Bellevue gazette. [volume] (Bellevue City, N.T. [i.e. Neb.]) 1856-1858, 1858-06-03
Nebraska Banks.

nhNt utth bdN ~ t0l blllkOAS ~ al
and painful reality. Three years ago.,
when the evil could have been crushed in
the bud, the people were unfortunately
not invested with the same fear. Gold
and silver, with its intrinsic value, was
plenty, and depression, fraud, and %iiuc,ua-
ton, were unlocked for casualties; and the
palpable, consequent evils of a paper cir
c~ulation, was overlooked. Our prosperi-
ty was great, and the prospects for the
future were nlluring. AT that time,
when danger from excitement was the
greatest, the foundation should have been
laid deep and strong; but unfortunately,
in our engerness we abandoned the gold
en-, for the paper harvest. Three years
sad experience in a banking system in the
Territory, has demonstrated the insecure
ty of such a system. Nebraska became
the magnificent field of enterprise, for the
heartless money shaver, from all parts of
the Union. A constellation of interest
cd friends, gave them a fictitious charac-
ter, which passed current with the people
here. The little hard capital which they
brought with them. was invested in the
attempt TO corrupt the representatives of
the people in legislative assembly, Num-
bers Of such characters framed their char
tiers, received the sanction of the Legisla.
ture, and then commenced the strife be-
tween themselves, to see who could be
most successful IN ~swindling the people
out of their legitimate currency. How
far they succeeded, the unduly desperate
state of the finances of the Territory
proclaim. Vampire like, they have
gorged themselves with the blood of the
people, and then retired to digest the full
Measure of their iniquity. No people
were more oppressed with a paper circu-
lation, (or rag manufactories); they have
been in operation over the whole Terrific
ry; they have commenced issue with only
apart, or not euen a part of their capital
paid in they issue their notes to the
amount of from twenty to two hundred
thousand dollars, and the community is
secure for only the amount of capital paid
in, and If no capital should be paid in,
then there is no security whatever.
Suppose no capital be paid into our
"Wild Cat Banks, and the stakeholder:
themselves were the directors, they would
have the power of accommodating them
selves to any amount of money at pleas
ure. The gold and silver which woul,
naturally find its way into the bank by de
posite, or otherwise, would be greedil,
devoured, and when the plo, was ripe
the bench" would be broken, and tn
community be handsomely swindled. ]
is an outrageous fact, that their power /
enrich themselves, and to do immens
wrong to the public, is unlimited. If III
danger Of banks was supposed to b
merely imaginary in he past, it is no'
fully demonstrated and realized. If NOR
ey is the instrument for facilitating e,
change, let US have a medium of som
real value. Better give and receiy
wheat, corn, or any other valuable PR
duct, than the worthless trash so RUTHLESS
ly imposed upon US by the creatures
the folly Of past Legislation. What poss
Bile security have we against such instit'
tons, Is the security in the honor. hol
esiy, or integrity of the stockholders
Honor might be a strange or foreign fee
ing to them /; honesty might be inconsis
ent with their trade; integrity might |
tempered with fluctuations, the result
their own creative power. It may
urged that the stockholders are individ
ally liable. Can any one be individual
liablel when he possesses the power
avoid or prevent the controlling law;
in what does a mans individual liabili
consists if he is declared bankrupt, al
has the power of ccncealing his tricker
and his il.gotten wealth, from the eye
the public. A banking principle is lie
justaiable in Territories than in any OF
err portion of the Union. In the Territ
ries we have a bona fide medium, comil
from the Government. 1t encourag
trade and stimulates industry, and +,
work prosperously until paper money
insidiously palmed off upon us. tt
once accomplished, and gold and silv