Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1862-03-11
THE BANK ARTICLE.

The Constitutional invention hae, un-
dOubtedly, disposed of the Banking ques-
tion definitely. having passed, on Tuesday,
the article relating thereto, contained 10
our last issue. by the decisive vote of ayes
SO. noes %
1t is stride directly to an exclusive me
tallic currency Let us briefly recapitu!ate
the substance Of the article:
l. No bank or banking corporation, nor
any association or corporation with powers
of circulation or deposit, or any other bank
ing powers, shall hereafter be created in
this State. This provision is ordered to
take effect Immediately, but it VIII be sub
mitted to the people along with ibe con.
stitution.
2. The Legislature is forbidden to re-
vive, enlarge, extend or renew any exist
ing bank charter.
3. The circulation of bank notes of less
denominations than SO il forbidden a;
once; after 1861 the circulation Of such
notes Of less denominations than $50 is for
biddon and a ter 1866 The circulation Of
bank notes is forbidden altogether.
T. The State Auditor is prohibited from
receiving stocks from existing banks and
/ issuing bills therefor. This provision also
/ takes immediate effect, Lu, will be submit
ted to the people along with the consti.
/ tuition.
! 5. The Legislature is forbidden to incor-
porate banks of discount and deposit, or
associations for the purchase and sale of
/ coin or bills of exchange.
Such are the material features of the
article. The axe is applied to the root Of
the whole banking system. PAPER as
curl eucy, is put in 4 course IF, rapid ex-
tinct;on, and no legal sanction is to be lent
to schemes of private banking. The cir
culaiing medium shall be wholly gold and
silver, aud dealers iu:thess coins and inbills
of exchange shall stand upon the same foot
ing as dealers in corn or pork or calico.
The reform is most sweeping, but it is
believed to be demanded by very largely
prepunderating popular sentiment. Ger
tainly the prevalence of this sentiment was
plainly disclosed in the vote, in November,
on the banking question Their submitted to
the people. 1t is easy TO ses Of what the
sentiment has come. 1t has come Of the
excuses in paper money banking which
have ca distinguished this State, the pub
lie losses by which are counted in millions
The popular revulsian now witnessed is o.
ly veriication Of the axiom about ex-
tremes. From having been the peradise
Of banks only last year. four years hence
If this article shall be approved, the State
will permit the cireulatiuu Of no bank
paper whatever.
The article will be fercely assaulted Il
it shall net be submitted separately, it vii
raise up party against the whole proposed
constitution powerful in wealth if not it
numbers. TIE article will strengthen the
constitution in POPULAR estimation; and j
there were otherwise doubt about its ap
proval, would insure that result. 1t il
probable that the convention has framed
the article less in consouance with thu
individual views Of members than with thu
raipable behests of their constituents
The convention was elected to do tbii
work, and had it failed 20 do it, their con.
stitutIon would have been snuffed out OF
election day like candle. I'orpopui rol
Del - Chicago Times