The Nevada Democrat., 1857-01-21
The Late Banking svvindlc.

The Late Banking Syyindle.
We copy the following severe but just re-
marks from the San Francisco Sun
No little dissatisfaction has been caused in
this community by the late outrageous proceed
ings of the Banks and Bankers of this most
chOicely honest and moral city of San Francis
co. Our readers will not fail TO remember, that
at time when the operations of the Branch
Mint were suspended for the want of some nec-
essary materials, our banking firms came out In
a card, asking the people to advocate the strik-
ing off of private coin, promising to receive
such coin as legal tender In accordance with
this request, Messrs. Humbert, Wass, Molitor q
Co., Kellogg & Co., and others, went largely in
to the operation and even laid out considerable
sums in extending and completing their facill-
ties to supply the demand for coin That was
the cry, coin coin! and ten dollar pieces being
the most desirable for commerce, an enormous
amount of them was stricken off. Since then
the Branch Mint has been in full blast and has
produced quite enough of the desideratum to
meet all the demands of commerce, and now
for the first time the Bankers discover that the
private coinage of Kellogg Co., Wass, Molli-
tor x Co.. and other assayers, is short in the re-
quired weight.
Their partial scales which ever tend bank
ward, never tipped until their private ends were
answered. and the scales on the bankers eyes,
unlike those on the eyes of st Paul. never fall
off so as to give them view of their own in
iquity but perversely magnify the short COM
ings of others, while they as obdurately blind
the consciences of the bankers, if they really
possess those regulators. The following facts
will give the trusting public some idea of the
morbund consciences of our bankers. On the
10th December, a China merchant, for the firm
of Mankee Il Co., presented check for $3.50 on
Davidson n Co., which was honored by the pay
ment of the sum- all in ten dollar pieces OF the
private coinage of Wass, Mollitor &Co. At the
same time the question was asked him, for
mere form, whether it would make any differ
ence to him to be paid in small coin? Themer-
chant replied, none whatever; although he no.
! ticed that previous to that time, he had always
| had his checks cashed in the coinage of the uni
! ted States On the 18th, the day following, he
presented another check, also for $3.50, on the
same house. and was again paid in like manner
as before On the 26th December, the same
merchant presented check on DreXel Sather
d Church, and was again paid in private coin.
But mark the sequel. On Friday last, our Chi
nese friend having learned the new reform
movement of the banks, repaired to Davidson d
Co.. and to DreXe, Sather IL Church, with q
view of returning the coin so recently obtained
from them but was cooly met with the assur-
ance that those banks did not do business in
that way, and that they would not consent to
receive the money paid out by themselves only
O few days previous, as legal tender and at
par value with the U. S. coinage. except by ac-
tual weight These data, teach us the humia-
ting fact, that as early as the 10th Of last month
our bankers had determined on the course
they made public only few days since 1t
shows conclusively, that even at that time, they
had secretly commenced the work of purging
their vaults of private coinage, passing off on
the unsuspecting public for full value, what they
| had already determined to depreciatc and to re-
fuse without heavy discount. 1t is the most
| unmistakeable evidence of a powerful mOned
| league to cheat the people, for it can be called
by no other term. 1t is however, our pleasant
! duty to mention one instance of quite different
character, and it is that of Messrs, Lucas, Turn
er d Co., who have nobly and righteously acted
! in this matter, paying out the coin at the same
rates they are willing to receive il back again,
and vice versa. 1t has often occurred to us,
that the flood of five franc pieces and British ru-
pees, with which our money market is burdened
is entirely owing the same spirit of banking
speculation, and the active enterprise of seve-
ral"of our foreign houses, so noted as money
lenders, and agents for foreign capitalists. To
the same source may be attributed the elegant
Prussian quarter operation, some time ago, al
though in that instance the fraud was so glar-
inply apparent, that but little comparative in
iury was effected. Transactions like the above,
are far worthier money shavers on the streets
than of men who pretend to the, elsewhere,
honorable business of bankers; albeit their
banking is in itself unconstitutional, and at
open variance with the direct requirements of
that instrument. The heaviest blow will fall
on the interior towns and mining localities,
whittier, we learn, great proportion of this de-
preciated private coin has been sent
Every succeeding year but adds to the al
ready long catalogue of iniquities committed by
California Banks and Bankers and but shows
the more clearly the wonderful gullibility fthe
masses.