Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1852-12-10
RANKING
The following article. from the New York jour
nal of Commerce, is pertinent to the present ngita,
-. e a. .,.i.,.. or sst,n.i:N -


ton Of thebanking question;
The lisl of new Bankasis increasing so rapidly
that t IS almost impossible 20 Keep record OF
them, and unless the public exercise more than
their usual caution, there will be some notable
swindIing carried on under this kuise. 1t is but
few days ago since nearly twenty Banks were is
suing shnplasters in the District of Columbia, not
dollar OF which had any legal security or basis OF
circulation. This number has been considerably
reduced, and those which still linger hive but
siclIS existence, theft issues being indefance both
of law and public opinion. When Congress meets,
the whole brood will be 'exterminated. Fooled at
tho scat of ethe operators IN inns spe-
cies of currency have turned TO the West; and un.
der the Free Banking laws of illinois, Indiana and
Wisconsin, are preparing more than one million oil
dollars in notes, withwhich TO Hood the channels
of circulation in the Epst. There can be no mis-
take on this point. II is no western capltai mus
seeking profitable employment, nor is it Eastern
tRpital invested at the West to afford accommoda-
tions 10 the residents there. Not dollar Of the
new currency will be issued where tits likely TO be
presented at the bank forredemption. The object
the distant location isl redemption and
to shave those who may be induced to receive the
bills, out Of such a rate Of discount as may best
suit the purpose of The Wall street owners. The
sound and legitimate Banks oil the West are begin
Ming TO see the evil Of this movement; It Will be
difficult to discriminate between the Banks OF DIS
count and those ofmere circulation, and the former
will suffer from being in bad company Tie fol-
lowing, from the Indianapolis Sentinel oil NoVem-
Der OATH will show the progress winch has already
been made in this movement and howl IS appre-
ciated at home.
Prom the Indianapolis Sentinel Of NOrember Path.
Free Banking.
Under the new law of the last Legislature
thorizing Free Banking, great number of new
Banks are now i'll tue progress of establishment
The Auditor of State is engaged day and night IN
signing and registering bills. In the business OF
registering, he employs several clerks. Applica-
lions for new Banks are daily being made, and no
man can foretell where the end is to be. In this
mania for free Banks and more paper currency,
new features is manifested. Heretofore, the nhrts
Of trade and commerce have been selected as Inc
location for Banks; bat under the new system OF
banking, on bonds, the system has been reversed:
the out-oG the way and retired villages, far FROM
theseat OF trade and business, art selected Banks
have been established without single stockholder
residing in the State, and the quiet village where
there new money machines are locateI VIII per
hans never see dollar of the money IN circulation.
1t WILDE carried TO Ohio, New York and New
England 10 form the local circulation there whilst
our State will be flooded with the circulation of
OF the snall Banks Of New TX and New Eng
land, thus filling the country with an irredeema
Bile currency These bills, presented the counter
ofthe Eastern Banks from which they are issued,
would no doubt he redeemed; but what avail IS
the right to demand specie for the bill when the
Bank is located thousand miles distant. The
new Sandy Hill system of banking and ballooning.
In this way, Banks always over issue. They have
every inducement to do SO when not restricted by
stringent legislation The Banks in the city of
New York have determined not 10 receive the Notes
oftheSe new paper balloons on depOsic.
should New York, which is the great heart of
trade and commerce, pursue this course, it will
drive this new circulating medium back on us and
defeat the objects for which these Banks were cS-
tablished viz to provide medium io5 The ctcula
little country Banks Of the East, in turn, are TO
constitute our currency. l..e.7
We think our Banks should fellow the example
ofthe New York institutions and refuse the shin
plaSterS issued by these foreign Banks on depoSIte
OF in payment of debts.
There is too much looSeneSS in the rules which
custom has established in regard TO the currency
of bank notes In the hurry Of buSinessSit is often
difficult to ASCERTAIN the exact character OF the notes
which are received, and thus shinplaSterS, if once
started in their round, pass from hand to hand aud
are only detected after the Fleeing operation has
been perfected.
As an instance of this, we may mention that a
gentleman from this city, WHO visited Richmond a
few days since, received in change at the Railroad
Depot il that place, two dollar note, ofwhich the
following is a copy:
{. }s~..''.'..''.. '.''''..'-. n.''' ISL !
The CORPORATION of FRHDHRIcKS-
BURG will pay TWO DOLLARS to II. W. Hart
or order, at :ie Mayors office, EieUem years after
date, with Interest thereon at the rate OF six per
cent, per annum. r. NJ. SEMPLE, Mayor
TWO.
The above resembles Bank note, and the part
printed in small type, which exhibits its true char
acter, would escape the notice of an ordinary OBJ
server. The gentleman who received it, alter try
ing in vain 10 dispose oft before he reached Balt
more. offered it at the latter place at IS cents on
the dollar, but could find no purchaser. We had
supposed that post notes OF this character were pro-
hibited by the laws of Virginia. and are not yet sat
isfed that the issue is not wholly illegal. Weun-
derstand that application has been made to the
Corporation of the City of Richmond to issue shin
plasters of the same description; but we trust the
moveme mt will be arrested. II something is not
done, the whole system of paper money will be-
come SO odious to the public that reac!ion will
take place not at all favorable to the existence,
even, of sound institutions. 1t would be well II
legitimate banks understood and acted upon this
fact. 1t will not do for them to hold back and al
low the public to be Swindled, as If 1t we're none OF
their business. Every fraud practised through the
issue of bank notes, Is blow aimed at the credit
not TO say the very existence Of paper circula-
ton. .s
The public, too, have their part 10 act in This
work ufreform. Ifthe bills ofthese Western Wild
Cats once obtain foot hold here, the OILY reme-
dy will be TO submit to the shave which the ow-
ne:s impose. The banks ATE too far off to allow OF
Inc presentation OF the olllS ~ IhelI COuSl' Inc
only way is, 10 refuse to receive them. We know
Of large number of dealers who have come to this
determination, and it needs but unity of action to
make the remedy entirely eGectual.
-.-~0~-.----
Melancholy Suicide of Three Persons.
About midnirht last Friday night Mr.. Daniel
Street and his wife, and infant child were drowned
in the Ohio river under tic following distressing
Mr.. Street had together with his
family, emigrated to Missouri from Scott county.
Indiana. They were in good circumstances at the
time, but in their new homo one adversely and a
mother fell upon them, aud they were finally re-
duced to perjury and want, and were left in n most
destitute condition. A short ;ime since the father
of Mr.. Street, an old man, went in search of hisson
for the purpose of taking the family back TO Indi
ana. They embarked on thesteamer los. Millgan,
at st. Louis, taking passage on deck. Whenin the
of Evansville, at Dutch Bend, atmid-
night, the mother suddenly seized the youngest
Lii ;rEa.,! old and ;,.,,rsL