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The history of Columbia County, Wisconsin, containing an account of its settlement, growth, development and resources; an extensive and minute sketch of its cities, towns and villages--their improvements, industries, manufactories, churches, schools and societies; its war record, biographical sketches, portraits of prominent men and early settlers; the whole preceded by a history of Wisconsin, statistics of the state, and an abstract of its laws and constitution and of the constitution of the United States

McGregor, John P.
Banking in Wisconsin,   pp. 191-197 PDF (3.4 MB)

Page 191

northern portions of the states of Michigan, Wisconsin and Minnesota.  For
a quarter of a
century these fields have been worked by lumbermen, the amount of the yearly
having increased annually until it reached the enormous figure of 4,000,ooo,ooo
feet. With all
of this tremendous drain upon the forests, there can be pointed out but one
or two sections that
are actually exhausted. There are, however, two or three where the end can
be seen and the
date almost foretold. The pineries of Wisconsin have been drawn upon for
a less period and
less amount than those of Michigan, and, it is generally conceded, will outlast
them at the present
proportionate rate of cutting.  There are many owners of pine timber lands
who laugh at the
prospect of exhausting their timber, within their lifetime. As time brings
them nearer to the end,
the labor of procuring the logs, by reason of the distance of the timber
from thewater-courses,
will increase, and the work will progress more slowly.
     In the future of this industry there is much promise. Wisconsin is the
natural source of
 supply for a very large territory. The populous prairies of Illinois and
Iowa are near-by and
 unfailingmarkets. The broad plains of Kansas and the rich valleys of Nebraska,
which are still in
 the cradle of development, will make great drafts upon her forests for the
material to construct cities
 in which the first corner-stone is yet unlaid. Minnesota, notwithstanding
the fact that large
 forests exist within her own confines, is even now no mean customer for
Wisconsin lumber, and
 the ambitious territory of Dakota will soon clamor for material to build
up a great and wealthy
 state. In the inevitable progress of development and growth which must characterize
the great
 west, the demand for pine lumber for building material will be a prominent
feature. With the
 growth of time, changes will occur in the methods of reducing the forests.
With the increasing
 demand and enhancing values will come improvements in manipulating the raw
material, and a
 stricter economy-will be preserved in the handling of a commodity which
the passage of time
 only makes more valuable.    Wisconsin will become the home of manufactories,
which will
 convert her trees into finished articles of daily consumption, giving employment
to thousands of
 artisans where it now requires hundreds, and bringing back millions of revenue
where is now
 realized thousands. Like all other commodities, lumber becomes more valuable
as skilled labor
 is employed in its manipulation, and the greater the extent to which this
is carried, the greater is
 the growth in prosperity, of the state and its people.
                 BANKING IN WISCONSIN.
                                By JOHN P. McGREGOR.
     Wisconsin was organized as a territory in 1836, and the same year several
acts were passed
by the territorial legislature, incorporating banks of issue. Of these, one
at Green Bay and
another at Mineral Point went into operation just in time to play their part
in the great panic
of 1837. The bank at Green Bay .soon failed and left its bills unredeemed.
The bank at
Mineral Point is said to have struggled a little longer, but both these concerns
were short lived,
and their issues were but a drop in the great flood of worthless wild-cat
bank notes that spread
over the whole western country in that disastrous time. The sufferings of
the people of Wis,
consin, from this cause, left a vivid impression on their minds, which manifested
its results in the
legislation of the territory and in the constitution of the state adopted
in 1848. So jealous were
the legislatures of the territory, of banks and all their works, that, in
every act of incorporation
for any purpose, a clause was inserted to the effec~t that nothing in the
act contained should be

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