, 1861-06-24

SEC. 5, artlcle two Of tie sct Of Febrnasv Is: Il
1861, provides that 1t ahall be the dnfv d
banks, except those In ChIcago and Spring
He'd, to redeem and pay On demand, ali circn;
!ating notes Issued BY such banks, presented
for redemption or payment At the office of is
sgent u the cities Of Chicago or Springfield,
| qus1tefs Of one per cant until JaauaFy, 1853.
| ter.
Waving all question as to the applicability
Of this law or that authorizing the 1epoeit Of
Illinois stocks at par, to banks already In er-
isfence, the Commissioners feel authorised, 80
iar - they have authority, to apply its princf-
pie to the present ofrcu1ation. This principla
ls discrimination In favor Of banks secured oY
Illinois stocks, who will enter into central rs.
dempt1on- While they have no authority to
determine the character Of stocks when they
are deposited, they have the power to ascef-
tain the value Of them while theY remain "a
security: In doing this, while striet regard regard to to
tie public interests should be observed, they
may In the exercise Of . reasonable discretion
discriminate In favor Of Northern and especial
u Illinois stocks In thchope, therefore, that
banks Whose circulation Is principally secured
by Ncrthern stocks Will Withdraw what South.
e1n stocks they hare with the Treasurer, and
substitute IN their pI1ce Northern stocks. and
make arrangements for central redemption :;
and TINT those whose circulation Is wholly Sc.
cured By Northern stocks will mske sucb ra.
demptons at an easly day, we have concluded
to walt until the 18th day of next month be-
fore making further calls. After that time,
calls will be made upon such banks as shall
rot accept these terms; and in fixing the NJ
ues Of stocks, In reference to further calls, ,the
actual market value will be adopted in cases
where the market value is below par.
Our bank laws heretofore have a{ned prIncl-
pally to provide for the ultimate redemption. OF
our circulation. hut the necessity which COM
las been overlooked. For Instance, bank
ncmiIally located at some remote aud undo
f,!aNe place, may have securities which might
be good: for the ultimate redemption OF its
issne, but having IN fact no place Of business,
the expenses and delays incident to protest,
would tPreyent its Immediate conEeftibi1ity,
ana consequently IL not worth what 1t cal, 8
Icf, end exchange upon it's Issue ia rpiuously
high. This is not an imaginary case, but it is
the history Of large majority of our presen.
banks To remedy this evil aad to put an end,
to some extent, to the mischief aud ruin and
outrages consequent upon it, the present pol
icy OF requiring banks to be . reality-to have
d place Of doing business and compel them to
rtdetm at commercial points on reasonable
terms, has been adopted. A convertible cIr-
cu'ation We need For want Of 1t the people
OF the s:ate ne now eutfering the loss Of seY-
tIdl uit1lUn5 OF Q0ilAf0, ana almost oil hp3t-
nese Is para1yz zcd, and 1t will be our policy, 80
ta. as the law haa given US power, 20 encour-
ageit
By section 81 Of the Law Of 1851, the Bank
Commissioners are authorised to e1auIue
ulder cath all officers and agents and Others
connected with the banks tonchlns the atfa:rs
and business Of such corporation, aad By the
act Of February = 1851, the commissioners
IRE provided with the N aans to execute that
power. Information touching SONS Of the
persons md their responsibilities who arc the
stockholders in these banks has been already
obtain ed, md at 3 proper time such e1aminar
tton will be commenced, unless reports to the
Auditor which nre required to be made Oh The
flrtt Of mkt month shall render fu.ther iu-
formation on this point unnecessary.
The quarterly examination Of the banks and
securities In the Auditor and Treasurer'5
tffice as contemplated By section 10, article 8,
Of the laW Of February II, 1861, ~ will be seen
By tie foregoing, has been commenced In the
TFeasurer's office, and IS coon rs the unprece-
dented amount Of business in their Offices
permits, the examination will be resumed in
the Treasurer's Office and continued to the
Auditors and completed. We take pleasure,
however IN being able to etate that the yau1:
In the Treasnrer,s office required BY section l,
Of article 8, Of the law OF February II, 1861,
has been completed, and that the bank secu.
rifles and treasures Of the State are properly
and securely kept ALLHy C. FULLER,
". h HEAyDox,
THoMAs QUICK,
Bank Commissioners,