The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1856-08-27


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Nebraska Danks.
Within very few weeks . great quantity
Of Nebraska paper printed in the similitude
Of ordinary banking currency, has been put
ahoat at the West, of which We in this city,
and especially Of the State OF Iowa, have
been very large recipients. What might
have been expected by countenancing the
Western Exchange Co.'s notes has transpi-
red, viz the comparative ease with which
that paper was worked Oh has stimulated
others to embark in the same business. 1t
is an outrage against all legitimate banking
an outrage upon all properly conducted bu-
siness pursuits; an outrage upon the people
1T large, among whom the issues are passed
of. The widest Of oil possible wild cats on
the face OF the earth are this nest just Uttered
in Nebraska. In their best estate there 10
nothing on which to depend except the free
choice Of the owners Of the institutions, and
in any ordinary commercial difficulty, when
individual credits fuctuate and futter, there
is nothing back Of them to support them
and maintain their currency. Every one
who trihes with the trash is liable to get his
fingers burned. If the experience of the
few past years has not laugh, him the great
hazard of receiving it, Their experience he's
been wasted upon him. Nothing is more GER
tain, in the ordinary course of events, than
that it will 60 by the board, most or all Of
ii, sooner or later, and somebody must suf-
fer; thosewIl be most likely to suffer who en-
ploy it themost literally. Pretty much Gil
our readers in Iowa have abundant cause 10
remember the Indiana currency. In spite Of
its apparent legitimacy, hundreds Of thou
sands, perhaps millions, were lost to this re-
gion by its depreciation. Yet it was safe
and unquestionahle in comparison with this
impudent stuff that has come down upon u,
lately like fall Of snow.
We have taken some pains to inquire con.
corning the standing Of this paper in Ne
hraska. A public officer of the Territory
informed US lately that there was none Of il,
save the notes Of one company, that he should
feel safe in keeping over night. And that
institution which was excepted, has not only
no pledged securities, but no authority 10
issue notes for circula,ion,--we allude to the
Western Exchange Co. which We made the
saejec, OF some comment some time since.
The Banks of Nebraska now organized
and distributing their paper to ''grsenhorns, .
are the Western Exchange Fire and Marine
Insurance Co. at Omaha Bank Of Nebras.
ka, Omaha Bank Of Florence, Florence |;
Platte Valley Bank, Nebraska City the notes
Of oil which we warn people to touch .,
their peril, and with the assurance that II
/ they aid in its circulation, they may depend
upon feeling the claws OF the kittens the,
handle.
Aud this aside from the effect of prevent
ing the establishment. Of safe system OF GU,
own. Upon this point We have not time I,
enlarge, but there 10 no banker, no business
man, no one at all observant OF such affairs
who does not know that by just the extern
to which these illegitimate institutions mr.,
countenanced, We prejudice the establish
ment OF = better system under our own laws
rs the new constitution 10 intended to privid.
for, and impair the case Of substituting il
with our own currency il such system i
provided.
just let it oil alone, and you may be eur
will not trouble you, except through tn
saderings OF others, II you do not, you
may be tolerably certain it will, in man
ways.
e. The Sullivan CO IN. W Enin,