The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1862-04-05
The New Constitution.

Like many of our contemporaries, we
look upon the subject as too grave to
justify hasty conclusion whether we
ought to advocate or oppose the adoption
OF the new constitution just framed for
this State, and to be voted upon on the
18th of June 1t takes some time to read
it over and compare it with the old, so as
to find out really what changes have been
made; and we candidly confess not having
yet taken time to do this
At the same time, we are ready to
admit, that we approach the subject with
predictions in favor Of approving the
work Of the convention, arising, however,
not so much from u knowledge of what
they have done, as from the fact that,
long before the completion of their work,
it was violently assailed by class of poll
ticans in this State whose opposition to
almost anything is strong prima facie evil
dence in its favor If therefore, after we
shall have more deliberately examined
and attempted to form judgment as to
the superiority or otherwise, of the new
constitution over the old, if our humble
opinion should be adverse to the new, it
will not be because we are prepossessed
against it.
| There is no part of the new constitution
which will excite more earnest discussion
that the article on Banks and Currency"
upon which we have just cast our eyes.
! The article is to be separately voted upon
by the people. It's provisions, it must be
| admitted, are somewhat novel and deci-
dedly radical l. No association with
powers of circulation, receiving deposits
buying and selling exchange, or exercising
banking powers of any sort, shall here
after be created in this State Q The
charters of no such banks or corporations
now existing in this State shall be renewed
or extended. 8 No bill, check, draft, &c,
Of less denomination than ten dollars,
whether issued by 9 bank within or with
out this State, shall hereafter be uttered
or paid out within this State; after the
year 1864 no bill, &c, of less denomination
than so shall be uttered, &c. and after
1866, the circulation of all bills, notes, &c,
of whatever name or denomination, is
prohibited within the State. 5. The Leg
islature to pass stringent laws to enforce
/ this article.
The convention, in their address to the
people say, combined, these provisions
+ are intended to exclude from the State,
in process of time, all bank bills and
induce an influx Of gold and silver to sup
ply the deficiency. As further induce.
ment to their exclusion, it may be stated
that the demand treasury notes placed in
circulation by the government will aid in
supplying the public necessity during the
partial exclusion of paper money in 1868
/ -. This volume Of treasury notes, with
the gold and silver drawn to our State
3. will be abundantly sufficient, after
lSG6, TO answer all the purposes Of cir
lating medium"
Now, il strikes US, no man can read the
sweeping clauses Of the article fairly, but
must come to the conclusion that treasury
notes are excluded with all other bills
but whether such was the intention or not
we hope after 1866, at least, the necessity
will no longer exist for the government tc
keep them in circulation. Then after
that time we are to have nothing but gold
and silver for circulation, and no banks tc
deposit with, or borrow Of. or 10 buy ex
change of! What a paradise Illinois viii
then be for the money shayers in dingy
garrets and cellars
Let any execration fall upon us, if we
are ever found uttering syllable in favor
Of the miserable, thicvish, swindlne plum
dering banking system by which on,
people are, and for years, have been worse
than robbed in this State. But was there
no halfway house for the convention tc
stop at? Had they forgotten that, fol
the last thirty years, at least, most strin
gent law has been on our statute books
against the circulation of bank bills in this
State under the denomination of FIVE dol
lars: that the law has been time and
again re-enacted with more stringent pro
visions added, and yet, after all, not the
slightest attention has beer paid to it
! Will new law, passed in pursuance of a
new constitutional provision, be any more
/ efficient? And was it wise to proceed
with legislation at such lengths in direc
ton which has hitherto proved so abor
tive?
Yet should the new constitution be
adopted and this article be rejected, we
will have no constitutional provision
whatever on the subject of banks, leaving
the legislature free to do wat they please
In the premises.