The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-07-02
More Expo-ure. OF NntionaI Hunks.

we had an inside view OF the work
ing of the infamous national bank sys
tenn in Illinois, Michigan, and some
other parts, through our special cor
respondence, published a few days ago
Yesterday We published additional reve'
lations from our correspondent, who
had reached Indiana, where, he says
next to Illinois, there are, perhaps
"more desperate financial adventures
than in any State of the Union" In
Idianapolis is the fountain head of wild
eat speculati0ns and banking irregulari,
ties, Since we commenced TO make
these exposures the Treasury Depart
ment and other defenders of the Nation
al Banks have endeavOred to make ii
appear that the Government risks moth
ing and is amply secured for its depos-
it's. We expressed our doubts of this
pretended security. OF course there
could be ne pretence that individual de-
positors are secured. The Government
cannot protect them. But it is evident,
as our correspondent says, that the de-
posits of the Treasury Department are
not safe. Many of the banks of Indiana
have more than half their entire capital
floating about in tinarcial ventures, be-
sides very large part of Government
and individual deposits: Sometimes,
when the Government has drawn upon
them for even tenth of the amount Oh
deposit, they have not had the funds III
their vaults to meet it, and only saved
their credit by few hours grace and
through extraordinary efforts i'll borrow
ing. In one case the Treasurer drew
upon a bank for forty thousand dollars
where he had deposited nearly half II
million, and the cashier was i'll such a
strait that he had to pay out gold inter
bearing notes just as the interest
was maturing, thus being compelled to
make Il great sacrifice in this extremity.
1t is confidently asserted and we do not
doubt ii, that there are fully thirty
millions of government DEPOSITS in the
national banks of the country not secur-
ed by one cent. Many of the govern
ment officials, it is alleged, receive from
three t. five per cent. on DEPOSITS IN
these rotten institutions for overlooking
their condition.
Public opinion against the National
Banks is g owing stronger daily i'll the
West. Almost all intelligent people,
and particularly commercial men un-
connected with these institutions, de-
nounce the system as disgrace TO an
enlightened government. They cry out
for greenbacks. They want the Nation
al Bank currency swept out of existence
and legal tenders substituted i'll their
place. They see the gross faveritism to
this monstrOus monopoly by taxing it
less than other banks and other business
and the community at large are taxed.
They have their eyes opened to the in
famous fraud upon the country i'll Civ
ing these privileged monOpolists twen-
ty millions year profits on their circu-
latioD, when these profits ought to go
to the government for the benefit OF
the people. This growing indignation
against the mOnstrous and dangerous
system must swell up to national
movement. Institutions so ruinous to
the industrial interests of the cOuntrA
50 oppressive to the poor, and so full d
danger to the Republic, cannot con-
tinue to exist. They will be swept
away in n storm of popular indignation,
and Mr.. Chase. the father of them, as
well as Mr.. McCullOch and all other de-
tenders of them, will become more Odi-
GUS than Biddle, of the old United States
Bank, or Law, of the grand Mississippi
swindle, ever became. In future times
people will look back with wonder that
such n system could ever nave been es-
tablished in this enlightened age and
Republic.-N. y. Herald.