The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-05-26

n Ptollct 3Abt az aAtAADDb btS fAs tANAk :" Nt
Il State; county aa5. local tares.
5 According 70 the report Of The COMP
J3troller Of the Currency, when the current
\ rate o. interest al any bank Is 6 per cent,
and per cent bond commands a pre-
Y MUM Ia the inarke. Of IS per cent,
4 the profit on circulation Ia l.l9 per cent, and
y when The current bank rate d in.eres. is J
( per cent, the profit on circulation is only
us per cent The average bank rate o! in
SteTes is probably full per cent 30 that
{ the ayeta q profit on circulation, banking
q on 8 per cen. bond, would bc one-eighh
4 les, than ore peri cent. at points where
II money Is worth per cent the net value Of
circulation 10 National bank ~ only SO
4 per cent, or little over one-halio Of one per
n cent. So ths! the readet can ZEE Just what
i, Nh. Keana's ideas are worth. As we ssid,
%tin our comments on his amendment TO the
4 bill, he neyer expected It to be adopted, as,
i of Icsurse, It would wind up the whole sys-
y TEN.
XXI Mr. Kenna ought 10 be more familiar
sSwi h the history Of bank circulation in the
~ H. .'.s', . H'4H =" ~ N "' t1N' i"
n lille blood Of their business, ought 10 know
\. ~: - = Ao'n " us'ou7 N'A''I'
Z. - ~. 80 -. t .a NAo" nv" 'a
1.o ~. pA" ' -, , 'euA.'o' ~ An""f "N'H
= = = poa. 10 AA'"S 1' t, ~ ''''s gooa
ot !'e .up ''uSa' even ie'e IN me''
~ ,, ~ =, '''ts :.sa''ya w H'"te
u; bpnas. lley Doushs Virginia bonds, de-
4 posted them at Richmond, and made them
III the }a3is Of their circulation. The State
5S ~, ;.,o,,.., :, a. Ia.s ,,,o.L.L,,,
S - ''9 D,.a ~. - s''s ""''"' ''''''
33sslne them, lust as the Government pays
Interest 10 the holders Of It's bonds The
u foniy difference IL tha, when a s,o,,, bIe,v
4 y, ~. ho.J ,.a,. -. =, .I - w."
- W Do '1 "sH' u'"A IN 'ne Market
Y ana ana & were not easily convertible, while
II Government, bonds remain solid and arc
Il always convertible nnder ali c;,cnnv,,,csy
Ia:sI,.;s. (. - wa,ts,i 80 "
iii I' " t'e -Na'i'hal paaA!ls system the
& problem vas how to give the people 81
cure aud stable circulation, The State of
" New York had a "free banking, ,ysten
$s 1. IL, i,,ro.,,t.t ,h,, t.,t, e. -,
~ pso1'iea ''l' oa''k' w Inc delo'-
w W! q appto'ea Do'os--coFporation or State
, DondA'5-nsn1 ISSUE c'tculn''on' II Or.
n h ' ~" ~ gl leiet 70 let'cf OF INC Asss-
II .ah. secretary o. inc treasury oil tie
4 It hleea s1i"s' aa.ed -'h November, 1871,
" he ~ nha no" u "ofKea. II Is there re-
\ 3. eoiae az! ~ ioil low ~
" s35s. me p9ilcy o. many OF tue state gov
cn,r,iny ira Issue s ~ sm Ii uat Ia Jn
4 sanctioniny the establishment, OF what ar.
sSproperly called free banks with deposits
o. stGeKs aha mortgages igr me ultimate
scc,,,;tyis I, NAV In nd,n;t.d IL h u.' i.S
\ mo security at ali. 7He miscitir} i Mnt Il i
s| e Il dtatSidSe i ofhea most ganted
an ~ !asefy causea when prevent the
~ $spromn,ly. consn fail H. , ,,s'.
III value Of the stocks and mortgages. on The
l,ulttmate security OF which their notes
l,asG pccm ls .' a circulating
'ultlmu,c security IL ,rsu, "j,o ' ;a1 ~
aie security. We want security that is good
M viii be good tomorrow, aud
a;; ~ y a y, WY, a''u 'ote'et thereafter
a - s''o" SUI iuf1''cf 70 Or hcnn1 no"
~, ,l'. bys.'' IN Sosuc ~ t''ose good old
Il De'oeia.'e l.'es "ofkoo' We cue nm to
-. tit .ci'o,s =. s"e announcement 1 OF bank.
~ ~ t'io o.'' ~ No"' IN 'o9o IN winch
ny y s'iowh tat tt.c securities then held In
& ". - pa"K H c'tculatloh III mat state
a .,'l''tt, - SyV"'o'o'.. a NUMBER Of
81 ,'lssc pA''H' pAo peco''e 'tsolseh' the year
before ahd ne says mat IN no case did the
oesu.t.''s ao"ec ''eif ilocs " paf. lhey
" ran from 81 cents up to 81 conts. a
Mr.. Konna talks as II he intended to
II convey theidra tlattho ho,,,u ow,oI h,u,o
SsNs,;..,.i H., =, 0:",' ~ ~,
p'.'ks i''a pech specially Issued
S 70 them Us u basis Of bankins-as Il sort OF
gratuity-and as K the bonds Ind MT hc.n
Ssbooiuobt in sthe opcn m,rtot o,d o,r,n,,
34i ! Il, = r. "'. eo.'e''-
cteu % tllc Government Us u basis Of issue
y on tho part OF the National banks. The
4 process in no wise differs from the PROCESS
sun,ler ,he oll y;,y;,,a e,.,se .,,.,a.. ~ W.
h'A ',-'' '!''en as re-
sa gary f.f tie purchase ana deposit OF bonds,
q Or the privilege to issue circulation on the
4 basis Of their deposit. The result 10 IN.
nncNonlcy howov.r Il yos,,, ,;r,..',. nv, W..
E.,i.,a saa.,s,,..n' =, "'' "'"e'e". Inc
t t't1 .ttn' sys'c " security against oil
II contingencies, while tho other was not.
!SSSSTha following extract from the reuort n
H lin CON plrottor az ,ho. r,,ro,., =. ,o-.
s,s,,, onaoh i 49,, .'e.y ''r 800