Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-27

post, cnCd Nr'd c59. shlfld Dc IRA sii-
plant iua,pup ia the other lloas,l ia, Wing paay
know his; and greatly mistaken .u the .sls q
the tiucs. thcy have d,; riair,i t!.at has uii
shah ;aSs. The, w'ii 90 lunccr the battle cry
% en- lulcrci,lrtd Treasury The bill destined 10
become llN daring the present session. rrphcsy
this result. and rr"fhcsy it solely ul-,n INV oinioa 81
the sogariiy cf the Wing party. Il - possible may
be mistaken. hat III shorid shrll have ou'.sp,I ,
iiou - my disappointment. Il my political CyiStrncc
depended UPON the r,su.t hould riihcr have III
OF the independent Trc,sury idcn;iicd with thc
recollection of Mr. Van Rnrcn. than anu other arsu-
VA NJ whirh be Uscj ina his favor II. alone. would
be sufficient 70 defeat The hcro or TIppccanoc.
Now, srr, great changes have aiken IN public opin-
;on since ScVtombcr. 1897. The prominent arcu.
nsn's then urged upon tins feor the nGcpcId
cni Treasury bill have nearly all vanished away
We how bear no more of system of wollrcculaIc
spVcc-i1yng State hanks TO as Government dcpOs
torres. The halfway house has been abandoned
The accommodations there longer cooi. Il j.
an Tuin1us condition and can longer shelter those
Who formerly ok refuge in IT, The banks have blown
up twice within little more Than two years. and thus
blown this argument Of their friends sky high No
statesman AFTER our recent exp Renee, would nov
think Of placing the Peoples ,ure with the banks
on general dypo.iic for saf-kccpine
Far different is the indcr, ndcni Treasury II pre-.
SCENTS every guaranty which can he afforded fpr the
safety and security of the public money. will be in
the custody OF officers appointed by the Government
responsible to the Government. aud punishable fc
danger. when the country Is inv DIV cd i'm war. the
ney will always be ready; and at such a crisis the
ba lks would almost certainly suspend specie payment
4 Besides. they arc mere State institutions. over which
We have cunirol and they NAV. when they please
= money in'o rags, and place Us al defiance
They are beyond the reach of punishment under our
: authority. The Federal Government cannot iusti. DC
u considered independent If must the State
l. hanks, or 10 any other power except own for the
purpose OF keeping the msney raised t5um the People
. kss -. -.
a powers Conferred upon us by the Constitution.
D Again Public opinion has aun;hilaicd a,inthcr ar
IA gumrnt against the independent Treasury. The sen.
u ator from Soah Carolina, (Nlr. PREsTo.) in March,
T. 1888 IN his tenderness towards the State banks and
c for the purpose OF enabling thcm 10 resume spccc
G. payments proposed that We should for limited peri.
&c Cd recc their rrcdecmahc I0pcr in the payment Of
II dues 10 the Government Much ,luquencc was also
formerly wasted upon The extreme cruelty OF having
IT. one currency for The Government and ano her or the
oi People. Thank God! We hear more az all this
H. NJ per'o no contends that under any circumstances
DC the Government ouPh' 10 receive deprecated hank p
a. per Such fantasies have proved Too light for Garth
II They have risen 10 the r,col, where il is said the
'H crude notions OF Speculative potciaEs still Epll.nc
ne about, and have a local hdbiiajiOn and a nas.,r
~ The Senator charg. US with having cmplnyrd the
Sc Stale banks as dcIosiiurirs, aud having commended
r. their conduct IN tie highest terms This was crcy
a. ols sin, and grevously have we7cl frir The
10 difference between him and is This: that after they
on hal shown themselves 10 ne utterly unworthy of on
re confidence. abandoned them hut al that moment
ey he casrod them TO his bosom. Admitting that Ihcr,
- has been Inconsistency bo'h sid s. the stale Of IN,
'u fact Is this adopted the Safe hanks they brjriv
ns ell us, and we cas-; ihcm OF forever The Opposition
e dcnuunccd this system ia the beginning and prupkcsie
M a. would prove failure; but al the very rn5mcl
when ihciF prcliciisn Was verified, lh.y cmbrnce
ICY these castaways themselves with al The ardor Of 10,
or ers The banks del o,iinrcs of the public none,
or arc now rcpudiatcd 10y all par.!cr Their day la
neXIoh with this subject
OF AL men are wise allcr tho fact but look bacl
"a he's often occurred as wonderful how we coul
he ever have conidsd the State banSs safe genera
IL repositories of The public treasure. Our system .
he banking Is the very AID the irresponsible
d That has ever existed the face of Tie Garth II.
