Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-09-28

o. ..srf-s.a. Nlsn te lfaurl 81. he tLAe-
S-,e, Bank was established % Charleston "
commenced on eNfraagant system o. discounts
l., ISIS. on the BIRD Of June, the discounts oi
,ts braurh al that place amounted 20 S2,1tV'yVg'
,-5 AZ S1yannah sl.O0U,uu0. THIS reckless
r,ses,Jier Of the National Bank produced over
action on The part Of the local BANKS. In le2.-
d vs fad the banks Of Georgia refusing specie
r,yosr,. In 1924 the Governor Of that state
ir.,-,ed. hat al the banks should resume spe-
,,e nsymen,s.n For long senes Of years me
,cople Of Georgi suffered al the evils 0! de-
p,,cis'ed currency, notwithstanding the keGu.
lalor"
Tho banks Of South Carolina refused specie
r,v,ont. in 1919, and all Of them did not pay
spceie regularly until 1923. The banks oil Norm
Carolina also suspended in 1919, aud most OF
their notes were at a discount OF 10 per cent
The currency OF this State continued m depre-
Gated condition for six or eight years aud APP
pea,s from testimony taken before a committee
orthe Legislature in 1929, tina, the banks IN that
State had been IN the hlbt Of buying IN Their
own notes at a discount.
| L. New England the banks did not suspend m
1919. but in 1925, re and '27 there were extern
siye failures Of the banks IN that region. IoV
! Wilcott, in his message to the Legislature OF
| Connecticut, IN 1926, speaking Of the operations
ofthe bank system, says
"The effects produced upon the public are,
! that no man can travel fifty miles IN any drecuoh
without receiving paper notes, OF which ne pos
sesses no means Of ascertalnlrg the value or
| even the authenticity, and this difficulty lncfeas-
es in proportion to the distance OF an individual
from some one of these banks From these eau
ses the whole country is subject to complex evils
arising from either redundant or TOO RESTRICTED
circulation of the only currency which can be OBJ
tanned. and hence sudden variations IN the prices
Of all exchangeable commodities, tar exceeding
the customary profits Of regular industry ana
commerce, thereby converting all transactions oil
business, especially at distance from the seats
! or(oreign commerce, into mere lotteries
ave can perceive tina, the issues OF notes
| from the banks in this State have been annoying
/ TO the banks in Boston and New York, while
| theirs, founded gu no superior security, have been
equally injurious to US. Both parties ought vol
unfairly, TO concur in permitting specie to cHcu-
late Throughout, the country, thereby rendering
the capitals and credit which exist conducive to
mutual advantage"
Such was The uniformity aud soundness of the
currency of New England, under the auspices Of
the United Sta'es Bank.
It appears from report 10 the Legislature of
Pennsylvania, that the following was the discount
on the notes of the country banks of Pennsylva-
MIA ia January 1920, not as compared with spe-
Gle, but with Philadelphia paper
Bank of Gettysburg, 3 per cent. discount ;
Harrisburg Bank, l.2 per cent. discount Car
Isle Bank, per Ct dis; Bank Johannesburg,
3 per ct. dis; Westmoreland Bank, II IL per
ct. dis. Lancaster Trading Company, Upper
ct. dis. Marietta, 33 per CT. dis. Centre Bank
25 per Ct. dis Farmers Bank Of Reading s
per ct. dis. Allegheny Bank, so per CT. dis,
Germantown par York, 3 per Ct dis. Far.
! mers' Bank Of Lancaster, par; Swelara, pei
! ct. dis; Eason Bank, par; Pennsy yanla Ae
riculural and Manufacturing Bank, AZ per ct
dis. Bank Washington, As per ct dis; North
=, anton Bank, 2 IL per ct. dis, Junaita Bank
- 40 per Ct DIS pelaware .>."", 80
' County Bank par Bank of Beaver 80 per ct
. dis, Bank Of Pittsburgh, per CT dis; Hun
! tngton Bank, 25 per ct. dis. Monongahely
II 2 per ct. dis; Northwestern Bank, 35 pc
CT. dis. Union Bank, so per CT dis; Mort
t Union and Columbia, 20 per CT dis. +; Buck
: County Bank par; Farmers and Mechanic
It Bank Of Pittsburgh, 40 per Ct. dis; Farmer
a and Mechanics Bank of Great Castle, 35 per c
y dis; Montgomery Bank, par, Silver Lake ban
e 40 per ct. dis,
+ Such was the condition Of the local banks
the very State in which was located this gre
: regulator Of the currency and equalizer OF e
changes. In'ls26 there was an extensive ia
i ure "a banking institutions in the State OF Nc
York. And according to the official slatemer
there were in the Union l66 broken banks
G 1880 Il
l. Tho following table shows the number
e condition Of banks in 1893, when the Unit
Siains Rink wns still In operallon.