The national Republican., 1867-11-13
ouR NATIONAL BANKS

OUR NATIONAL BANKS
A, the time for the meeting Of Congress sp.
proachcs We observe in some Of our exchanges
spirit Of determination to make IN assault upon
the National Bank system, with a view to it's
overthrow. It Is one Of the easiest things in the
world to grumble, to tear down, and to make
faces at what we don't like. II requires no ar.
gument. Il is only necessary to condemn, to
point ou, defects, for all things human can bO
found fault with. Nothing that man has pro.
jectcd or devised is perfect ard the enemies Of
anything or any measure have only to point out
defects, and to dwell upon them, and thus make
seemingly fair show Of denunciation, instead Of
argument, which will pass for Rrgumen. among
the masses. There arc people who oppose the
present system of banking for various and
widely diversified reasons There Is scarcely any
coincidence Of opinion among the opponents Of
the National Banks, and tho motives upon which
opposition is Irrdicated to these Institutions
among their enemies is as diverse and contra
dictory as is possible 10 conceive. Still, as is
often the case, these people make common cause
in their modes Of attack, shrewdly concluding
that II they can succeed in overthrowing the
banks it is not material by what instrumental.
ties they accomplish the designs they have in
view.
The friends of this system must be as adrOit
and Us compactly organized as are its enemies.
On their side is the vantage ground. They are
In possession, and with them In times like these,
is the necessity for continuance and tho perpe.
tualion Of tho system. Change, such as many
propose, implies and assures disaster and ruin to
the country. And besides, the argument in
favor Of our national system is, in our judgment,
incontrovertible. The friends Of the National
Banks need not shrink from 4 fair and full con.
troyorsy in reEpect to the necessity and indis.
pensible demand that exists in the community
for the continuance of the system which the war
necesstated for what the war rendered inevita,
bic, and, so to speak, a sine qua non, peace ha,
confirmed as wise and useful cHpedisnt, not to
be parted with without urgent and very satisfac.
tory reasons,
Let Us SEQ wha: Is the argument that stanis at
the very threshold of this discussion, and pre-.
sents 4 very formidable and impreguabe de.
fence, such as the most tkilrul enemies Of the
Institution cannot gainsHy nor overthrow. By
this system we have at length currency uuques.
toned, aud valued from QuOd y.head, the ex.
tfeme eastern portion Of Maine, TO Cape Sable,
the e1tFeme't point Of Florida, and from the
Atlantic to the Pacif'-svsrywhere throughout
our broad land a national bank bill is current
and good fo' its par value; and though the bank
ts even out Of existence, having failed its bills
are good, because redeemable at the Treasury.
Bt!l-holders can never lose 4 dime while tho
United States Government remains intact
When you destroy the Government you will
have de-troyci the credit Of the national baukS,
but not bslore.
We have been often greatly amused, and some.
: times provoked, ut the want, or seeming want,
of knowledge which many Of the opponents Of
the present banking system exhibit. The pro.
visions which govern these institutions are ex.
trcmey stringent. An ablo writer on finance
has furnished the following Succinct statement
upon this point, which We. quote. lie says;
by the terms of their charters they are re.
quired not ouly to secure their deposits and cir
culurion by Hedge Of national stocks, but to
keep on hand, rs further security, from fifteen
to twenty. five per cent Of their deposits and cir.
culatiOn In legal trulers, viz : twenty Eve per
cent. on the large city banks, and fifteen per
cent. on tho small country institutions Thus
far they have held the compound notes as legal
tenders, but US they are paid of they must sub.
atitute tho Greenbseks. Their deposits and cir.
culation are now rising from eight hundred to
nine hunlIed million and some margin is 70.
quired to meet the daily calls of customers.
They will therefore bo obliged to 10y aside two
hundred AID fifty million Of greenbacks, without
Interest The nation will thus save annually CT.
teen million Of interest, IN amount equal to Eve
per cent. on the bank circulation, and " We add
to this the taxes on deposits and on circulation,
on notes, dividends, Gu licenses and capital, the
entire tribute yielded by the banks to the nation
will exceed nine Per cent. on their circulation
Let the people who think that change wOul,
be beneficial examine more minutely into tn
nature and operation, Il fthis system before the
seek ITS overthrow.