, 1865-06-29
Chicago Grlbn1&c.


20
1hr animos''5 o. sue eopps'o.Aae eAtenos
beyond tne "M io' 1uc eutou' :" nn'NFef,
good OF nau, tue "as w., u.'e.oPeo- .uss
now the Nal'onai . nsuAs, m os, iseu aua manly
pus tnto oFe' a.Aoa 49,, ~ ~ .as - esteIst .. Q.
1ne 1ftasur. a.S ~ oe'sss " 4'tacA. ana
.us 'sno -,. ;....",a.a 49, ~. A'e uusc-
~ - 49, 49, 49,. aaa .ss.,:1 ~ 's r1 .A'o' VIII
....s,1n.. "n'so ~ o - - Aus ~" iaS
.s.as Wesaoso y. W. e mopAo's on!
aaotusl me'u'u ~. IAssmt n'. lue aoPe tn2s
esn ma5 soas tns eanAs Aeso ~ oe1snaes1
LtAs e.us. .,,, Aas 49, 1us iaanulaetufe
:" PARE no, ~ - ~ =. pe sopa OF oaa, az
.a., ~. s.-,ss ,I,,e,s - - unusnaue .aa1
,,as .ay as,1as s.c,r,,T :, 49, IN, 1's,aa-, "
NM "aa T W. - ~ xh,sS 49, +a,.ssS," si s - a.
~ onndnr, :. tndie,sns.,,,s ;. -, nes, s1es'
s,,s - snrth,nr ~, ~. s'
~. ass:s !et
-. eon.ent
iot lns ~ Meeen, ~. W o.ae -ne sesul'' oi toear
.a"' - .Ae ~" W naa.' oe,ofe VIC Jaose
- wv IVY ooso..ns. ao"ese3' that
AIe i"l'ua se'ci:e "!'. oe 1asoraole' oae
tn'bs ee1s" tnsy 1eke INC place Of
e"eeeesion VI INSTITUTIONS saat' lfom tue Gay
.Afy were aSsneo COVE 10 toe present time,
ps's peen 1ne Ae,',. o,!sm " noFe financial dis.
As'e'' m"o puu''S at'o 'no4'laaal loss. and
1uo'c eo""4e.e"' "en'o9a'.zaaon toan any
o'ne' eause "na'e'ei' Ana oE aga oS when
neu e1*si nsse ou hS1o Inc p'e)eulccs OF
s'e.'oe tnone'atS eoueaaoo, ana ase ao!e to
.'A anplsstHy s.ey anu n1eeagently
ul"a INC au1tlosm Sarlauons Of t1e State
o.nh system, whereby merchants we're
oN,no"o' ney VIM wonder That peoIac as
ts p'.e',eu ana aare#a as Americans
~, eNooio AaSe borne aA gzteVocs
tpa'e'~ns yeaf after year, under
''e'ne"oooS 4osses' IN spite OF daily &c;
eAmn9atsDg evidences Of wo1thlessness md
n'uo. and to the very Last hugced the belief
aa1l II was 0ealthful and gond. Political
economlsts will state the fact In illustration
oi The not unfrequcnt potency ofgrossly erro-
neous theories, and philosophical his.ofians
VIII point to It ae an example Of p7pular de-
lnhon little interior to the belief tn Salem
*ltctcsaiI Indeed, eEen at this little dis
lance IRON the dsy In Which 1t TAs generally
maintained, ~ men who were called hnan-
ciers, ind BY veil conducted md able jour
aae, Inst the old system haring such e1as-
cry ano expansive power was Inc highest
deyelopmeot OF monetary wisdom, II is dill
cult 70 look back over the ground that We
passed hardly ten years ai.o-Ground thickly
strewed With the graves Of enterprises de-
feated aId commercial men ruined-without
a. feeling OF wonder that such offences
against the public veal as these
banks were guilty OF, could by
any possibility have been permitted, and
ra.~ uftcr Srnnr r~,,n.Sed T., . ,n,1v,o,-o,n1
c. .untry, without q revolution Of the people.
A statement Of what the direct losses to
bill-holdcrs and depos}tors hare been By the
fai1ure Of these inetl.uiont, stnce the first
bank went Into operation In Boston, in 1854,
would be curious chapter In our financial
history. We have no data at hand by which
an intelligent guess at the amount can be
given but We refer to the experiences Of ev-
cry man whose recollection extends back for
= quarter Of = century. to prove TINT they
must have been enormous. But the private
losses charged to their account, are The
smallest part Of the mischief they did. Al
ways rithout sufficient control, alEnys eager
10 push out their issues, always careless Of
ths means OF redemption when the esdes
were bright, their chief effort and Office was,
by inf1at{rE the currency, to produce the ruin,
against wtich, when the storm
came, they were poweEless to
c~ntcnd: 80 them, we think, are
lusayattrihntnd The many cgises. convu'sions.
Iaalrs snd periods Of hard times that
maaeaM mercantile and business enterprises
more dangerous to the so1vency and credit
Of saobe engaged therein, than were Baou-
dln's feats II Niagara to his worthless neck
Their means were 50 ins'alous and secret.
and their promises OF safety 80 al1uting, that
no caphon OF eaeacltJ coua Enatu ns@Ala1
the periodic disasters tnas tnen Vicious sss.
TEN, recktessl5 pursued, was az lne "u"e
creating. bnt 1neS ae mosas osao aoa
done fcr. II any set feualn 10 eonleuo
agatnst the popular tncl!nhuon' oongfess
ought to, and no doubt Wlll, stsapeie tnem
with taxation until tAey g'Te mp me enos1'
There fs no possibility that, Win decent
management nt washington. the Nanona'
Banks Will be HUlf to PURSUE the fecE4eb6