The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-25
Die qntelLi1gkttear.
-. >, and n Tourteenth street.


~. Democracy in the Presidents
.,i,p =. Of lSSOis to be "GreenbaeSs "
s'a.tbscks." ,'ntbS In other words, great raj
". made on the National banks, an
,g ~, ,,s 10 be wiped out, their notes re
rs, ~. md the vacancy supplied by green
nj. contemplated raid supposes, as
49,, Of course, a bitter contest on thu
d the banks. II assumes that ST
,r /, 10 attack the Dragon and rescue
!, s, ,,pn,ry from great incubus.
y yor sha, il all this portentOus shaking
~. head OIL the .Art of the Democracy
t,,N turn out to be altogether unneces'
=, suppose the National banks OF the
.,.,t,y should follow the example set
L,n Gy the National banks Of Wheeling,
4 .tep down and out OF their own
.,.,,l a they seem very much inclined
- A, For instance, We have seen in the
!, lev days that the Butchers and Dro-
=, National Bank Of New York has re-
s,,l II, capital stock from $4,000 to
mao and that the Merchants National
g,,. If Cleveland has reduced its capital
rn 81 10000 to $4,000. What does
,s, mean? Does it mean, rs BasseH and
M wilson tried to make people believe,
"a, the National banks are enormous
.vr4. Of profit to their stockholders? We
Mink not. Itmeans that they cannot pay
4, t,,es levied on their unproductive
opi.l. Therefore they are gradually
,rblawing, OF their own free will, from
b, ys;em. ..-...E~
The rithdrawingof this capital Is a seri-
d. natter It calls in loans to begin
nh. For instance, when the Merchants
yaonal Bank Of Wheeling reduced its
.di,I from 100000 to $4,000, and quit
4. S.tional system, it had necessarily TO
1rail It's loans. And so has any bank
bat eu,s down its capital. The process Of
,,tug circulation on the part Of the Ma
aua banks will be a season Of curtail-
a+a. Of loans.
Tbs, however, is not all. After the
.rfinaion Of the National system comes a
ute system, and that means irresponsible
.lakirg As regards the present safe guards
h.. surround the National system. One
,s,On for quitting the National system is
ssGovemment.espionage kept up over all
iaioall Banks. Banks do not like espion-
&c and vet all experience goes to show
h., no corporations need it more. An
ther reason is the double liability feature
National banking. Stockholders do not
lie to stand security for Irregularities in
De Of the bank and possible attacks on 1t
Un the outside This liability they as
1ae under the National system. No
'AFr system ever gave such protection to
sPdsltors.
Under the State system banks hope to
ape great deal OF taxation. This leaves
ls Axes to be paid by other people.
here y a controversy as to how lar q
AK that holds its capital in greenbacks
N be taxed. AT all events, they escape
! doll times tax on their circulation by
t'iing the National system. From 1855
} s'b the National banks OF this country
ad, ,alltOld, an aggregate oftaxes amount
g'O $lsI,0O,OOO. As to how much tax
's same banks would pay under state
stem no one can tell in advance.
Rut these objections are not all, serious
they are. A fatal objection to the sub
tuition Of greenbacks for national bank
Otes Is that it makes complete divorce
stEeen the business Of the country and
le circulating medium. Under the pres
ut Ice banking law the volume Of circu-
ton increases or diminishes according
} the demands Of business. Under the
Dpsel system OF issuing all our paper
ioaey directly from the Treasury the
olune must depend upon the uncertain
price Of Congress. The tickleand chang
SoP'nlon Of Congress would be indeed
'eT unsafe basis on which to regulate
Y ! value Of all the business transactions
thecountry. - y
6ank notes arc the legitimate and ac-
a representatives of the capital of the
'Nas'y engaged in business Of every
'aa' The greenbacks embody imitation
a'e and simple. They stand only for
'e deOt OF the government, and can only
, put into the hands of the people as q
Institute for the real money owing by the
Al but the lack Of it. and inasmuch as
lar .,,,.