, 1864-12-15
Capital stock Circula-


Nebraska Try. 40l0000 e7,G00 Y0000
Kansas. ....... 1ou00o.00 49,i0o $500
Missouri .-.... 1.62L6u,W T2,00o 5G50M
Tennsssse 3enIs;sns sa9 a @s3 g 9 3s, se$o@ 39
Tota1 ..F1os, sss rs *s5ssl6so Isl, ,961 $50
4 large proportion Of the circulating uotea
o ape he 1sse ss sR hs
place Of the circulation ofench Suite banks AZ have
been converted into National ones, or Of those
been returned from those parts Of the country In
which the notes Of the United States and OF the
National banks arc alone current; SO that the cur
rency delivered to the National banks is not, aud
will not be altogether an addition to tho paper
money Of the country. hut rather, to considera-
be c1tent the substitution Of 1t for that Of the
St2te banks.
1t IL: perhaps. to be regretted that SO many new
banfe hava been organized In States where, before
the passage Of the act there was no deficiency OF
tanki9g espitsl: There would hare been less
cf the Ststes wus being zoo rapidly increased, If by
suitable Legislation Of the States, State Banks had
been sooner authorized TO ANIL themselves Of the
managers Of banks. where the necessary lcgis1a-
ton had been obtained, had more promptly dis
eerned the inevitable tendency Of the public SEN
Its efforts to nafonal1zc tho bank-note circulation
Of the country: It was not the intention OF the
or'einators and friends OF the systcm, nor has it
through The lnst1nmentality OF the National
Banks. the volume Of paper money. On the con
uary. the system was designed 70 check over-is-
Encs By requiring ample secutfty for every dollar
which should be putin ctEculatiop and It has been
the aim Of the Comptroller 20 to administer the
law as to prevent instead Of encouraging, an un-
healthy and dangerous expansion Of credits.
1.-THE Comptroller intimates that the apprehcn-
Eon Of too rapid incrcaee Of National Banks have
been lcsscncd by the recent acion Of State Banks,
especially jn Aassachusctts, Connecticut and Penn
eylvania, which have been allowed by the Lrgisla-
tu1e to rcorganize under The National eyntem, and
thinks that The time fs not far distant when uni
fern national currency viii supe1sede the present
and this without disturbing the business Of the
it is silso an interesting fact, that the stock Of
al associations, has not been deprecated by the
change; on the contrary, The shares OF most Of
them them hate been appreeiated. md know Of no In
been iniuriousy Affected By it. This fact sun.
cienil! fefntes tho charge, someunes urged
against the s5stcm, that it was being forced upon
Of Stste institutions.
II msy be proper for me to state another fact In
that the National banks are. without any known
exeephone In safe though some Of the.a arc N In
experienced, hands, and. that the fears that the
fjlne The county with banks q fictitious capitals,
stock bantihs ssetsm ct st.tes ID Which ticy bad I
present indications, without real found4:ion-
t.sss q ~ p!s|s:ssa + e sa!sI!aiasd Sy is
scme Of is main features was in practical op .ra-
ton, intinlida1cd for while, tic capitalists OF
other St.tcs, aHt: retarded the reconciliation Of
State Banks. Int worked no permanent injury 10
the National system. On the contrary, The ex-
preston o. those fears has led to thorough ex-
animation Of the Get, and careful observation Of
IT. administrator, and the rsn,t has heen fayor-
ub:c to loth- IT his been discovered that in many
important particulars the National ers1er differs
from. snd j. s1 improvement npon, the stlts sys.
restricts circulation toninety per the bonds
on deposit With the Treasurer, and prohibits the
o lss1f1S notsa t. an amount
officers that every interior National Bank, In al
ditton to redccning tn notes at its own counter,
% 9ass
Of exchange between the different sections Of the
country, and thnt in case Of the failure Of bank
hess
would be Ut once redecmablc IN lawful money, at
! TIE treasury Of The United States. 1t has been
aeo aecertaincd That the Comptroller IS 1cqnifing
regard to the standing and responsibility OF per-
sons proposing to organize national banks, and is
instsiutsDg system of examinations which Tii
on The part Of the bankers, and violations Of the
wholesome provisions Of the law.
