Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-06-21
Justice to the Banks.

far prevailed as to render any defense of
Wisconsin Banks unnecessary, but the late
course Of some Of our contemporaries has
disappointed US. Even if it were true
that Bankers generally are suspicious as a
class, the history of Finance in our own
State would honorably acquit Wisconsin
Banks Of all demerit. The unvaryiAg par
value of our currency for near half score
of years, is the best testimony the case
admits, that this department of commerce
in our State-happily for our people-has
been in the hands of men who are both
honest and competent. The few wildcats,
against which our solvent banks have uni
forinly varred in common with all good
citizens, Of course are not included in this
view. So long term Of juiicious man.
agement and such exemplary faithfulness
certainly entit,c the banks to universal
confidence, and at the same time render
the captious spirit sometimes manifested
all the more exceptiouable.
Is it because a few Wildcats, which
ought to havs been extinguished long ago,
have been stranglcd, and the consequent
loss to the swindled people, and because
the sound Banks do not, in the exceeding
ly depressing times, keep their deposited
securities quite up to the legal standard,
that fault is found That the sWindling,
irresponsible institutions have been squel-
ched, is cause OF universal joy, instead Of
murmuring the evils suffered By tie
people from their existence, and not
their death, the remaining banks are in no
way responsible for. May We not at least
excuse the Banks for their course relating
to their securities We're the case that
of any one of these fault understand they
enjoyed the confidence Of the people as the
Banks have; especially had they uniform
ly and during so long period been emf
nently faithful to SO important trust, in
the present most unfortunate circums;a an
ces who doubts that they would be- and
that justly too, exceedingly sensitive under
the same treatment they indulge in to-
wards the abused Banks
1t was impossible for any one to foresee
that the stocks Of several of the States
would become so greatly discredited as
those of the seeded States now are, and
hence the people Of Wisconsin, by their
Legislature, 10 less than the Banks, De-
came a party to the use of those stocks as
securities. If the banks are blameworthy
IN this matter, they should be at least par
doned by their equally guilty accomplices !;
and all that should be now required of them
is that they, as speedily as the difficulties
in their way will permit make their secu-
rites legally conform to their circulation.
For this work liberal term Of time should
be granted them, considering the obstacles
to be overcome. To pertinaciously AID
snvagely demand the 'pound Of flesh, " be-
cause it is IN the deed" would be as
much out doing 6hylock as the present
circumstances are extraordinary. All We
claim is, that the banks shall have the
same courtesey extended to them, in the
present case, that would justly be claimed
by individuals in like circumstances.
No greater error can be committed than
so suppose that these institutions are be
yond the pale Of courtesy that they
arc enemies to the people-a sentiment
quite prevalent, if we may Judge by the
remarks we often hear.
We protest also against the banks in
this State being condemned because their
ueighbors in Illinois have done wrong
We claim that they shall be held RESPONSE
BILE only for their OWN conduct, and not
suspected, as being certainly about to
swindle the people, thing they never
should be suspected of so long as they
conduct honorably-simply because kin
red institutions in other states have acted
disgracefully.
We have no ambition to make the la
boring classes believe that we are espec-
tally their friend and guardian. BY exciting
their prodjudices and fears against the
banks: a course which we fully believe
would prove to their injury. and which all
men ought to condemn, because it tends
TO destroy that mutual conEdenee-we
do not mean presumption--on which gen.
eral prosperity is based. We therefore
counsel the extension of confidence in our
Wisconsin banks until they show them
selves unworthy of it.
We can perceive even why Banker
association should refuse to receive the
bills of a sound bank, if that bank, as some
such hare done, has taken course adapt
edito injure the general credit and all the
interests involved therein The same
thIh g in substance would be done by COM
mercial houses and individuals, in ninety
nine cases IN a hundred Nor does it fol-
low. to cur view. that the farmer wculd be