, 1861-03-21

day over u bill authorizing the Chicago and
Northwestern Railroad Company to form run- !
ming connections and consolidate with the |
Fort Howard and Appleton, the Green Bay
and Madison and other railroads. The bill !
had passed the Assembly, but Was earnestly /
opposed in The Senate, as involving the danger |
Of an oYershadowing monopoly. It was final |
ly referred to ! Committee.
It is currently reported that sundry honor |
able members Of the Legislature, when they !
voted for the Capitol Extension bill, expected !
to be treated to q grand supper, a magnificent !
party, or something Of that kind; but as they |
hare not yet been favored with tickets to any |
thing Of the sort, are disposed to make fuss, |
and in order to get up i basis Of "propitia-
tlon," begin to talk about removing the
Capitol" which has been standing threat
for years. The bill introduced on Saturday BY
a member from up north, Who voted for the
extension, is rich thing in the sweeping
character Of it's sections and the elegance Of its
style It says, "The Capitol {i.e. the building)
is hereby removed +" from Madison to b1ilwau-
kce; sail improvements or extensions now or
hereafter to be made, known as the extension
Of the State Capitol, is hereby null and void"
" Milwaukee is to grant suitable grounds, not
less than IS lots, with $4,000 to be expended
in the erection Of the CAPITOL" (Whi1h anoth-
er section had provided was to be moyed)
"within the year 1851" " All acts and parts
Of acts which now, by law, requiring the erec-
tion or extension Of the State Capitol at Madl-
red to the Dane and Milwaukee county dele
eations, who will, am afraid, make merry
over it.
Nj. Alex. Graham Of Jauesyi1le, On Saturday
introduced the bill Of which gave you the
principal points, the other day. L was ACCOM-
panied by an able report agreed to By all the
Committee on Banks and Banking.
The report sets forth that the business men
Of the State have been heavily bnFdened by
the high rates Of exchange on Eastern cities,
caused in great degree by the inconycrtible
character Of the currency Of the State, and
crlpp1iDg enterprise, and If not remedied, will
seriously lpjure every business man in tho
State" The committee think that no system
in any State has resulted in So little loss to the
bill holder, the bills Of all banks but one
which have been elosed during the last eight
years it has been in operation-having been
redeemed at par, and thnt the present diflcul-
ties would not exist hut for the deranged co.l-
dition OF national atlairs. Still they think the
law susceptible Of improvement. The report
proceeds:
It can not be doubted that IT all the circulation
OF the State was issued by Ranks located at points
accessible to the business who need exchange,
or if the same was promptly redeemed at some
| would rule at . fraction above psr,
That the bulk Of the currency Of the State is not
Issued at accessible points, and TINT 1t ts not
/ deemed on presentation, is well known. In truth
the banks Issuing most Of the circulation zur
poeely located at distant and inaccessible poiLts,
and an examination Of TIE late report Of TIE Bank
| Comptroller will show that the Banks which have
IN actual bona de capital and are located at busi
ncss points, and are engaged In Legitimate bank
iHg business, issue but very small part Of the cir
the circulation Is Issued by Banks inaccessible BY
railroads, andhayins actual capital and are do
ing no regular banking bustnes9- .-
10 illustrate All the banks In the city Of NIL
waukec had on the date Of the last report Of the
Bank Comptroller. circulation Of only eighty-six
while banks' located at the comparatively small
town of Eau Claire, Which is several miles from
| Any railroad, Issued circulation of IRE Aundttd
and tairtS-ss1 thousand seren hundred and sirtg-
Ia view Of theze facts, need any wondar at the
unconyertible character Of our currency. or the
enormously high rates of exchange. =
Yonr committee are unanimously Of the opinion
TINT the objects to be sought IN perfecting our
present inv, are 10 guard against the location OF
banks, and the iszning Of circulation where there
IL NJ, legitimate demand, and where a circulation
is not needed, aud also to require that every bank
shall possess such an amoEnt Of oona ftte capital
/ actually paid in to semain In the EeDE as shall
guarantee and secure Its abilly to redeem PFQEpt-
f whatever circulation 1t may issne. >,
In the next place, It is conceived BY your commit ~
culation Of the banhs Of the State shall be redeem
ed as SOME central commercial point or points, up
on snch conditions a. will neither opprets those
| desiring to convert the sAE9. nor no 60 burden
some to the banks as to prevent t&eiF issuing new
4 circulation.
bids The receiving or paying out By banks. or bro
! kcrs, or corporations OF bank notes which are moi
redeemed in New York or Boston, at = rate OF dis
cent Is M designed to prevent tic circulation of
} poorer currency than nuf. oEn.
Your committee conceive thai 1t Is actnally ne
cesslry, while labor}ug for the Issue Of good Enr
rency Ut home, that we should also legielate for t
exclusion Of nncurrcnt bank notes from abroad
OF else all cur efforts to secure the people Of th
State sound convertible currency will have beel
worse than useless.
In conclusion, your committee desire to say TIM
they have rurposely delayed sctlon on this impo1
der to watch the courec Of evcntr and. ifposeibe
fo,csce the effect our national difficulties ySoul!
have upon many OF the State stocks deposited Wit
rhcgComptroller to secure our circulating notes,
well as 10 know what action our sister State, I'LL
! | nois, wtsse qn94rrent money has done US r mo!
harm than all otle5 stases put together took
f Geosraphically and commercially considered
Illinois and Wisconsin aro similarly situated. Ag
stnrs sep The PnGp inIess gf no
the lake Shore not far distant from each other, th
L. ooia1afurn nj nue State necessarily effects yer
mafeTalIT the interests OF the other
c The la$ race44y passed By Illinois Will do uuc
to crEect the present ess 50 iar aa ne organiz!
tion Of new BANKS are eoneefnEa Ds5 ~ Telerene
10 banks now so-1, ~ + cancs w. ahnrt II ENr
no. @ nEs osanS demanied and viii do very little fs
,ic n9e1ent' At least, to Improve the character
!. tbsiF currency
Tho ,,,,;aot ;s t1,o enec,o1 order for this n
+ 4o.,.na s 49, '@NS 49, re- -
lea,iooa: III, ~. e,-o+ ar, of o,,r,,, ~,
I, mu w = Tx sgocisl 1 orJar for ThnTsS5o,
The a. nsnnr;te -, d Tennrt Of Col Fam; araint
+i,s XII ciaarlv shows thnt tha radical cf1onp
!ns ~ ea tb;ns Il fnvn,ras Is -rnn+rar1
n - - eea e'r,t - "a Tonatitnt;on which onyc
the 1enar1s ~ s,narrienrs Certain 1eg;s1at;y
= d ~ a.i,ar rsEherp1,aa ther ~ere imm
u a;s o~,.ea ',reeo,,+atras of t3,s torr.s of Tho
alate - s,1r.'ia hs ~ ~
: eount1ss'" nien ~ "oa " !hSo. ss ~ aaos
sioneTs: Thc CHIEF argument t9f fhe ehang n1g
Is tIt u Muu W. alest nbiact 81 <orerrnaent h1
roI er 10 " ~ ~. s,gHiaD tho r}ehts Of nersor
ra1ncr tne sscnraas ~, - -, ansat;o y ~ "
a few days ago took ride across the II
to the insane CA As! Il s;.h Il ho1roty eS =
- haat;n@4 ii1ht;nr, vertiiatfng. cookinr an
supplying water. Il is most admirably MA!
y aged by tie Superintendent, Dr.. P. Clemen
s. and his general assistant, Dr. John Fayill II
mi