, 1862-02-07

Position of the Tribune on Banking
a subscriber residing at Sterling, Ill, takes
the TRIBUNE to task for an article in rcgaru 10
banks, that appeared III our Issue Of 1Ae s'otn
ult- He says:
larrce with tlc TRIBUNE exactly on TIC
slavery question, and supposed did on banR-
ing; but IN editorid in your paper o. Inc
30h ult is so widely a. @ va.TnGe TnGe1 WIN ns ea
.sdebl currency" that was puzzled t9 ae~
cnnnt for it's appearance in your editorial col.
nrnns. For instance, the following extract
from the article sounded strangely, anu en-
pl,aiically rcpudiate the doctrine:
Banks arc. If leeitimately organized and con. |
ducfcd. the means By which labor can avail itseH
Of lie immense assistance Of accumulated capital
The ana 1 o. aSd enrieh
ncnt of any, and most especially OF new country
Ttis circulation cannot be hauisled or destroyed
It is true that it is modern invGntion and there
fore Is to be 1anked in the same class Us other ben
efclal and much needed Inventions.
1 cannot look upon banks Of issue in any
such light, and regard them as apositiye curse
to "new conntry ne eSPe11encee me- ., in tc tnc
assertion, that they have been an unmittsaIca e:a
| curse, and Lave cost the West losses TO INC
| amount Of tens of millions. And the lies OF
the TRIBUNE, for the past half dozen years,
furnish an ovcrEhclnling array yt o. arguments
| and facts to sustain my statement.
It occurred to me, in trying to account 1of
t,,e anncaIancc Of the article Ia question, that
II was The production Of a anew hand at the
ncllows.,' who reflected his own bank ideas,
and not 1hosc Of tho TR1BCSE-ceT2alnly II Is
not from the SAME pen that wrote some o. s .ns
| articles on currency, which have 7cad IN your
paper.
ANSWER TO TILE PUZZLE
f>u7 cstrcmed friend is correct in his sur
mise. The article was written by an "oat
s;dcr." The object Of the writer W:'s to com
| bat the preposed hard money clause Of the nc"
| Constitution, Which, If adopted. will prevcn
auy banks from being established in Illinois
G and obli.c our people to use the currency Q
e al the other States. This, the writer thought
|, was very unwise, and We think so 100, an
$ haze so sta1yd repeatedly But hc argue
b from wrong stand, in our Judgment d
"a held that banks Of issue should not bc exclude
, | IRON the State, because they were lmmensel
beneficial to tic community, Il well regulate
y and conducted. We think that Congress, b
general law, ought to tax the issues OF cTe'
lc bank in the Union out Of circulation; but th*
IS it is foolish and absurd Tor one Sate to undo
n lake 10 abolish banks, willie thirty ono 9th
nj States Ill have banks in full blast As long
IA they permit tho debt flctorics' TO emit the
r -ssues, so long will Illinois be flooded vi
:. them. No Constitutional provision, no stat
~ tory forms md penalties, can exclude thc1
ID People arN receive them and sodt pay them OF
IS. and that is the end Of it, The very lnen1bc
of the Convention who vote to i1Isrrt the {
u clusion clause, will be among the first a
oftcnist to violate it, in their daily buslne
~ The evil must be cured at its source, if at q
H. Ind Congress is the only doctor capable Of
cf 1ninistcring the remedy.
'at But how came the article to appear as edi
ire Fials asks the reader. Well, it WIS in Il
s. wise: In giving out'' the communication
re- copy to the conlpositors, it was foryott
i 10 be marked communication" aud was
~, rp in t.1eaded hreyicr;'' TIC proof read
49, not discovering tho mistake, omitted to III
- The 'tproof'' to The editor, aud that is how
~, :a1pv1.cd. Mistakes will occur in the b
de- regulated fa1liiies Us well as Offices.