The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-28
wheeling Iu,eliigeneer aud the National
Ranking System.

StsaNeRVilis GatEtte-
Probably as strong-a case on the Ma
tional hank side rs is possible has been
made in the lNTELLIGESCER'S article, and
vet some Of the arguments presented, are
themselves confession Of weakness; for
instance, the point made against green
hacks that they represent nothing but
debt as that Is exactly the condition OF
the National hank note, or any other note
issued by a banking corporation. They
are merely evidence OF the debt OF the cor
,oration Issuing them, and 1t Is certainly
letter for the people Is whole 70 form
that corporation than TO delegate the eS-
elusive right with the profits pertainingl
to q privileged few, as Is the case with the
National banking system. And no matter
il We have provision In the banking law
allowing the formation OF banking eorpor.
ations only limited BY the number Of
bonds extant, only comparatively few Of
our many million nhahitants can everaEaiI
themselves OF the privilege. They have
neither the bonds nor the money opro'
cure them.
The ISrrIIIGpcIR Is right when it argues
that the National banking system Is the
hest and safest Of any banking system We
have ever had which involved the right OF
issuing notes. But wouldn't tho same
safety b. secured by retaining the present
system, only so amended as to withdraw
the privilege of Girculation2 Then 50
much OF the taxes IS are imposed on the
circulation could be taken Of, and the
hanks would have no right to complain.
Or the interest on the security bonds de.
posted in Washington might be withheld
and this much gained to the Government
whenever the banks are furnished with
currency, and in case the currency Is
welded up then TO bear interest as before.
rs such plan an elastic currency would
he secured which at the same time would
not be open to the objection OF costing the
people double interest. Yet this would
he but the Greenbaek- idea In another
form excepting that 1t would lack the "hat
principle. Still Il might be q very. Sood
plan upon which to base aeompromlSe be
tween the two extremes represented ey
the advocates OF an extensive issue Of sab.
sOlute money" and the disciples OF the
National hanks.
There Is no doubt as the ISrEIIlGESnIT
says, that under the State system banks
hone TO escape a great deal OF taxation.
And we can testify that institutions char.
tered by the State, IS well as private bank
ing houses, do escape taxatation which
they are Justly entitled to meet in the State
81 Ohio, while the National banks an
compelled to pony up" every time. Tht:
fact We called attention to last spring and
illustrated the point by publishing a state
lNent showing the taxes paid by the banks
Of Stenbenvilie. Outside Of the two Nat
iORal hanks the taxes amounted 70 mere
song, But the National hanks d0n't pay
TOO much tax; the trouble Is the Others
don't pay enough, and some amendment
should 10 made in our State law by which
they can be compelled 10 bear their sharS
in supporting the State and local govern
neulS Probably the best plan TO reach
such cases would be the passage oil some
sSlt Of prOhibitovy Law similar 70 that O
the United States government taxing StatI
hank circulation ten per cents by which
ali priyate aud State hanks could ba wiped
amt fins leaving none but National banks
which, Is has been pEoNel, pay thelt Jus
share Of State and local taIeS
We think the lNTElildSNcEA IS mistaken
in assuming tina; under the ereenhaek sys
TEN "a complete divorce between the BUS
mess Of the country and the circalatne
medium" would insult. ltSown argument
goCS 10 show that the present banking sys
ten gives us an elastic CuFnsncy, Se.tEAd
iNStaGle in VOlnMe rs the needs u baslI.eS:
r.luire, What makes this elasticity
Sinlly tho inlerSonverti hllty OF The
CiOycrnMent bonds and National h4nS
notes; W IN other words. the power under
the Law Of obtaining more currency Q!