, 1862-05-31
THE CURRENCY OF TIE U

Among men whose pursuits compel them
10 handle large amounts Of the currency
now circulating in the West, there is .
growing conviction that the bankers, mer-
chants and farmers must come to some
agreement as to what. Of the miscellane-
GUS assortment Of bank notes, they will re-
ceive as money, and what they Will reject.
It is evident from the paper that is put
afoatpaper coming from banks in Men.
Jersey and Pennsylvania and many parts
Of New York and New England, that have
lad no business with, and no circulation
in, this section Of the country-that there
is an effort, systematic certainly, but perhaps |
not organized, to make the West, as it has
been many times heretofore, the field for the |
operations Of all the wildcats of the Union. |
Under the immunities which the suspen-
sion Of specie payments gives them, and |
in no danger of having applied to them
the touch-stone-a demand of coiA for
their paper promises to pay-thcy
are using extraordinary means to fill the
channels of trade hereaway with their oh
legations and we are compelled to admit,
| though the fact is no credit to the financial
sense or shrewdness Of our people, that
their 1abors are attended with no. inconsid-
cradle degree Of success. We are not fully
aware Of the agencies that have been
! invoked, nor Of the hocus- -pocus by which
packages Of printed paper, issued, nobody
knows by whom, and worth, nobody knows
what, arc daily pa1ned of, to the value Of
tens Of thousands Of dollars, upon the .un-
suspeclipg people. Perhaps it does not
matter what tho modus operandi is the
| effect ofthie reckless confidence of our peo-
I pie, on the one hand, and Of hcintinite as:
surance Of tie rag-men, On the other, is that
with which We have to deal. Itrcqilires no
l prophet 10 say that that will be disastrous;
because common sense and long experience
ought 10, as they do, teach everybody that
| in times like these, where SO many dangers
threaten the soundness and ability Of
III financial Institutions, only those that
do business reeklessly, OF that never
Intend to fulfil their obligations will
''ein a: hurry to spread more sail than
they can safely carry-to ransack the
country for new: channels in which their
notes may be induced to flow. We argue
hence, that The anxiety Of an Eastern
bank to obtain Western circulation is
. p77nao .jacie, if not conclusive, evidence Of
one of Two things-either that the bank is
) controlled By men who have not the ability
to manage lis affairs, and is sure to break;
: or it. is engineered by base men who do
t not intend that its promises shall ever be
made good, This is a severe judgment
/ hut it is warranted by the facts, and in ths
2 end it will be fully verified.
d The situation is difficult and we know
h not What line Of policy to recommend
d Unquestionably the true course for boil
is banks and people III Illinois would be Il
$ refuse everything but Treasury Notes an,
n thenotes Of the Illinois banks yet existing
" ard doing business under the amended Law
Il But, if that is not practicable Ohio, In
rs diana, and Iowa cannot be e2cluded~-note
n all good at home and worthy Of credi
J. thcre-lct us at least have some agreemen
It that will drive back to the East the million
% Of dollars Of paper that the adventurer
in and so called financiers are forcing upo
ID the people Of the West. Who will say HOY
id.E that shall be done? We await an answe