Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-10-16
.Che Bank Comptroller.

We desire to submit for the consider
n,ion of the people Of this State. some
f!ctz in connection with the adnnnlstra-
ton Of Mr.. VAN STEESwYK.
When he entered upon the discharge
of the duties of his office, the department
held S2,O49.0O0 of Missouri bonds, as
security for about 1856, $50 Of the cir
culation of the State. These bonds
stood high in the confidence of capitalists.
Men were wiling to invest their moley
II them for banking purposes, because,
being somewhat deprecated. they CO.
tanned high interest for the money act
ualiy invested. But Mr.. Van Steenwyk
anticipated causes that might ruin these
bonds. and must depreciato them. From
the beginning Of his administration he
refused TO take Missouri bonds as securl-
Is for new issues. He brought ah the
influence OF his position TO bear upon the
bankers, to induce them to exchange
those already in bis hands, for other
bonds. with such success that $64l 600
were removed from the department IN
nine months. and their place supplied BY
bonds of other States. When the crash
came the people held but 81, 1851 1000 in
stead of s2,049, 900 of Missouri bonds.
2. When the civil war broke out, his
department held 81 ,l75, 200 Of bonds Of
seeded States. Every one of them be-
came at once greatly deprecated. By
the letter of the statute, it became Mr..
Van Steenwyk's duty to 'eall" upon the
banks of the State 20 make this doprocia-
ton good. A very grave responsibility
was to be met If he made this call, the
bankers could not respond to SO heavy q
demand, and almost every bank in the
State would be closed, and the bill hold
ers receive but small fraction Of the
face of their bills.
If he did not make it, he violated q
statute; and exposed himself to impeach-
lnent, with inevitable ruin and disgrace.
By not making call, he gave the bank
ers themselves time to make their ac-
counts good, and awaited q solution of
the national difficulties, when, Of course,
the bonds would be restored to their orig
inal value. and the people saved from
any loss He might have ruined HIM
self, but he would Lave saved the peo-
pie.
tie took his position firmly, and the
people of the State are indebted TO him
for it to-day in millions Of doIIars. The
legislature Of the State afterwards indoors
81! aud approved bis course Upon the
circulation Of only forty Of tie banks OF
the State, have the people sustained q
loss. while seventy are oJny restored 70
to their par value.
That this large portion Of onr currency
has been secured, while Illinois lost hers,
is due to Gysbort Van Stceuwyk, more
than anv other man H. took knowing
y all risk upon himself. To save his ronsti.
tutentS, AMI did it. Yet Vi; MI his Col
leagues N the State admins. ration. he
alone has not been nominated for ro.
election. This WAS caused principally
~ . supposed political necessity. His
defeat was one Of the inqusjtoral cruel.
ties e politics. There was un loubtedly
party nre seuting portion Of the
banks OF the State, that were opposed tc
his nomination under any circumstances
Mr. Van Steenwyk was too honest and
too firm a man for them. They wanted
many "favors" at his hands inconsistent
with his duties TO the people, and he
could and did say, No. When, after q
great depreciation Of the bonds Of a bank
.iscv asked his TO surrender the best bonds
In exchange for notes, leaving tho security
for the balance reduced in value, he said
No.
When banker asked hun TO Issue
notes, with no other security than his
own certificates Of deposit, to enable him
70 purchase the bonds wi h his own mon
cy. Mr.. Van Steenwyk said No.
And so on, through every confidence
game they wished to play He stood at
The portals Of his office and said TO any
scheme of corruption, thus far but no
further.
It would have been very easy to have
plaeated the bankers, and thus secured 4
powerful party. He preferred the faith.
ful discharge of his duties, and the san.
city of his official oath, leaving his cause
IN the han,,s of the people, whose great
inf 'rests be had saved from ruin.
The people did not respond. In n
contest between the bankers and the
Comptroller, whose only fault was bis
Grm protection of the public interest, the
people did not defend their servant. So
great was this feeling against Mr.. Van
Steenwyk. that prominent banker de.
ctared in Madison that Unnecessary to Sc.
cure his defeat, the bankers would raise
and expend $25 900. We must not he
understood as charging this feeling upon
the entire banking interes. Of the State
Many Of the most honorable bankers un.