The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-02-06
4 he Randall Bill.


Hon. GEORGE WALKER, in paper re-
Gently read before the Social Science
Association, discusses at soms length
Mr.. RANDALL's bill to suppress the Ma
tinnal banks. The result, il not the
purpose, of this bill must, in the opin-
ION of the writer, be q dangerous and
needless imitation of the currency. He
presents in a forcible manner the main
objections to Mr.. RANDALL's PROPOSE
tion. First of all, this measure comes
before the nation suddenly and unex-
pectedly. No previous intimation Of its
introduction was given, no expression
of popular opinion upon its general fea-
lures has been had, and we are left to
infer from the unceremenious manner
in which it has been brought forward
that the tinapcial prosperity of the
country is not the only purpose OF the
measure. The mode of its presentation
certainly has little reference to the
general interest, and is without a prec-
e,lent in the financial legislation of
England or France.
In the next place, its effect upon the
banks stops little short of total destruc-
tion. In taking away from the country
banks the power of issue, it may be
said to remove the source from which
they derive their means of existence.
The Government, by taxation upon the
banks, forced the States to abandon
their former banking system, and to
Weld up the income derived therefrom.
1t certainly was implied in the intro
duction of National banks, that they
were not to be driven ont of sight by
capricious legislation, and this change
which will virtually destroy many Of
them, isin bad faith toward the States
as well as the banks themselves.
The claim set up by the friends Of the
RANDALL bill, that to suppress the Ma
tional banks and to use only the is
sues of the Government win result in y
gain of interest to the people, is clearly
fallacious. At least three millions Of
dollars annually will be- lost
10 the Treasury under the
workings of the RANDALL pro-
position. The banks uow pay to the
Governments tax amounting to twenty
one millions, while not more than
eighteen millions can be saved in inter
est by the change proposed. In sddi-
ton to this Mr.. WALKER claims that
through tho National banks specie pay
ments may be soonest secured. These
banks are compelled to retain constantly
u large amount of legal tenders. That
which ia in the hands of the people be,
ing gradually lessened, the banks will
ultimately hold the whole of it, and
this will not be so large bnt that re-
sumption will be easy both for them
selves and the Government.
The immediate abolition of the banks
would increase the currency OF the
country some two hundred millions oi
dollars, by throwing into circulation
the entire amount of legal tender which,
under the law, they are required to
hold. Heace it is that the RANDALL
bill may properly be called measure
ofinaation, which will be followed by
wild speculations, increased cost OF iv'
ing, and, in effect, q reduction OF wages,
through the diminution OF the setuai
value, the purchasing power OF paper
money.
OF one point, we imagine, the pubic
will not lose sight. That is the injury
inflicted upon both the States and the
banks by this unceremonious abolition
ola system which they adopted under
the compulsion of taxation. The Ma
tioual banks were introduced through
the destruction Of the State banks.
This was deemed unwise, yet it was
submitted to; but now the sorry equiv
alent for the old system is to be taken
away without reason and without no.
tlee. Surely those concerned should
not be assailed in their vital interests
without being allowed an opportunity
fasdsfsncs or protest.