The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-02-04
Tho Rational Lnullr.

ir-.E. Tho National Bnuhr. q.
A good and stable banking system--one
to yield a fair return TO capital and to pro.
vide the people with security as nearly
absolute as any human institution can pro-
vide,-is u matter OF 60 great moment that
Il ought not to DO regarded as opening an
arena for partisan jous!s. But 1t Is plain
that history Is to repeat itself In the pres
ent Congress. From the time Of Alexan'
der Hamilton, tho father Of the frat
National bank, the banking question, as
often IS 1t has been opened, has brought
on PARTISAN controversy ll.ly character.
lied as u Eight" 5a-
Jefferson threw against llamilton's
measure the weigh. OF his great influence,
and he aud bis friends made their oppoa!.
ton on partisan grounds. But Galla!in,
one OF the ables. OF the men who have held
the TIT asury portfolio, who had been Sec.
rotary Of the Treasury under Jefferson,
favored the recharteripg Of the National
bank, b1t had TO yield 10 hia party. The
charter having expired, Dallas, third Of
Madison's four Secretaries Of the Treasury,
favored o National bank. Congress pessed
bill 10 that effect, and Madison vetoed II;
but 10 embraced the opportunity of his
nsxt annual message to recommend u
National bank, and the Bank Of the United
States was chartered. This bank was
monopoly, as Eamilton's had been, and
yet, not forgetting its abussu, was Of un.
questionable service to the country.
GAllatin brought forward plan i1r q
national banking system based on the ma
tional credit, dcTised to cure the defects Of
the monopoly on the one hand and to
guard against the dangers Of the crazy
State banking methods. His party would
not listen to him. and tho country paid for
its obs.inacy. But thirty years alter the
Republicans took mp the idea and based
upon it the present national banking sys.
TEN. At every step OF the way parties
have locked HONS, and tina: seems to be
their present attitude. Taking it for grant
ell that q national bank ID mine Of spon-
famous wealth 10 it, shareholders, and re-
msmbe.lng that The existing system Is OF
Republican creation, Democratic poli.i-
clans OF The domiuan. school feel It to be
patriotic duty to ride Itagainss it.
The question which presents itself TO
Congress is, Is TIE National banking sJs.
tenn worth continuing? The answer in
wolves what it has done for the country,
what it is to tho country, and wha. It ia
likely to be to tho country. 1t ia not and
has mover been monopoly. It is free
banking eystelu, because anybody who has
money can 60 into it. The restrictions are
only Tor the sake Of security, not to pu.
limit Oh tic number OF persons engaged
in it. This freedom grew out OF the neces.
sites OF tho case at the time the system
was established, for disagreement desired
to market It's bonds and increase it's ordi.
nary revenues. .7a
Z It was war measure which has served
a purpose scarcely less upeiul in peace than
in war. Under such system "wild.cst"
and "red.dos" can never have day. A
national bank note. issued in Illinois will
never be at ten percent discount in New
York. The bill OF Wheeling national
bank is as good in California as at home.
No man pays any attention to the place Of
issue. II the nste be genuine he knows
that the national Treasury holds more than
enough to pay i!--a dollar for every sum
OF ninety cents, and now on top Of that
the enhanced market value Of the bonds
deposited to secure circulation. The banks
are complaining that they are required to
lock up in bonds for deposit too much Of
their capital. Since the bond requirement
is for security and not for punishment;
and since there is no longer occasion to
force market for the bonds, il the system
is to continue a.all, some change will have
to be made and ought to be made in this
regard. E5
O!d banks arc surrendcring circulation
and new ones not Supplying for it, because
they are not willing to buy bocJs at high
premium and deposit enc hundred cents
Z in face value for every SUN Of ninety cents
allowed them for circulation. The Govern
lnent knows that its bonds are good securi-
ty at one hundred cents on tho dollar.
Bankers make advances on them at 95 per-
cent Of their market value. This is not
time Of iluctuatiou in Government bonds.
The Government mi2ht, with absolute safety
to tho bill-holder, allow dollar OF ci.cula.
ton for dollar in bonds, and there are
many, and among then, the Secretary OF
tho Treasury, who think tue bonds might
{ DO accepted at very nearly their market
valae aud circulation issued on that basis.
There are other considerations growing out
Of the National bank question, but this is
one Of sufficient importance to stand by
itself. aizts a55tl
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