The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1855-11-24
The Loeofoco shinp,a.ter..

apology for the locofoco leaders who have
engaged in the scheme of plasteriaq Iowa all
over with Omaha Marine Insurance Cirtif-
Gates. The relation which the Sentinel sus-
tains 20 HEM, Williams d Co., renders it a
fair inference that they sanctioned, if they
did not dictate the article, and we therefore
deem it of sufficient Importance to merit a
notice in our columns.
The first point made is that the anti Dem
ocratic papers of the State are melted in
their opposition to this Omaha currency sole
~ because it is issued by prominent politi-
clans OF the Democratic party. For, argues
the Sentinel, these papers have always ad-
vocated Banking, and they would not now
turn round and oppose it except for the pur-
pose of injuring the Democracy.
Now ,ce hare always advocated Banking.
and OF the same time we have increasingly
denounced. and warned the people against.
Wildcats and Shinplasters of every shade
as our columns for years past furnish most
abundant evidence. Indeed. we had but lust
intermitted q series of articles against the
Atlanta and Interior Banks of Georgia.
when we were called TO warn the people
against this much more dangerous scheme to
defraud them, concocted in their midst and
located on the border of their State. And
our position on this matter is precisely the
same as that Of oil other presses in the State
agreeing with us in political sentiment
Hence we conclude that the imputaton of
dishonesty and inconsistency against our side
OF the house was mean, false and malicious.
and the emanation of weak spite and baf-
fed ambition.
Bnt notwithstanding the flaming circulars
of these Locofooo Brokers and the imperti-
nent illusions of the Democratic Press in ap-
elogy and vindication Of ssheir old masters
tins Omaha concern has no title to be called
Bank, and the designation of such con-
temptole h,nplaster mandatory as a Bank,
Is an abuse of terms. Its corporate name is
FIRE and Marine Insurance Company and
gives no indication of Banking. Its charter
Is charter for Insurance against FIRE and
the perils of navigation. It is no Bank
charter. There is no clause in il that fur
nishes the remotest inkhng of an authority
10 Issue bank paper for circulation. Tho
only power which it has is that of dealing in
bills of exchange, which any Individual NAV
do anywhere without a charter. So, although
this Insurance charter was procured for
fraudulent purposes and under false preten-
ees, the issue of circulating medium has
no shadow Of countenance in any Of its pro
visions. The currency issued by the CON
Germ il therefore issued without authority e
law, is unauthorized by their charter, is with
out limitation as to quantity, without the le-
gal requirement of a single dime of specie
deposits, without security, without restric-
ton, supervision, or legal regulation Of anv
kind whatsoever, and is in every respect the
worst and widest kitten of all the Wildcat
breed.
The writer in the Sentinel admits that
Banking is not in accordance with Locofoco
principles, and that abstractly he is opposed
10 IL, bur If il is 10 be carried on and money
is to be made by it, he wants a finger in the
pie" And then he sets forth in the following
tcation of the Locofoco Bankers
" Man." he says, sis strange compound,
: and although he may believe a thing to be
politically and morally prong, he will in
nine cases out of ten, ii he have the leoai
right, avail himself Of Ne advantage,
That is 60 say, mans political PRINCIPLES and
consistency, as we'll as his moral sense. al
ways yields TO his pecunary interest. And
applying 1t 10 the case in hand, Hem. VII
mans, Benton, dreen, and the other Locofo-
COS, notwithstanding they denounce banking
Is an'l-pemocratlc and ruinous to the peo-
pie, and consider il, therefore both sspo-
Ancaily and morally ,orong.- are ncyerthe-
less, upon the general principle Of mans
compound nature, justified in engaging
practically in this anti Democratic business
q running the people, if they can thereby
gam any pecuniary advantage TO themselves.
Such Is the princlple-not very compound
bat simple as the bandits upon which tht
home organ Of Hem, Williams 4 Co. iusti.
hes them and their compeers In this Wildcat
scheme Of swindling the people Of Iowa
And such, IN truth, as every one must Sc,
at glance, was the real motive and princi
pie OF their conduct in the premises.
They were anxious 10 make money! the,
made haste to get rich; and seeing fine open
ing in Iowa, (where they ha prohibited SCUM,
banking, for the circulation Of Shinpiasters
they forthwith started a manufactory of tn.
article on the Western border Of the State
In doing this they haze belied an their pub