, 1862-09-03

Iti4~ 6A1NI hN H1SIN 60u4C 4ClAAlhd |
lbout Illinois Banks predicated on te1e-
gram to The press from Springfield, which
read as follows;
SP1SGFTELn, Aug, q, 1862.
The wild-eat bankers are again Supplying for cur
rcncs, and threaten Us with food. At the rate
they are coming On they will have five million
do}lars ont ere long. The governor has directed !
the bank commissioners and auditor to be ex-
tremc1y cautious and scrutnize each bank c1ose1y !
to its condition, etc. As usual there il great
rrsh from your city. The commissioners are E |
T. Ferry Of Lake, and Nm. 4 Hesndon Of this |
city.
On the strength Of this alarming state
ment we wrote an article warning the peo-
pie not to receive those issues, but to utter
II refuse to touch them But it turns out
that the dispatch was reckless falsehood,
sent to the daily papers Of the State, for
what purpose We cannot imagine,
Il Letter addressed to the State Auditor
by citizen Of Chicago, on the subject Of
new issues Of Illinois currency brought the
following reply:
ArD1roR's OFFICE, ILLINOIS,
SPRINGFIELD, Aug. 80.
DEAR E1R:-1 am in receipt OF your favor Of the
x9lh inst in which you refer to certain reports
that applications are fled with the Auditor for
large amount of Illinois currency. In reply would
Fay that all euch reports are without foundation.
The total amount Of currency applied for at this
tf7ce is less than $lcc,co0 Of which not one-half
has been issued. Yours respectfully,
JESSE 4. EuEo1s, Auditor.
This puts q quietus on the " five mil
Ions story, and the "usual rush from
your city" The 100000 of new curren-
cy mentioned by the Auditor, We learn,
vas issued to old banks, but not until abun-
dant security in Illinois bonds was de-
poaited, and SO per cent Of bona fde cap
ital paid in by banks, in accordance
with the amendment to the bank
ing law, passed in 1861. We find on
examination that the Illinois banking
Law, as amended at the last regular ses-
sion, is more stringent than the Free Bank
ing Law Of New York or any other State
but this is Of no consequence unless its
provisions are rigidly enforced by the
| Auditor and Bank Commissioners. They
will be without excuse if they allow AMI
more banking without substantial capital
/ We call attention to the following sections
hand demand that they be executed to tn
Nletter, without favor or affection:
ART. III, SEC 16. No bank shall hereafter b
Organized in this State, nor shall any more circu
la1lng Dotee be Issued to any bank In this Statt
Funless said bank shBl have bona 1de cash capi
= tsp1tal Of at least Sa5.0 .000 actually paid II,
II good faith, for the purpose Of remaining in suc
III hank rHnftp1 IT. fA hcFnhy dNflAFoH ~
Loade deposited 2cith the auditor shall not be
sid.Ttd as aNy eride1ce Of Le erisfence Of cdiff
in Qsay such bank ass0ci0ti0r nor Of The amour
| or erte1t Of such capitdl.
l. AFT " Sec l. NJ bank shall hereafter be Ct
!, t1h1iehed In any city village having 1ess tha
1000 Inhabitants within its cufopyate limits, (ul
le.e euch town or city eha1l be county eeat,} n
N SEC. 2 No bank ehau hereafter receive, upu
! the deposit Of bonds, circulating notes to q
o amount exceeding three times it's bona hde cas-
capitaf actually paid in and the -B7nk Co7np1i
o sione7x and Audif0T are hereby TeQNiTel and q
thorfeed to ascertain arhat the actual cash capt
efGny bank E4RysnH for circulation may he, al
:" for this purpose either Of said officers are 4
tho1ized to examine any person on oath, and
e compel answer, under oath, from any officer
y person.
e If the Auditor and Bank COMMISSIONS
g do their duty, and we have confden'
It they will, there is not much danger Of az
more wildcats being established in th
State, or Of any inordinate expansion
- Illinois banks.