The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-10-26
What an Old German Farmer Thinks
of national Bank Notes as CompAr-
ell with GreeAbRcks.


eti with GFeeRbAcks.
From Jay Cook' Is recent Letter on The Currency,
| In 1868, shortly after the organization
| of National Banks in Harrisburg, IA
solid Dutch farmer, of whom PensyIva-
/ mia has many, and whom l shall call
| MIR. Schmidt, entered the Harrisburg
| National Bank aud signitied to the
I Cashier, Mr.. Wier, that he wished to
draw g., 900 of his balance. Nj. Schmidt
/ by the way, was stockholder in the
| bank to the amount of $4,000, beside
and it was his habit, as it is of many OF
his class to keep his balance at bank
comparatively small by drawing out
! his funds and storing them in various
odd places about his dwelling. This
| WAS done for the double purpose OF
| preventing the "boys" of the family
! from learning the precise amount oil
paternal funds on hand, and to satisfyIa
sort of vague belief that money was
safer In his own hands than in any
body else's. The cashier stepped to his
desk aud filed up check for Mr..
! Schmidt to sign, and then handed him
two 81 900 green backs or treasury notes,
clean and bright from the printers
hands-jnst such as the old gentleman
had, until now, preferred. The bank
officer was not little surprised to see
his customer return the notes with the
remark
Tank you, Mr.. Veer, 1 tink 1 not
want dem dis morning; L take some
\ your NAsh'nal Bank notes dis time"
"Certaiuly," replied the cashier, the
| bank having just received its circula-
| ting notes from Washington, and he
counted out the required amount in the
notes of his own bank and handed
them to Mr.. Schmidt. The latter de-
posted the new currency carefully in
| his waistcoat pocket, pinned it fast, and
/ "a nhnnN n HanaFf EUhnn IL rFn6
to the cashier to ask him why in the
world he should prefer National Bank
notes to greenbaCks. The farmer took
the proffered chair and proceeded TO
state his reasons somewhat as follows I:
"Vell, Mr.. Veer, bin readin the law
OF Congress Yich autoriZes these
Nash'nal Bank, und bin stItdyiH it too.
| Den bin stndyin Mr., Cookies leetle
| book apOut how 10 organize these
banks und set 'em going. Und tells
| you vat finds-I finds the NaSh'ual
Bank notes ish te peSht-petter as green
backs"
"M hat in the world brings you to
that conclusion?" said Mr.. Vier, TO
| whom the view was new one.
"Vell," was the reply, "greenbacks
is goot, very goot-goot enough for any,
body; but l belief the notes of your
Nash'nal banks is lsetle peter, because
l finds in the law that pefore lis bank
can issue one tolIar of circulation, it
must deposit NIT te Treasury at Wash
! iugton one tollar und Ten cents in Gov
| ernment bonds; and so, If this bank
wants to issue one hundred tousand
tollnrs, 1t must deposit NIT Mr.. Spin
ner, United States Treasurer, one hun
dred und ten tousand tollars in bonds
| to secure that circulation; so il the bank
runs away and don't pay the notes, the
Government tUiLL pay 'em. Und this
margin of ten per cent. must always be
kept gOot. II the bonds gels down in
the Market den te banks must
keep te bonds always wort ten
per cent. more AS te circulation.
Veil, that make the Nnsh'nal bank
notes jo0st SO goot as greenbacks and
ten per cent more-only they ish not
legal tender. Den, Mr.. Veer, L finds
on der Nash'nal bank notes te great
seal fte Government. and te names of
Mr.. SPINNER und Mr.. Celby-Ie same
vich is signed to the greenbacksi und
desc gentlemen say ON ull the bank
notes that desc notes will pc received
by the United States in payment for all
dues except in gold customs, und will
pc paid out by te Government in pay
ment of all debts except gold interest.
Veil, that makes 'em SO goot as green
backs thrice.
"Den, Mr.. Veer, 1 looks on desc
Nash'nal pank notes in mine booklet
uud 1 sees te name of Mr.. Kerr, de
president ofthe pRnk, und knows you
pOth ish goot honest men, und knows
your names on the notes makes the
pank liable for de payment just
mooCh as If the government vas no
held for 'em.
well, fiuds all dis is true, Mr.. Veer,
und someting more, l finds dat every
stockholder In dis pank is liable for te
notes und debts of de Pank TO de
Il s,N1 Il II Hl-
gins to open min5 eyes, for ish
stockholder myself, und 1 finds my
farm ish mortgaged to pay desbills Of
dis pauk. Den knows most de oder
stockholders of di> pank, und dey ish
goot solid men, init property. So you
see, Mr.. Veer, dat before my Nash'nal
pank notes can proEe. de Government
bonds, init ten per cent. margin, must
git wort noting vt all; de United States
Government must git bankrupt, und
pc a scoundrel too; de property OF de
pank must all pc lost, und de broberty
OF all desc stockholders must pc used
up.
Nash'Hal pank notes te PeSht."
MIR. Wier, experienced banker rs he
| was, had received from the shrewd old
farmer new views of the National
Banking system, and fuller appre-
citation of the protection which this
system throws aEOunu lne i'eOPIe hs Ahe
holders of the National currency. Ia a
word, the National Bank notes are to
all intents and purposes a joint obliga-
ton, acting as a first lien upon the
Treasury Department, upon all the as.
sets of the banks ms corporations, and
upon the private fortunes of the bank
stockholders to the amount of their
stock. Do the American people realize
that in this currency they have the
most secure circulating medium ever
| devised, or likely TO be devisedS
A LARGE and essential part of edu-