The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1862-03-20
60 @ OTTUMWA, IOWA, THURSDAY, MARCH 20, 1862

, MARCH 20, 1862
, have no evidence that the bank is ut preset
sound, it is quite unnecessary to say a VOL
in regard to the question Of its remains
sound.
| ButI will ask Senators on this point, whet1
cr the large and controlling stockholders,
some Of these branches may not sell out the
stock tomorrow to men who may turn out
belong to the wild cat persuasion. Hoxevl
sound the bank may now be; however homes
and upright the bankers who now hold suff
cient stock in the various branches tohave cor
troll Of them. these men may desire to chang
their business and sen out, and some Of tn
branches fall into the hands Of men who wi
run them long enough to make tho mos
money by bursting, and then if one, two o
three should fail In the same way, the bal
ance Of the branches may bc unable to pa,
off the liabilities Of the falling branches an,
be obliged to go under.
Now, sir, these reflections on the stock
holding system, and on the condition of tn,
bank, are not as;it Is charged, based on ii,
supposition that all bankers are rascals. 1
this were true every restriction which thi
act of incorporation contains, every penalty
imposed, is based upon the supposition tina
bankers are all rascals. 1t is because fraud:
may be perpetrated, and because it is known
from the history Of other banking corpora
tions, that frauds have been perpetrated
that checks, restrictions and penalties are
Aol -, L. - - Al
State Bank Of Iowa, and it is because I be.
lieve these 10 be insufficient to make and
keep its paper good, that make these objec.
tons to taking its currency.
Loose and imperfect as this banking sys.
tenn is, have no evidence but what the hon.
esty and integrity Of the gentlemen who own
the various branches Of this Bank, are suffi.
cient to enable this paper to retain its present
good reputation. Senators tell me that they
believe that this bank is sound and that Il
will continue So l have no evidence, I am
free to admit, that ii is unsound, and would
not hesitate to receive its notes in every
personal transaction, whenever I might be
so fortunate as to get them. But when |
am called upon 10 vote for measure which
authorizes over 81 ,000. 900, in school fund,
which has I'D to this time been loaned out
and made payable in gold and silver alone,
to be converted into the paper Of private
banking corporation, and to vote for meas
ure viii IN authorizes the piling up of this
same paper in the State Treasury and in all
Of the County Treasures, believe it to be
my imperative duty to refuse to so vote until
there Is convincing evidence produced that
such notes are soeU secured and must ccr-
tainly continue good.
Did believe there existed an imperative
necessity for taking the risk Of this paper,
without stopping to inquire into the securi
ty or danger Of such policy, might feel
differently. But no such necessity exists.
Nothing to my mind is clearer than this
Let us examine this plea of necessity mo-
ment. THIS Legislature will authorize the
issue Of warrants on the war and defense
fund, in sums of two, three and five dollars
to the amount of about 100000. These
warrants will circulate among the people and
and be received for taxes. We will also
authorize the reception Of the U. s. Treasury
Demand Notes for taxes and school fuId.
1 believe that $50, ,OO0, 600 Of these have
already been issued, and it is certain that
very soon at least $100,0O0,00O more will
be issued This will make $3.50, 100000 of
these notes to circulate among about twenty
millions Of people Now it is reasonable to
suppose we will have Of these in circulation
in our own State, share in proportion to
our population, which will be about five mil
lon two hundred and fifty thousand dollars
Then we will have two hundred thousand Of
our own warrants, making about s., ,250, 900
in Treasury notes, to pay taxes and the
School Fund. AS these notes win be fire.
quently paid out immediately on their recep-
ton on taxes and School Fund. and put in
to circulation again, who can doubt that all
our taxes can be paid over and over ten or
twenty times If necessary, in this currency
with perfect ease These figures do not lie,
but show conclusively that the plea of neces
sity by which this scheme is supported is
the most contemplate nonsense. There is
no necessity for taxing these hank notes.
There never has been time when there was
less necessity, and more facilities offered
for the convenience of tax payers.
Some senators allese that the people demand
this measure. deny it. 1t is true that a
few petitions with few names ON each, have
been presented asking'for such law. But
| regard these few meagre petitions as not
expressing the feelings Of the people at large.
These petitions seem to have remarkable
effect on the sensibilities of some Senators ;
vet one hundred names to petitions for the
repeal Of the Prohibitory Liquor Law, to
every name for this law, have been present
ed here. and strange to say. their sensibilI-
ties are not disturbed to the smallest extent.
Besides, sir, know how the names to these
petitions have been obtained. Some indi-
vidual desiring to have these bills received
for. taxes, would write out his petition and
start out to get signers, in this way: "See
here, Bill, don't you want to pay your taxes
in Iowa paper, instead Of having to pay two
or three per cent for Gold 2" "Why, yes''
would be the response "Then put your
name to this petition" and down goes his
name, and SO !. goes.
Now suppose that some friend had sug-
gested 10 Bill that he would not be required
10 pay gold at all, but that he would have
the liberty Of paying his taxes in Treasury
Notes, and that If he did pay his taxes ir
State paper, he would have TO go security T.
the State for that very paper, do you suppos'
that he would put down his name Not he
And It cannot be denied that the tax paye
would go security to the State for this banl
paper, because should the banks faiI, ant
the paper in the treasury DO lost the ta.
payer would have to make up the loss b,
paying his share Of the taxes over again.
This question has never been canvasse,
among the people. Few lawyers even hav
ever given the banking Law critical exami
nation. It cannot be dsnied that the name
| Estate Bank of Iowa." has given very man
the impression. that the State is in some wa
responsible for the redemption Of this curer
/ cy. This State Banking system was adopte