, 1861-06-05
Gilitaq} Ctibutte
WEDNESDAY, JUNE i, 1861
TIE 0THEI1 RANKS.

TIE QTHEN UANAh
The Bank Commissioners OF AtaoS
meet at Springfield Today to take achon
IN reference to forty odd banks whose Sc
cu1ities arc deficient and whose eucula-
t;on ia more or less deprecated. 4 recent
number Of the State Journal says:
aye understand It has been broadly hinted to
.hc chiccrs Of large number OF other banks,
Who.c potes arc uncurrcnt, that unless speedy
mrasrres arc adopted by them to make good the0
rccn1itice anethtr cal win be got up for their e.
pecial benefit
We presume the Journal speaks Ct ea1ae-
dra, and we are glad to perceive that there
is disposition on the part OF the comnls-
sioners to treat all banks alike, and thereby
to do Justice to tho bil1~holders and the
public
Tie reasons why the banks referred to
should be called upon to make good their
securities Ut once, are obvious and over
whelning. Until such call is made no one
but the owners Of The banks cen get hold
Of the bonds by returning the notes to the
Auditors office. Thus premium is Of
tered to the bankers 10 deprcciate their
own currency and bs,y it up for the pur-
pose either of taking up the bonds, or can
ceiling the circulation at tie erpensc cf tho
1,u1lic, in order to bring the securities up to
par and thereby save the charters Tor q
new litter Of "cats" ut some future period
I, is plain that so long rs the whole busi-
rcss community are denied the privilege
OF asserting and retiring the circulation Of
any particular bank whose notes are not
fully secured, they must fal1 in the market
to much lower standard than their in
trinsic value. Nobody will buy them ex-
ccpt these who alone can convert and use
them. When everybody desires to sell
and the market is found to be either en-
tirely closed OF exceedingly narrow, the
1stcs must Of necessity fall. The great
mass Of the holders cannot afford to wait
until such time as it shall suit the soycr-
cien pleasure Of the wild-catters to make
their notes good ssain. They must sell
for such price as the owners or their agents
are willing to pay.
That an advantage is being taken Of this
anomalous and unjust slate Of things, by
tlicse who should be the last to take advan
,agc oft, is generally believed. 1t is be
l;cyed flat in Illinois, as well as Missouri
the rropri ctors of lonely banks with prod
igous issues in the persimmon forests o
Egypt, are Joining the hue and CRY, run
ming down their Own progeny, and buy
i,.g their exhausted cats at thirty, forty 2nt
fifty per cent, discount. Those who loca
led their banks in remote and inaccessible
rayines for the purpose Of avoiding specie
redemption, or indeed any other kind O
redemption, will have no difficulty in &c
cinciling this new phase Of banking tt
their conscifnces. Il becomes the banl
Commissioners to put stop to the noa
ri.us business, if there be any such b,,si
ness going On, At once. If there is nj
s;ch system in yegae, las VIC sincerc!1
trust there is mott, it becomes them equa!
~ to guard The people against tie possibil
ity Of it.
There is another view Of tlle. question
wll;c!, should be considered BY permit
tiny the fcrty or fifty discreditcd hanks TO 8
on without llindrance, we are giving then
rope with which to stranylc tue prosperit
of the State SECOND lime. All Of thos
owIcrs who are ezer.ing themselves t
save the charters Of banks located in tl
1n:asma Of Saline couc1y, Gallatin county
Ham lton coarty: Williamson county, an'
othcr communities where there is no NOR
use for bark than ioc steam gun, an
where tie unc is as fatal as the other coul
ever be-all are hoping to get out It rey
b.ood CT shinplasteis next fall TO :: moz
Tic c:Hts." If the crcps Of the North"cs
are ever again stirred the sixteenth Of a
inch by means Of remote and irredeer
able currency, however securely We sha
be surprised. Paper money based upo
security, instead Of capital, is scientificall
t'p'ayed out" Il has reached its losict
results, and if our farmers and merchau!
are not satisfied with these results, it is bt
cause they are Of that class, from w1lol
b1aying in mortar will not cause the
folly to depart.