The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-13
TUESDAY. DECEMBER la, 1864.
THE NATIONAL BASKTNG SYSTEM
REPOnT or TIn COHPEROLLEW az
THEtURKENCY.

THE NATIONAL BANKING SSsrIsT-
REPOnT OF TsIu COMPERoLLEV az
TIE URGENCY.
The second Annual Report Of the Comp
trbller Of the Currency has been laid before
Congress and the public, It demonstrates the
SUCCESS which has so far attended this crown
ing effort of Chief Justice CHAsE's genius.
Wien the idea Of thus changing all the State
Banks into Banking Houses Cf the United
States was first suggested, all the opposer5 Of
the Administration commenced uttcring their
orcculor predictions Of national bankruptcy
and ruin. Like all inventions, the loco ioco
portion Of our population laughed it to scoru.
Time, however, has proved its efficiency It
has demonstrated that such plan as the one
adopted was Of great practical utility, and
that the demands OF the nation required some
such system should be put into active Ope-
ration.
The report announces the fact that during
the last year there have been two hundred aud
eighty-twO new banks organized, and one hum
dred and sixty-eight (1GS) State banks have
availed themselves of the provisions Of Con-
gress, and become national organizations.
That there are now in existence five hundred
and elghty-iour (5sl) such corporations; OF
which the Keystone State boasts one hundred
AMI nine (100), the largest number which any
Commonwealth can claim. Foremost in her
trust In the national honor as regards cur
rency, as she has always been in regard to the
necessity of national lite, she proudly takes her
place at the head Of the arch, and clams her
rights as Keystone of the American Union.
First In the number of her sons, first in thus
pouring out her blood to subdue the Rebellion
and establish the supremacy of right, she TO-
day is the most lavish in the eXpenditure of
her money, and will in the future, as in the
past, never hesitate to ful6l every require
ment which the nation may make OF her.
She has wealth sufficient. She has men
enough, and she viii ever meet demands of
men and money rendered necessary by the
nations emergency.
In the amount OF capital invested in this
national system, Massachusetts claim' the
lead, being SlsOO,O 900 more than Pennsylvania,
which is second ON the list.
The rapid increase Of banking capital in
certain localities where, previous TO the pas
sage Of the act, there was no demand for such
Investment is regretted by the Comptroller.
The rapid increase tends to render unsafe the
currency. "It has not been the intention Of
the friends of the SYSTEM" says the Comp
troller, to increase the amount Of paper
money In circulation" but merely to change
the notes Of the State banks into national
currency The recent action of the Legis-
lature of our own State has done
much towards removing all fears of such
catastrophe. By enabling State banks with
ease TO change their charters the deficiency is
Obviated. No increase in paper money results.
NOnew banks are formed, but for every dollar
now issued a dollar of State money is with
drawn. The equilibrium is thus kept up.
From whichever side we view the plan
which the Chief Justice is the father, we can
but admire it. IL was an original move; IL an
peared daring to the timid; but seeming rash
ness is often the safest discretion; and what
the Democrats hailed as the erratic effort
temerty has proved itself the sound deed Of a
mature and able intellect.
The subject of finance is one which it be-
hOOves the people at large to be thoroughly
acquainted with. We have therefore devoted
large space Of our editorial columns to the
consideration Of this subject, and shall stu
continue to review sl important papers re.
lHting TO this most important subject. Thanks
10 the comprehensive minds which have here
toore had the control Of our financial aIIirs,
che ration has suffered only the recurring
evils Incident on a state Of civil war and we
doubt not, notwithstanding the dolorou3 pro
phesles of certain Of Cur citizens affected with
meiancholia, that the same ability which has
guided the "ship of State" through the tumul-
tuous seas of the past, win continue to govern
us until the safe harbor Of peace Is success
fully reached.