The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-09-04

Tho following brief history OF an expert.
80, rono. ',ono,, olonl,l bc nondorol
i''ci'. ~ P"fet i'i0"es '"o"'u az p'''''s's'
carefully by every citizen:
Mr.. Chandler, OF Michigan, said:
Mr. President have had n good deal
q n...a.;e,,aa;n 40 oo,.so "a 70, lifo IN
ol eAPeF'e.iee III .i'c eou'so u ~! ''0 ~
panics and i'll crashes. Asa business man,
| was through the panic and crash OF 1887
~ 1877 and NJ 1877. md nltbouph mt
L,,,;.asa, Ii,a..a ,,..at
aC'iSeIy enS"see u BUSINESS nav "a' y,
Ell WIN great interest inc crash ahu Tue
panic OF 1873. =
ATichivan has had n very valuable OK.
.as;a.'.s =, ~ ,'a,. 20 ;noo,;on "a n,,;o.
pelielce III ''e way VI it'n"''oi' =, p""'s'
and OF failures. LII 1881 the legislature Of
Michigan, young State OF but one years
Growth nu,horizcd the Issue Of what was
$50 wv =, ~ ,t;o,,,,.am a. ,oi,,ion loon
NM" 10 'ne tNss"" - 40 900 -.
The negotiation OF loan s5,ooo,oOo BY
that young State was effected, and with
the proceeds the State proposed to build
three parallel lines Of railroad from Lake
Michigan to the eastern waters Of the
State. II was nearly twenty years too early
for all those roads to DO built, but to-day
every one OF them is completed, and has
beenior years. AS the country grew, as
population increased, MS wealth was nc
cumulated, tho necessity for tho constrtic-
ton Of those roads became apparent, and
the capital ofthepeople accomplished what
the Young State of Michigan failed to do.
III 1887, while these improvements were
going on, there was failure on tho part Of
tho Morris Canal Banking Company, ]
think to nav the fiye-miIlion loan. They
mid something over two millions, and sus-
pended, and the State Of Michigan was
left without money and without much
credit She had already negotiated 5000,
900. True, portion Of 1t had not been
received, and she had not much credit to
curry on these works; but the cry went
forth, hAtare money, more money; the
laboring classes must have more money;
our internal improvement will stop unless
we have moro tnoncy,m
The State OF Michigan undertook to
furnish more money. She granted char
tiers TO a large number OF State banks, such
as The Bank OF Pontiac, tho Bank OF Clin-
ion, the Bank Of Ann Arbor. and SO on
the number / cannot tell; but they did not
furnish enough money. They wanted
"more money!" and in order 10 make
brief work, and the remedy efficient, she
pissed general banking law, known rs
the ''wild.cat law" authorizing everybody,
everywhere, to start a bank and furnish
more money, We'll, sir, they started
banks. There was the Farmers Bank OF
Sandstone, the Bank OF Brest. the Bank OF
Gibraltar, and banks where there is moth
ing LETT now but u barn, and no windows
even in that, They started u hundred
banks that furnished "more money" In
process OF time they got money enough OF
that kind, II tho banks ever paid any
Thing i never hoard it. They were 10 BE-
started on coin, and thoy took kegs OF nails
and broken glass, with little coin on top,
and brought the INSPECTOR OF banks In and
started banks upon these kegs OF nails
witha little coin scattered on top, which
were carried Off the next day to some other
rlnre 10 start another bank, and then they
Ground out .'moro money" there. - sf'''
After the failure OF these banks the cry
was still, "AIore money; we must have
moro money; tho country Is suffering for
more MONEY! y. Tho cry was responded 10,
and more money was furnished. The
treasury OF the State OF Michigan, already
owing 5000 200, undertook to furnish
more money, and the State issued treasury
notes adj Ebitnm, and the .'more.moneyh
men got more money until the value Of the
State treasury notes, which have been
mid to the last dollar at par, ran down to
thirty.seven cents on the dollar; and al
most every city in the State, including the
city OF Detroit, responded to tho cry OF
"morc money" and issued shin.plastters;
and individuals, realizing that more mon
So ~ Ni,oE;l.or ~aS iIoo.IoJ ,,;,I,