The daily Gate City., 1855-11-14

surpassed. Subscription price $3.50 per annum in
advance.
The wessern Exchange and Fire In
s1rAace Csnpa ny--once more.
We cannot feel that we have acquitted our
selves of all our duty to the public by sim
pie expression Of opinion as to the safety OF
the notes OF this concern, the policy of fos-
terlng and encouraging it, or the rebuke Of
the persons ''fnanciering" under this cover.
1t is worthy of frequent allusicn, and is en-
titled to the most earnest and continual eau
ton at the hands of every public journalist.
1t is entitled TO it because of the extended
interests which are connected with it, and
which will operate to give currency to its
notes because of the magnitude of the de-
signs connected with ii; because Of the
ease with which doubtful issues pass into
the currency Of the day and because Of the
danger Of regarding its notes as safe and
unquestionable.
There are just two remedies against this
trash, and that is all one is, for the banks to
throw it out, and the other for the people to
refuse to take it. The last is the onlv re-
lance. That it is SO, it needs but the state
ment Of the case, and the ordinary course of
currency to convince one. We understand IL
Is redeemed ut present at st. Louis. Now a
banker who is making exchanges there, and
who is making profitable use of q customers 8
at ln L.
offend customer and run the risk of losing
the nse OF his means, can use this CURRENCY
SO long as it is redeemed there, as well as
any other, and has the means of anticipat.
ing difhcnlties and of changing his paper so
rapidly, that he is not liable to get s'stuck"
So, he takes il, with due regard to his own
safety. The wholesale dealer who deposits
with him, knowing that he takes it. and
making daily deposits himself, never keeps
currency on hand but o few hours, can take
it with safety. and when o cash customer of
fers it, or perhaps when a doubtful debtor
wishes to liquido'..e an old claim with it. he
taxes It, Though perhaps principled against
encouraging such stuff. But being taken on
r.eposit by the banker, and received by the
wholesale dealers and the large traders and
manufacturers who keep accounts with him,
is enough to give it credit and currency with
the people, unless, out of regard for their
own ultimate interests and the true public
policy, they steadily and peremptorily refuse
it. This seems plain enough.
1t would seem TO us that bankers, who
know so well the unsafety Of this species of
currency, ought not to receive it. They have
public duty, attaching to the particular ma
ture of their transactions, which it would
seem as if they ought to regard to suh-
cient extent TO keep this stuff out of market,
as well as to regard with so single an eye
their own immediate private interests. The
best managed and most wealthy houses some
times need to stretch public confidence and
solicit public forbearanee, and even on the
score Of equitable reciprocity such duty is
incumbent upon them. How many of our
bankers decline to deal in this stuff, we Do
not know, but some Of them certainly do
ought 10 thank them for their decision
Those who do receive il, If there are any
(and we do not know we cannot but feel ar.
negligent. of their duty, and are abusing tha
public confidence which perhaps they hav,
sometimes called to their aid, and NAV hay,
occasion urgently to solicit again. But vet
the tendencies toward their dealing in it ar,
so insldious and SO strong, the liability O.
their losing is so small, and the incidental
perhaps the direct, profits on its use are 81
large, that reliance upon them to exclude i
from the currency is very unwise, for u ma
Jority Of them will most naturally receiv
II. So that the only safety of the people
the only assurance they can have of not ul
timately suffering by ii, {and we wish "
could impress it upon them thousand time
more strongly than we are able is in stead
ily refusing to touch il.
IL would seem to be unnecessary TO ad
one word concerning the unsafetv of sucl
currency. For institutions designedlv or
ganized with banking powers, of issue an.
discount, to circulate notes without deposit
ing public securities, subject as they gener
ally are, to visitation, and compelled to max
weekly, monthly or quarterly statements O
their affairs, is bad enough but when insti
tutions like this attempt illegitmately to d,
banking business on mere certificates o
deposit, subject to no such regulating inau
ences, governed by no law but their own cu
pidity, 1t certainly furnishes ample groune
for suspicion. In older communities. wher.