Bank, Columbian Bank, Fulton
Bank, Illinois Central Bank, Illinois River
Bank, Illinois State Security Bank, Kan
kakee Rank, Lake Michigan Bak, Mar
shall County Bank, Ohio River Bank,
Olympic Bank, Planet Bank, PATRIOTIC
Bank, State Stock Bank, United
Stock Bank, Wheat Growers Ban
ern Bank
OF these the Bank of Sparta alone, has
answered the call by putting up sufficient
securities to cover her circulation.
The following II banks are not under
aay call, their securities being sufficient
to cover their circulation:
Alton Bank, Bank of America, Bank of
Bloomington, Bank of Indemnify, City
Bank Of Ottawa, Cumberland County Bank,
Tinkham d Cos Bank, Highland Bank,
International Bank, Mahaiwe Bank Ma
rine Bank, Mclean County Bank, Me-
canics' Bank, Merchants Bank, Pittsfsld
Bank, Reapsrs' Bank: Union Bank.
The notes of the following banks, in
voluntary liquidation, are redeemed by
the auditor in gold:
Bank of America, (Chicago,) Bank of
Northern Illinois, Bank of Ottawa, Bank
Ottawa, Bank OF Peru, Chicago Bank Ex-
change Bank Of Tucker, Kane County
Bank.
AL other Banks, not on the above list,
have forfeited their banking privileges by
being called upon for securities and fail
lag to respond, and are liable to be forced
into liquidation.
1t may be worth while for our readers
to note the above. The securities of the
banks on the first list given above, are On
an average about l3 per cent short of
covering their circulation. The bankers
and brokers shave them about 40 per
cert!
The bills of the banks on the second
list, (Alton Bank, &c } are, in the estima-
ton of the bank commissioners, not only
abundantly secured, but with a margin of
10 per cent Yet the bankers and brokers
shave these bills from Is to 40 per cent
While some small brokers have even the
face to shave the bills Of some of the banks
in liquidation on the last list, which are
redeemed by the auditor in gold
The Morrill, Tariff.
One of the first acts of Congress, to meet
| in July, should be the repeal Of the Nor
rill tariff The Northwest, in particular,
should insist on this. The balance of
trade, the commercial press of New York
informs US, is largely in favor Of this
country. Exchange on London is two per
cent. in our favor. England and France
are sending gold to this country to pay for
grain. Why il this? Because, on account
of the Morrill, tariff bill, England can no
longer sell her wooden and cotton goods in
this market, but must pay for what she buys
of us in gold. Now gold compared with
goods is always high priced. If England
could pay us in manufactures for our grain,
she could afford to pay higher price, be-
cause she would have heavy profit on
her goods There is no profit on the gold
she exports. 1t is easy to see, by consid
srations like these, how the grain mark ct
in the Northwest is affected by this Nor
rill embargo on the British trade with this
country.
! There can never be profitable trade
between two countries where one sells
produce or manufactures, and the other
can pay only in coin. The Northwest dc
! r."a. rOs nrsn prices OF graiu exclusively
on the British market Cut off this mar.
ket, or hamper it as the Morrill, tariff
does, and our grain becomes drug. Its
| folly to say, the war is the cause of the
present low prices Of grain. There are as
many mouths to feed in this country 10
day as thore were five years ago, and the
production is, in proportion 10 population
no greater The tendency OF war is ever
TO raise rather than to depress the price
Of produce of the soil. Depend upon it, il
is the violent interference with trade by
the infamous Morrill, tariff and not the
war, that is now beegsring the farmers o.
the Northwest
| SCREW IoosE-There Is a difference he