The Arkansas banner., 1843-12-23
From Me RicLmond Enanircr-

nv CPSidtiCii Ill 1Ct1s dtlu Ou Lile ISL OI January, of the year following, it's circulation amounted to $1,9fl, 200. January l, 1918, the institution became involved in difficulty. and was on the point of failure; the circula- ton amounting to S8,339,448. In 1920, the circulation had been reduced to Ss3,5S9,- 49l. In 1923, Nicholas Riddle was chosen President; circulation S4,361, ,05S In 1894, there occurred a general revulson in busi- ness; circulation S4,641077. In 1928, the Bank commenced its political operations, and It's circulation, at this period, was $9,S55,677 From this time, until 1882, 1t continued to expand, when its circulation had run up to $21 ,s55,724. In 1886, the charter of the institution expired; circulation S23,075,1 ,122 In 1887, general revulson occurred, follow ed by universal suspension of the Banks the United States Bank turning cotton specu- lator in June, of that year, to s'sllstain the price of cotton;" circulation Sl1,447,96S. In 1858, the New Y ork Banks resumed spe- cie payments; circulation of the United States Bank $6, 6,768,067. In 1889, Southern als United States Banks resumed; circula- ton of the latter, $5,992,621 In April, of tine same year, the Bank, in the midst of its cotton specuations, Mir. Riddle resigned the Presidency of the concern, received the thanks of the Directors, and a servrce of plate worth S20,000; the Bank being voted sin a prosperous condition D circulation S6,630, IA. In June, of the same year, the circulation was reduced to four hundred thousand dollars the Bank having sold bills of Exchange to a large amountin New Y ork, more than S3,000,000, drew the proceeds in specie, and shipped it to England In October, of the same year, the Bank failed, after notice of the dishonor of her notes in Paris was received at New Y Yorll I; circula- ton S300,000. In January, l840, the cir culation had increased to S6,695,851 the Bank having been in suspension since Octo- Der H. In January, 1911, the circulation amounted to $57,l57,517; besides S6,445,- 530 i'll Post notes, held by other banks, in order that itself might resume, which it did. In February, of the same year, the final fail ure of the concern took place; circulation being 3,682 ,522, and Post notes S6, ,182, ,963 In the April following, the bank was put in liquidation its circulation, at the time, amounting to SS3,294,576.
 Here is concise history of the rise and fall of national banking, and it is full of in- struction. From 1877 to 1928, period of eleven years, the circulation never rose over S6,000,000, except in ISIS, when it was brought within the brink of destruction, and was saved from suspension only by mira cle. In 1928, the bank entered the vortex of politics, which was ineviable-so large and overshading an institution connot exist in country like this, where party politics run high, without being seized upon by am- bilious lawyers for their own advancement. In the four succeeding years, the ''spread'' of the bank was very rapid. Its loans were pushed into all sections. Like an enormous political spider, its web was spread wherev- votes were to be caught-but the result was very different from what it anticipated In- stead of defeating the opposing party, the imitation of the currency caused an universal rise in prices; and in 1892, with full cur rency and high prices, the second election o General Jackson was carried almost by ac- clamation. The fact of high prices operated upon the whole country in favor of the par ty in power; and was far more effective than i the immediate and direct influence of bank loans, which resulted only in the ruin of the concern. From that moment it's fate was sealed. The enormous loans then made were never recovered; and, to the extent o 1 S200, 100000, now exist, characterized by the Investigating committee only as not .'mer- cantie papern From that time up to 1897, the safety of the bank existed by the strength of its remaining credit, and the universal ex- pansion of other banks. In 1897, universal suspension covered its insolvency. It's strug- gles were desperate, to prevent the resump- ton of the New Y ork Banks in l83S, but il vain. Public opinion compelled all the bank. | to resume in January, 1839 From that time to June, it appears that its circulation was driven in upon 1t to the extent of six mill ions, in consequence of loss to credit. The immense mass of assets which the concern held were inactive.
 To supply the active means of which i was deprived by the return of it's circulation post notes were sold at heavy discount ir all sections of the Union, and finally the sale of fictitious bills of exchange was resorted to, as avowed in the letter off. Copperthwaite the cashier, subsequently published, to com | pei suspension of the New ork banks, i'll order that the universal linselvencymightag again cloak the bankruptcy of the late National Bank The ruse failed, however, and the mask was torn from the corrupt remains ol one of the greatest curses ever inflicted upon people In the final failure of the bank the country escaped, only by three weeks, one of the greatest calamities that could have befallen it. The revolution of l840, brought about by the tall of prices, occasioned by an approach of the currency to specie level brought into power the National Bank party March 4th, lS4l. The Bank failed in Feb ruary, l84l. Mr. Riddle explained, in sub- sequent letter, the error the bank committed by resuming in January, 1911. He stated that if they had kept on until March 1st, they then, under the new administration, would have received the Government deposites ;- have again become the National Bank, and with credit and means thus renewed, have recovered their affairs. The z ssfinanciers j oyershot themselves in this matter, however The government could moi have given its de- posites to suspended bank, and it was with