The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-07-19

n PROMINENT qnUBElOH WHICH VIII COmo
before tina convention Of bankers al Niag.
ara Falls next mouth, Will bethe future 81
the National Bank system, ard tho expert.
ence Of the past az we'll as the probsbIli.
ties Of tho near fututs are suggested ss
reaaons why 1t should hsy6 full consider
alton. 1tis urged that while the condition.
OF the paper money Of the Country-both
that isgued by the Government and that
by the National banks, belhg equal to gold
in every portion Of the. Union-ofEeis
favorable opportunities for discussion,
tho necessity Of taking II up aid thor
oughly studying il 10 tue greater
because the present situation cannot DO
relied Oh to continue. -0nthe contrary,
It las within it the elements q change,
and oil change, probably for the worse.
The interests which ArB now In harmony
may, and In all likelihood will, again be.
come conflicting, uplesB tie system now
In 80 fortunate u condition Ia essentially
modified. The time is not fat distant when,
by tho mutual course OF events, the Coun.
try will be compelled 10 choose a paper
currency issued Oy the Government and
subject TO tue control, more or less
arbitrary, Of Congress, and q currency
issued by tue banks, under the restrain.
ing provisions OF Federal law. Two
fact0 hasten the spprosch oil this de.
cisive period, 0ne Ia the fact that the
charter term VI most Ofthe national banks
will expire within the next few years; the
seconds the fact that the public bonded
debt, which forms the essential security
for banking circulation, is being rapidly
reduced in amount, while the interest on
II Is also being cut down 10 q point whore
the issus Of currency upon 1t, considering
the taxes 10 be paid, will no longer be
profitable. As the privilege Of issuing
currency is absolutely the only thing
which makes banking practicable under
the Federal law, because IL is the only
consideration offered for compliance with
all the restrictions and conditions imposed
by that Law, II Ia obvious that as the bank
charters expire they will not be renewed
unless the ~s!uation Ia such as 10 make
national banking profitable. II they be
not renewed, tine alternatives III the matter
Of currency which will be presented will
be paper money Issued by The Federal
Government or the repeal Of the present
tax on State bank circulation. r.
1t Is not believed that the country would
60 back 10 State bank notes with, their I'm.
c%srlalhties, Inconvenience and dangers,
The New York Tines Gays the choice will
marrow down toa matter Of providing some
essentially iSir way Of continuing The
National bank system OF falling back Oh
Federal notes, aad dsprsCales ID advance
a return TO the latter, believing II to b
practically impossible In this country
with our present p%olitioal methods, to make
RsJ Rtem Of Federal paper money, which
shall not be radically detective and dan.
gefous, II tile most favorable con.
ditioRs, tho creation Of a safe system,
subject to governmental control would
be surrounded with the greatest
difficulties II has not been tried with
any success on a large scale In any
great commercial county Of modern
times, Such M experiment with De
would have to encounter many
and great danSem from the de.
mobilization which the spoils system has
produced in u politics, which has made
II almost impossible to got any great ques.
ton treated fairly, honestly, and thorough.
ly on lie merits, The selHshhess, unscru.
p%ulouSness, and want Of considerations
conviction which have been shown BY