The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-09-26
From The Cincinnati Gazette.

Mr.. Pendleton's financial scheme,
which began with the vague nonsensi-
cal proposition 10 increase the issue OF
legal tenders as fast as could be done
Without too great initiation of the cur
rency, has now got whitfield down in
the issue of three hundred millions to
supersede the bank circulation, which
Is TO be abolished, and with these to
take up three hundred millions of the
bonds. This is material clipping OF
the pristine wings of his imitation Let
sideration, and see If it is sufficient to
distinguish the rising young statesmen
OF the West.
The American people have propen-
sity for banks. It Is not confined 10
one party. The Democrats always
chartered banks when they had the
power, and were hostile only TO those
ance with the beautiful Democratic in
stinct TO ruin what 1t can not control.
The present banking system was enact
ed under the belief that it would give a
uniform currency, which would be
safer 10 the holder than that of the old
system.
The grant was offered by The govern
ment, and the banks accepted it In good
faith. They purchased about 400, GOO, 600
of bonds, and deposited them as secur-
ity for the ultimate redemption OF 300,-
COO, 900 of circulating notes. The gov
eminent did not issue these bonds to
the banks. ItwRs obliged to issue them
to raise military means, and it was glad
to have the banks buy them, because 1t
added so much to the demand. The
government pays interest on these de-
posted bonds, just as IL did when they
were in other hands and the banks
pay taxes on their capital, which 1t is
claimed will amount to not much less
than the interest of SOC, 200, 900 of bonds,
which is the actual amount OF the bank
circulation.
The banks have gone into business,
and have entered into their usual relR-
lions with the business OF the country.
Senator Hendricks, in his reception
speech in Indiana, stated the loans of
the banks to the business of the coun-
try at six hundred millions. II their
circulation is taken away, these banks
will be forced TO wind up; for then they
can do better without the corporation.
Therefore, Mr.. Pendleton's plan means
the closing up of the National Banks.
This involves tho necessity of calling
in their six hundred millions of loans.
Can this great change be made with
out great disturbance to business? Mr..
Pendleton oilers nothing to supersede
| the banks in this matter of business
loans. All that he can offer is TO lake
away their circulation and issue green
backs to take up the bonds. Will there
be anything that will tide over this
| withdrawal OF bank loans, SO that the
accommodations TO business shall not
have n disastrous break? Mr.. Pendle-
ton Is playing a desperate political
game which is reckless of disturbance
| of material interests, and most of his
sequence of SO great monetary dis
turbance. But intelligent business
mon, who are not young and rising
statesmen of the West, know that such
u disturbance of the bank loans could
not be made in this city without bring
ing monetary crisis which would
throw thousands of working men out
of employment.
We write impnrtially on this matter,
for when the banking system WINS un-
der elaboration we opposed its crea-
ton. The business of the country is
now involved In 1t, and we are opposed
to destructive changes. But when Mr..
monetary calamity, brought about
this change, abolished the banks issued
800 millions of Rreenbacks in the place
eff their currency, and taken up 800
\ millions of bonds, what will be the net
| gain2 He will only have changed the
form of the debebt. 1t will still exist
in the form of promises to pay money.
These will not be taxable. He will
have abolished taxable banking CAPT.
tai, yielding a large portion OF the
amount at the interest on the deposit
bonds, and have only. changed the
form of the debt.
Is 1t worth while to go through SO
much for SO little? Is scheme OF in
evitable monetary distress, whose con-
sequences would make the saving OF
eighteen millions of interest a small
affair-even if ii were all saved-for
the sake of changing the form of the
debt, great statesmanshipl Yet this is
scheme, as It Is now revised and cur
tailed. t---5.
Nor the least encouraging sign of the
times is the good grace with which some
OF the Republican leaders, tainted with