, 1879-08-11
THE BANKERS CONVENTION.

SARATOGA, Aug. 8.--}I. IL. Camp, Cashier Of
the First National Bank Of Milwaukee, road
long paper on the history OF banking In the
West. 1le considered his subject under dlys-
ioninto three cras. Ho said In substance:
"1'l,e first era began In tho vnrioas States at
the Different dates when charters were granted
by the several Legislatures for tho furious kinds
OF banks. lie reviewed tho Development OF
banking In this cra In Ohio, Indiana, Illinois,
Kentucky, Missouri, Michigan, Wisconsin, Iowa,
and Minnesota In most Of these States this
era was ended between 1850 md 1856. Tho
issues OF tho banks In these States had gen
eral circulation through The Northwest.
"Tle second era bcgsE In 1859, ind covered the
entire history Of frce 8sate banking up to 1861.
between those datss, Iudtana, Illinois. and Wis
cousin flooded their own Statea and disturbed the
tlunuces OF the cntiro West with tho issues Of
tseso free banks. This cru was brought toa
close by the events OF the Civil War;"
National banking law. Previous 10 1876 tho
privileges OF this law were mt fully laed. The
innl perfection by sccrctary Chase Ut IN alliance
brtwecn tlle capital Of tie country mud tlc
Government itsalt unucr ne operations VI this
law Is QUO Of tho greatest financial syeuts Of our
Mr. Camp reviewed ut considerable length
the evils Of vicious legislation during tho arst
era III ln9 6tnlE8 AUofc A414e0. Al 1tlctEnce u
"From all can learn Of tho unwrittcn history
| ol ioose banking, think Michigan could bear
Rway tho palm. twas III this State that "Wild-
ss "ef' a f's por "4 re- SSfi ass Wss
| tcr.n was descriptive Of notes 1t banks which
had changed thelr location, and Instead OF fssu-
| Ing new notcs, their nav location was stamped
10 RED printing @ on TUG M iass e 81 INC osie,nnily-
antl II iB supposed that not over IS per cent OF
| their issues wero finally redeemed.
''Iudlana has had tho greatest extremes In
the quality Of tts banking institutions. T. bud
atutcs for many years. aud later, during the Sec
oud ora Of banking In the West, 1t had q class
of banks whose, Issues proved q dclus!oH
.ao,s sts 9ss;, fs psSt S H. H. McR MsscGR ct Ss
those who carly cared for tho interest Of tho
people In caring for their own, but class OF al-
ycnturors, cheap men, and spocu'atorR came
nS3s = p. s na So9 9et Sg
great financial aIsnstor wis brought about"
Under the head Of Illinois, Mr. Campinduigcd
IN this hit Of plcasantry;.
Of Illinois In early times, but In state whoss
distinguished Senators {1cforc comparatively
uutnIorHlcd) can master Tho nyEtcrles Of ttNaues
III ten days, strange thinga might haye bean ex
Fres banking law Of IElino!s "aa very favorable
| to alycu;u1dra and wildcat banking"
minnesota waa 'nercIfutlY saved from show.
Ing great capacity for c1travhgant tnancta
b1lof ago. lie referred to tllc repndiatnn scntt
,nont Iii Mllncsota in ltese terms: p" When ~
SEQ the peoaio Of young and thrifty Statn ltA
Minnesota, with IT. vast financial resources. te
uebtrtlncss, Tor which tho stipulated eautya
Isn't has been received, VIC arc deeply PANIED
but It IL gratifying to know tllat all bankers il
that state denrccate thts great wrong. and ~