OF charters of these banks nowhere impose any ecien
vas restraints upon The first instinct Of their hc
re- i Ia make MS much money for their STOCKHOLDERS
possible. They viii, therefore ALWAYS oNlaud the
No credits anil hcir Issues the iay ur dtnsvc prsc
1T iiy without regarding the approaching storm tn
1w Immense depGscs Of the Government in, reasr! IN
fatal tendency. whilst the public money was feel
IN loaned and It's security placed at hazard for the hen,
zee I OF their stockholders Lui for the ruin of the cuurtr
' The Wonder perhaps ought rather to be that they h
II oui so long tian thai they should have EEaly e,lu
ms dcd.
lie In 1886 The immense amnrnt Of these depositcs ,
Ia stimulated them almost madness The cxtaIrioI
nd was then great beyond all former ~ ,mpc Sreeuu
y ton ragged throughout the land The suspicnns n
d ie country were aroused against the eminent nm,
hc banks were charged with granting peculiar f,yor
"a W "en high ia Office. and iI,,uen 4 o. r.isa- az ia,
ge Nu'nini" Faon They were dcuOniIIaled 1.-THE IA.
OF banks Such Was general sense of the nsccur;,
be OF me public money IN their possession aud such IN,
81 Jealousy which existed among the People IN con.
/" luehCe o. th'l conneXiun with The Government ,a
-e- ve''s h~ieve the IT. sent Chief Magistrate vonl,
el never have been ei,.:cd sd it not been for The 49,
lie. Hse Of the deposc BILL The adoption Of tho msas.r,
I'd was choice of evils bat IL much les evil than
Al! % have eif nearly forty millions of the public moncg
y. IN POSSESS on of the banks. Under the Indepepdrn
treasury system, VIC shall never agaia be placed in
ne such a iearial dilemma
"a was very much asionslcd that we had no bonily
Us from Senator against The specie clause of the bill
Il Even this sec mes 10 have lost much Of il, t,rurs
H. Is no longer the terrific which was 10 devon,
all the banks and establish pure metallic currency io
all the transactions Of all the people Of the United
,e There could Se no Independent Ttcasury v;t,,u-
ID has clause. If you receive bank yo,es in
payment OF the public dues. and retain them in yo,r
e. POSSESSION you would, IN this manner encourage I'm,
y banks rs much To make cNI-svagant txponsons os
q though you placed the amount with iEep on zen
D. eral deposie Besides you would thus confer do,
10 ecrons oNer upon the Secretary of the Treasure c
. aiding him 10 favor blnks and 10 ruin oibs-.
q Hc' even u this power should not be abused suspi
i 'l"h would always surround lis exercise You must
scPcrutc from The banks in every particular Ev,l,
both 10 them aud TO c country will follow from ,
e Ic'si conncNIon with them. Besides # Won r-coy.
bank notes nj all. TO the extent of the amount which
+ you hold on bond you incur the very sane ri.E
OF having them converted MO irrcdecmable papcr b
an explosion Of the banks iflh,y held them cen,
p cfal Jcruyiie.
j The Senator commenced biz spcrch l,v pr,s,,t,,
y Us the most gloomy picture Of national di,ro.. M
Predicted that this distress would continue to;.
: during Tie present year. aud that IL would ,g, IN
glasses OF the community. The suffering he rlinL.
vii be pcCul a Is severe durit,r ti,, ,.,,
MGR I might say % him,
"liy wish was father. Harry 70 il,c thought"
do not believe, however, hc would dcsire ib,, M.
People should suffer in order 10 accomplish any rl,,
cal purpose. Bat IT, without contributing 10 I'M. re-.
SUI himself should be- Iiic will ofthe youcrs above
to iE'o.vc Us ia PCcualry distress between tbi. ,r
aud hc Presidential election he would doubilos. bc,
the dispcusaiipn with Christian fJuifudp. II ,,rLI
iurisa political capital ior hi, friends. and might c,,
irbu.c greatly 10 verify preiile fion f,ai C;rol