IT, n %sh e the
mcnt In favor Of the national banking system;
1EQTnful G0I Inat inc 6fEEeU lB pelleC& 0QG uUT
free frvm danger Of abuse, hut that It Is e1fer
srstet better adapted 10 the nature Of our polit-
cal institutions and to our eommercal
fisk of It's being Used By the Government against
the Just rights OF the Statcs or the rights Of the
people, than my system which bas yet been de-
m to b 81 act
made az little objectionable, and as beucaciI to
the Government and the people, as any psper
money banking System that wisdom and expert
err arg 1f1y tn n tvfr n
the people that long existing 'dcsidesatnm," .
national currency without national hank-a bank
note circulation Of uniform vane, without the crc-
alton Of moneSed power In lew bands over the
politics and business of the country
Ut course this system depends for its success
upon the maintenance Of the faith and credit Of The
nation which. In their turn, depend upon tic pre-
serrntion OF the national integrity. II these fi
The national banking syetem W1l1 NIL but 1t viii
e. down ~ VT win al otheF important interests End
tucA calamity Is not in store for us, is the con
1dcnt hope ard belief Of all true men Of the loynl
Statcs. 1he an1iet1es and aEpEehsnsions VIII which 4,
!. disappearing, rs the loyal mind Of the United
States has hardened to tie inexora6lc resolution
that The Cnion shall be preserved, and TIC pnbllc
credit Eha1f he maintained. no matter what sacr1-
fees end burdens the execution Of this resolution
il Is q common objection to the national banking
eyEtc1p, On the part OF some who favor national
currency, that II will deprive the Government Of
the privilege it might safcly use, and the field It
o%n VIZ It IS
not the government drive ont OF circulation all
bank notea, and thus save the interest which 9th.
erwise will 20 to the banlss In answer, would
| The banking Interest in the United States Is an
Important one y has grown with the business oi
the country, and has been largely Instrumental In
developing the national resources and increasing
the national wealth. Banks OF issue, badly and
dishonesty IS many Of them had been managed,
and disastrous rs have been the failures which bad
| management and dishonesty hare produced, have
etII been Of unqueetIonnble advantage to tic pco-
as s1P @ Fl s ea9qinZ has s5s ea baus s
| Of Stockholders depend upon the dividends upou
their bank stock Tor support Il ts an Interest
glcs viii stgsntlc rebellion; and now, when Il
| Is indispensable that the government shoufd con
troll the issues Of paper money there has been ere
State bauks, but to absora them, and TINT, too
| without prejudice to their stockholders.
Governments should not he bankers. None ha:
p1tSiiege of permanently issuipg % ia own notes as
| money. c.rculahn. notes have been 1ssaed urael
peculiar circumstances by other Governments, Al
bnt M de 3pdemens neat ot he W world Is asainst L Is
lug public EFFICIENCY will at any time Justify It. Tn
cop 5e
the hands Of the party IN possession Of the Govern
mept: none more peEious to odie!al probtty, ane
1eesiative and Executive branccs Of the Govern
ment the authority Of Issuing paper money forin*
cy, subject as it would be to no restraint but it
own-B1easure. and what guaranty would there b.
| that this authority would be honestly ard tndt
ciously used: 1fthcre were 40 risk in The pfepsr
alton Or the notes, and checks were provided Il
make fraudulent issues an impossibiity, the pow
Ct Of Issuing Government promises rs a clrcula
Ting medium IL too dangerous one to he conferred
upon any party, except under extraordinary cir
Tie present ie.ne of United States notes as law
full money md the decisions Of the courts sus tain
justified by the consideration that under q grca
public necessity, when that nations Life In peril
pollcica must be framed and laws must be Inter
pretcd with view to tho preservation q the Cor
erunent. This Is the paramount consideration Il
which all others mnst bend. Whatever opinion
may have b6tn in lines past entertained IN regart
to the proprictY Of the ifsuc Of United States
notes. ind the e1pcdIency aa we'll as the conatitu
tsonality Of the law making them legal lender
there are now, apprehend, very few, lntclf1seu
perfons who arc not persuaded that without thes
notes, and the character OF lawful money given Il
them by Congress and confirmed BY the courts
the credit Of the nation would hare given way a
the very outbreak Of the rebellion. When th!
! war hns been concluded, and the c1gcncy Whlcl
4 xtA-N Ii