Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1865-01-10
National Banks.


We have been informed that bank, styled
f. The FIRST NAuoNA PANk Of MoNTrELEn
with capital, paid in, Of $500 600, has been
organized here, and is to 60 into operation about
the first Of next month, or as soon as the bills can
be obtained from Washington. John A. Page
Esq, Cashier OF the Vermont Bank, and one OF
the most accomplished and successful bank mana
gers IN the State, is President of this Institutions
and X. J Richardson, sometime Teller in the
Vermont Bank, and more recently POymaster ID
the Navy, and thoroughly competent for the
position, ia Cashier. The Directors are j. A.
Page, X. Richardson, g. W. Collamer, Sias
Burbank, james 7. Tharston, +. L. Smith and
Chas. Dewey, all gentlemen Of financial skill and
ability, the first four having had large experience
in banking. The bank will start under exceed
ingly favorable auspices, and promises to be
strong and successful moneyed institution.
The organization oftli, bank, Ieads US to remark
the RAPID growth ia popu.ariiyof the national 'ys-
lsm Of banking. When Congress, at the sugges-
ticn Of Secretary Chase, FIRST naugurated the 'ys-
TEN, it was strenuously opposed by the state banks
and those who represented them, and for time
the public were slow to .ecognizs either the benefit
or ne cessty of the national plan. The need and
the convenience OF uniform currency, which is
good anywhere in the United States, passing for
lis face in New Orleans as well as in Portland,
have at length vindicited tho wisdom Of the
national system, and many who at first opposed it
have now become warm advocates Of it. It
proves to be not only great sid to the govern
Dlent in its finances, but q most important reform
ia tho currency the country, and reform
which the business men are not slow to appreciate
and adopt, The bills Of our sound New England
banks used to be current all though the western
and middle States, and a person travelling, or
going west to buy -four or wool, could take with
him no better money than sucA bills. The case
10 now, however, widely different. Vermont
money will not pass current 10 Chicago, or in any
western city; the bills Of the State banks 10
Massachusetts, will not buy goods OF the stores 10
New York City, the merchants preferrng ualiona
BILLS and il the change is as rapid for the year &c
come as it has been for the year past in thi
respect, we shall soon see the bills Of state
banks driven from circulation, and their plac,
occupied by gresnblcks and the bills Of natioua
banks.
1t il not, therefore, matter Of surprise that thD
bankers Of the county are adopting the nsona
system, and putting it in operation everywhere
The Suffolk Bank, Of Boston, and nearly all th'
est banks in that ely have become national bank
7 he Superintendent O.: the Banks Of New York
in his recent report, estimates the amount Of ma
tipnal bank capital in that State at over tweut
millions Of dollars, and be anticipates that th
ratio Of increase for he year to come will be muc
greater than in the ysar Just closed, and b
advises the legislature Of that state to smoot
the way for an easy transition for those stat
banks which wish to change 10 the national sys
tenn. And what is true of those States is true Q
every other state, and national banks are else
whers as there growing in favor, and taking tn
place nd doing the work OF state institutions.
1t may now be considered we think, as thu
settled policy of our goyernment,-lnd policy
which has won its way into popular favor not
withstanding he hostility Of state banks at the
ouset-to furnish the people currency Of uni
, form value in every state, and for whose rademF
ton the faith Of the whole country is pledged
= through the government bonds deposited III lh
Treasury Department; and it may be expected
r hat Congressional action will hcnceforvard b
employed 70 strengthen these national in'ti!C
tions 1t will therefore be the dictate Of pTactc,
sagacity and business shrewdness, for cur stat
banks either to close their affairs aud give plac
- to national banks or to change to that 'ystsI
: without change Of stockholders. And We sha
undoubtedly see this course aiken very general,
IN the mex; twelve months, by the 'oundsst Stat
0 banks in this state and elsewhere.