The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1864-05-04
PALLADIUM.
WEDNESDAY, MAY 4th, 1864
The Currency.

We are pleased to notice that ohte'So'
which for years has been the great food
gate through which the millions OF Wild
cat trash has poured into the West, has
at last become tired of the worthless
stuff and shut down upon it. 1t would
have been well for the West had it done
so long ago, but blinded with speculation
II has opened wide the doors TO the rag
mills of the East, until at lastit flnds II
self Obliged to put a check upon it. But
few people stop TO think where money
cones from If so be it is plenty, IS prop |
erly signed and passes current. Inc III
fatioa of Eastern banks is perfectly aston
ishing. The banks of Pittsburg alone, |
since the war began, have expanded from
two millions TO over seven millions
There are eleven other Pennsylvania
banks which in December l, 1864, had
only a circulation of 1871" ,755 on CAPT
tai 81, ,229,613, have now in circulation
over six millions, while their capital IS
not increased ut all This is a down right
swindle What shodows of right have
these eleven banks to borrow this much
money on their promise to pay, draw IN
terest on them and shove them off on the
public, thereby making Is per cent on
their capital, supposing they loan them
at per cent.
But these banks are an exceptrois--
Take the Bank Of Newark, Delaware;
Exchange Bank Of Greencastle, Indiana
Bank of Geauga, Ohio; Merchants Bank
of Massilon, Ohio; Bank of Delaware,
Ohio: with capital of S223, $50. They
have in circulation S6ol Ash
Look at Greencastle Bank in this State,
with n capital Of S50,350, and a circula-
ton Of S173,056
What is to become of our currency II
these rag mills are allowed to go on at
this rate?
Let them be taxed out Of circulation
Let the people repudiate them, and force
them to fair and honorable businerss.
We are glad to see that our own bust
ness men have taken the bull by the horns,
and after the Goth inst, will have no more
10 do with it, Lafayette Courier.
Mr.. Hooper, Of Massachusetts,, made
a speech on the currency question IN
Congress, few days since, in which he
showed up completely the rottenness OF
these rag mills. He said;
II is useless for the Government to do
ANYTHING to diminish the volume OF the
currency so long the State banks eN
ercise the right, and are watching for ev-
cry opportunity to extend their circula
ton; and it is impossible for anything To
he done to correct the depreciation so
lonp as the State hesalss-a.~w, Va shil "a
the channels Of circulation with their own
notes. In no other country, civilized OF
uuciyilized, does the power exist Will
private corporations or inuAS1ouaAA
70 uszessiss sTsh sove e. and ire
dividuals and to private corporations OF
furnishing and controlling the currency
which measures the value of all the
property in the country. The cost Of
paper, is only the expense OF the paper
and engraving, and the trouble of pre-,
pairing and signing the notes; but where
ever it is used, it regulates the price o.
all the saelable property in the communi
ty. Mr.. Webster, in one of his speeches
said, in reference to the excessive issues
of the banks, that il was '.the most effec
tual invention to fertilize the rich man:
field with the sweat of the poor man.
brow and that banks should be re
strained from issuing for circulation bill:
or notes unde given sum, say, ten oil
twenty dollars; this would diminish tn,
circulation and, consequently, the profits
of the banks, but it is Of less importanc,
to make banks highly profitable institu
tions to the stockholders than they SHOULD
he safe and useful to the community :
How much more important is this now
than ut the time it was uttered by Mr.
Webster; now the lifc-blood of the ma.
ton is being exhausted by adding the ex
cessive issues of the State banks to what
the Government is obliged to issue tc
sustain itself.