The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-21

Is made with the Republican party Is th,
substitution Of g~reenbacks for Nationa
bank notes. The National banks were or
ganiEed Ia the midst OF the war, when TIL
issues Of fifteen hundred State banks o
country with the worst form Of irredeem
able money. They were Issued under thu
laws Of the different States and Territories
some Of them without any security what
ever 70 the note-holder. They wereall Of
local circulation, and but few Of them
were willingly taken outside Of the State
IN which they were Issued. They were
counterleited and uttered so that d bank.
note detector as large as the New Tesla.
msnt was requisite 10 form an opinion
Whether the bill was genuine or spurious.
II was q currency 80 worthless and dan.
gerous that the wonder Is how the people
submitted TO Its use so long and patiently.
Alter q long struggle the National banks
superseded oil these, aud what has been
the result? Two thousand banks are
scattered throughout the United States,
az convenient agencies for commercial ex.
changes and for the loan and transfer OF
money. They are authorized 10 issue cir.
cllattng notes upon conditions that make
them absolutely secure. Over three hund.
red and twenty million dollars Of such
notes are In active circulation, every dollar
o. which is secured by q greater amount
o. United States bonds deposited with the
treasurer otthe UnitedStRtes Not dollar
mas been lost on these notes by any one.
they are perfectly guarded against counter.
letting. They are good everywhere In the
United States, These banks have loaned
u the people, mostly for commercial aud
manufacturing purposes, $S32, 1886, 1874 %.
Ihey are chartered for twenty years, and
none expire until 1883.
And now 1t is proposed to abolish these
Danks; 10 compel the collection Of all
thelr loansi to withdraw all their circulat.
ing notes, with the certainty that their
overthrow will be followed with the
brood OF State banks, governed by local
laws aa diverse % the whims and neces.
slues oil local legislation. Is this wise? Isl
u even excusa6le2 What reason Is given
Tor a measure so destructive 10 the busi.
ness interests Of our country? The only
reason know oil, that Is even plausible, il,
that the Government OF the United States
might Issue Its notes or greenbacks In the
place oil the bank notes, aud thus save in.
terest. Suppose this were done, and
United States notes issued, the utmost
saving Is 81, 100000, at 4 per cent. But il
these notes are issued they must be re.
deemed, unless you wish again To embark
upon a Wild scheme OF irredeemable
paper money. If you maintain a coin
reserve oil even % per cent,
the coin must be purchased and
remain idle In your vaults. Here is a loss
oil one-tolrth Of your imaginary saving,
reducing It TO- S0,0OO,000. But what DO
you lose by wiping out the banks? The
United States, and the States, now collect
taxes from the banks, amounting, in the
average, TO $l8,0 0S, 1881 a year. They q
Joy no privilege from you except the
power 10 issue circulating notes, and for
snls you make them pay more than . per
oil their entire circulation. Do you
not see that by this operation you lose
money? You lose near seventeen millions
revenue to save possibly nine millions OF
interest. You kill the goose that lays the
egg. But II has been said You can
lax tue banks anyway. That is idle. Not
one IN ten would continue their corporate
existence. They would either go out OF
business or become private banks or
bankers, and then their United States
ponds, now the basis Of banking capital,
md as such taxable, would then be held
rec from all taxes by State or National
authority. The franchise the National
banks enjoy is as free as air. Any Of you
TSno have money can organize a bank,
There is no monopoly about It. ICaunot,
now, iellow.citizens, discuss this matter
further, but appeal TO your sober iudp.
tnent whether II is not better for US all 10
continue this admirable system Of bank.
ing, the best that ever existed, and from
time to titno adopt such changes as expert.
may prove necessary for tho public
interests, rather than TO blindly yield TO a
temagogic spirit that would destroy all
property and open wide the door 10 rc-
pIdiAtion and communism