, 1861-06-10
rbiiffa|!Ig|ol= | !! Gributte
if:s CIV . = MONDAY, JUNE TO- *pso1
.THoEN UTs1 EN-. BANKS.
.-e[ - - -.~ Il -.

!, Now this action Of the Commissioners /
may not be contrary 10 law; II Is not an-
thorized by the law Obviously they take7
one view Of the proper method Of dealing |
with those banks, while .-~e take another:
Il Is competent for Us to show, We can,
that our view is the correct one, and it IS
competent for them, Or, Others, to chow,
that their 1iew is the correct one We
trust that We shall discuss this question,
50 important to every interest in Illinois,
in that spirit Of candor and courtesy
which will commend Itself to our valued
friends, tho Bank Commissioners Of our
State. We have remarked that We believe
The law provides neither for nor against
the form Of notification which the Com
miesioaers have chosen to serve on the
owners Of some forty banks which DO not
redeem: their circulation a& any p1ace under
the sun, and which are therefore essential
II Of the wildcat persuasion. Why then
is such notice substituted for: the legal
formr''' ''-' >''-'- % w.
We have heard two REASONS alleged for
this course. First, thst Illinois ia IN the
market for . million dollar loan, and If the
:, securities Of these baRfs, toonaiating partly
OF nlinoii bonds.l wars thrown upon the
market now, they would injure the credit
Of the State or at least diminish the
amount Of money which Treasurer. Butler
-:.1s ~+1,n.-.,,,o s.os 1s1a An 4AA u-e = hnnHo
). u this were financially true, (which We do
not believel it would only be 'trobbing Pc
ter to pay Paul" The bonds deposited to
secure the circulation of the banks, are just
as much the property of the people a
those authorized to be issued for war pnr- |
poses: # the alleged reason be true, as
financial fact it is equally true that the
throwing Of 4 million Of Illinois bonds up
un the market will dep1eciate the securi-
ties deposited 1t Springfield for the pro-
lection Of the bill-holder. The Bank Com
missioners are appointed toprotsct the bill
holders-not to protect Treasurer Butler,
on to car1y on war. And nc ask whether
the Commissioners are not putting wrong
estimate On the sagacity Of Wall street, IN
supposing thst these little matters can be
kept ecc1et when every broker in Chicago
Knows all about them, and advises his
New York correspondents every day Of
transactions affecting the value of secud-
ties Of all Hnds1 -,- D.
The sesond reason which has been made
known to US in explanation Of the policy
of the Commissioners is, that by throwing
the whole amount Of the banking securi-
tics upon the market at once, they would
entail unexampled depreciation and loss
upon the -bill-ho1dere, running down the
market to very low point etc It may
we'll be doubted BY one who sees the loss
eutai1ed upon all classes of the communi.
Is, as 1hey wander from one broker q office
Ito another in our streets. with their wretch
ed sllinplasters, whether the completf
winding up Of all.the banks in the mode
prescribed by law, would occasion any
,. greater suffering than the disgraceful and
shamb1iug system now in rogue in CLARK
street. But VIC insist that the Commis
sioners ought not to take theg7sve respon
siblity Of thus ttayersing the spirit (no'
the letter. Of the law. The spirit Of tn.
Inv is tie protection Of the bill-holders
The effect of the Commissioners action i
to protect the wild-eattera
1t ia readily perceived that the Conmia
sionera, In making their official call Of til
24th ult, selected generally the banks sc
cured almost exclusively by Souther'
bonds to be called upon, and thos
secured in like degree by Northel1
bonds excepted from the call Ther
are several exceptions to this 1n1e--th
Bank of Brooklyn, Bsnk Of Illinois, Ban
Of jackson County, Bond County Banl
Kankakee Bank. Marshall County Banl
Olympic Bank, and " Western Bank Of III
:. .uois, all Of which were omitted from II
call, having = majority Of Southern bond
So fa1 as the rule WINS adhered to, it doub
less seemed, 1T the time the call was mad
wise and proper policy. But what hi
been the resultf The compaTativel
W04AaAEee: 0S4AS a4c AAA1HA ASE1A W -
~. public to be realized upon, and the COX
ones arg Withheld. The suffering bi
holders are allowed to go to the Audit
ind take that which is good for ,nothi
but aEe refused the privilege Of taking tt
: :. from. which they could get back tn
= money! Is this Wiser Is it JUST
80. The subject ia by no means exhaust
: but We prefer to postpone its further ce
slderation to another time, The pla
English oft is that the people will tolers
no more " banking" in the s1oughs and /
files Of Egypt. They will tolerate no ns
=. currency which. Is NOT redeemed, free
cost, at a central point and whatever
forts are put forth BY this man or that N
to-, save his scha1ter"-whatever facilit
are afforded to this or that man By
Bank Commissioners, to enable him. to
+, so-win. all come to nought unless t
specie system Is practieed from day to
In The sight of the. people, aud where Il
can Ill realize its. benign effects. So Il
-sss vel have any influence with the farm
and mercantile community, it shall be e,
ted to put down and keep down the !
- nicious system which hiss ye1ed rs
long: :. -
r., ARMY f.nutrne4a