, 1864-01-01


to manage its bueiness With prudence, and 10
wind up it's own aflairs, was abundanttT aol-
vent, and would be able to meet oil It's en-
gagemcnts, and ba7ea substantial eapitol 1e.I,
It owned large Quantities q ian1 gu
over the State, that + aaa V, aesta Geua
Which, If 1t had been permltted to Aola
uptl Tic same could have been 6old at TAR
n-ices. would have made the bank whole Tor
iii fhey Ind cost IT, Its statement SLOWED 1t
was stronger than the State Bank Of Indiana,
which, under fair treatment Of the Legisla,
tufc, not Qu1y redeemed all 1ts circulation anu
repaid It's capital to it's stockholders, but also
| divided q large surplus among them But an
appeal Was mei1c to the debt0Es Of tho insti~
| t4tiou, {many of them and their friends BE-
| ing members Of the Legislature,} aud they
| were assured that if they would assist in
| breaking the bank. law could be go framed
rs to enablo them to got rid Of their inaabt-
bank did not go into liquidation, and was not
wound m bY a compulsory PROCESS, the
| 1ropcrty Of tho debtors would be exhausted
! IN the payment Of their Indebtedness and they
tnrncd homeless adsift. Tho suggestions were
! too powerful not to prevail with the Lelsaatrte
Of ls5523- s53-3, 8 and an act was passed competing
| the bank to 70 into immediate liquidation,
aud within thirty dass after the passage Of
t.2 .;s2 err, to pay ont all It's spacle, exccpt
/
and expenses, pro rG9a, upon MI It's liab,ll-
/. tics except those to stockholders, and to
|, issnc certificates for the balance, which
! should be receivable for nl debts; requiring
| all all its immense real estate, which it had
received in payment Of debts, to be appraised
by three householdcrs, md the same to be
offered for sale within si1 months from the
passage Of the act, and struck OF to the high.
est bidder ut or above its appraised value;
| and any land which should fail to be thus sold
at auction, should be subject to private pnr-
chase, and should be sold whenever theroaf.
ter the appraised yaluo should be offered for
| The same.
Tho appraisers appointed under this law
| were generally such rs would value tho lands
| at very low price, and It may be safely as
serted that lands which were worth from IS
| to SO per acre, to the bank to hold until It
! could collect It's debts, were appraised aud
sold for from 50 cents to 81 per acre, and the
| real estate Of the bank sacrificed for less than
4 quarter Of It's inst value. by the proris-
surrender tho bond, nearly 81, ,00Q, 600, which
| It lad received from tic State In payment for
The States portion of the capftal,' and dis
| solve it's connection With the State as stock
holder, except to the extent. Of $780, 600, the
State thus getting its entire capital, except
tho way of loans, without interest from the
bnnk, returned to It, and Withdrawing its
stock, without loss, while the S1,4o0, 900
owned BY individuals had to bear all tue ILL.,
bilities Of the bank, and were exhaust.
ed in consequence Of the forced
1nent Of the liabilities Of the bank. At this
time the bank was so strong that eycn under
| this process, 1t paid out Mt once, 20 per cent
in gold, npon all its indebtedness, showing
| that there were few 1nonied institutions III
the United States 50 strong in the actual pos
| - Mfrfd md hat
would be able to resume specie payments
whenever there should be general resump-
t1on by the Western banks.
But for this unjust legislation, the State
Bunk might have continued, as did the State
Banks Of Indiana, Kentucky and Missouri,
furnished d good und reliable currency for the
people, based upon adequate capital, and
| saved tle community from the losses subse-
quently sustained from banks without capt
tu1, and the illegal and wildcat currency
| which has dcluged our State for the last
twenty years.
THE BSSg OF ILLINOIS.
The history Of the Bank Of Illinois suhse.
quent to 1895, was substantially Identical
With that Of Tie State Bank Of Illinois.
know it has been fashionable to denouncc
| the State Bank Of Illinois, because after the
passagc Of tie act compelling It to go into
liquidation, its hills deprecated and the
holders were Obliged to pazt with them at =
nl Te,,1.n ami hcn,.ar. ne hnt Tia met ~.
manis ~ cnmmerct. mi in n1i ct,nnfries" "a
in this, at the present time, in seasons OF
great arrangement or commercial distress,
when bank debtors cauIot pay, banks must
,1et.. ;rs4 - 1rronr ti.o sfncrhnlders NJ a
bank th0n any otEef PARTIES
GOV. FoRD's TESTIMONY.
Gov AEnrd sevs snaakfnp rrnr this er1b.
ject:
.Upon The whole, nc hare heard much
said f1v dcn,agorues about our swiudliua
banks: but It would be IN easy matter tc
show, that II the banks had sw1ndlcd only
one-ouurter Us much as they Aaye beer
swind1cd by The State, and bY Individuals
thcy Yonld have been perfectly solvent, ant
able to pay every dollar Of their debts and
what is most remarkable is, that those wht
hayc swinGlcd tie banks most> arc tho most
t loud in their cries agaInst them for swind
iing.''
The people Of the State Of Illinois are re
| sponsiblc for tho acts Of tteir rulere. TheJ
and corrupt, We cannot deny that the people
are also. Virtnous and intelligent people dt
not select vicious and corrupt Representatives
and We must bear, as Individuals, the odiuu
rentatiycs.
Where any eenee-of NI,at is just prevails
the act Of tic legislature, OF Of the people o
the State OF Illinois, thron9h their reprcst tnta
!, | ti{cs, in "tlrst embarrassing the bank, b,
running In debt to 1t, without providin!
! ! means Of payment, aud then witharawing4- r
! Of thc capital, all that belonged to the State
= from the bunk, and compelling tho individua
stockholders who owned less than 81 Of th'
!, stock, 10 pay I'LL the liabilities Of the Stat
, Bank of illinois, will be seen es M net Of I'M
b:uelirg robbery of the individual stock
! holders. While the fact that, with all th
,, encriEccs:forced upon the bunk, 1t at ono
, c Indchteincss. and subsequently rcdeemc,
1. -. S,.;ato III rs o1,1;rntfoua ehc7rs ti,o