The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-10-23

capital and esv.bshed throughout the cou nry ak.
ps hnnSs@ 0St iOn S Ssns SPd agents
eater loans am glad OF this opportunity OF beat
the iirt FIVE hundred and fourteen million loan Of
hve tventies 9ut more percHnrly in the subsequent
Of seventhlrtes, the country largely Indebted to
national Treasury was aunniied with sorely needed
funds, And the late 9oldiers Of the Union army
PSS was largely & In a 9Trsss the money rot only o[
through the active and earnest cooperation OF these
Such was the origin of the national banking system
u-CHARACTER OF THE NATIONAL BANK CURRENCY
The notes OF the national banks possess every ele
already remarked, they are Uniform ia appesiauce
tyeIywneTe fanss Ia ~ value and Just as secure cure as
Eirst1This m uE ltoTmy ia the appearance Of the the
who cnnpoI read 10 reoonize tbe Surrencv yhereyer
met, and feel perfectly in receivln; 4 with
snlling the Weekly Bo,k Nlte Re9oIte Or brokers
Sd grs " sad s i ,riting tbe bs Of dideTent
denominations. II is impossible % alter national bank
the Treasury Department, by its numerous CHECKS
maDship has far succeeded In producing cur
rency incapable Of being countereited that there is
under the old system, there were hundred. How
answer. Who IN the days of a mixed and badly
dollar note to be a worthless cheat
currency in ali parts OF the country and at all tme0
Is feature which ofItself annually saves the people
system Of cbesp exchange between the various parts
ae teg aSG Py ING sg 70 value e.
that II has at home The note Issued by the national
in New York or New Orleans note OF national
baP % HSa Re 03 Snd
accepted by the farmers west Of the Mississippi Just
local bank whose ofcefs and Stockholders they per-
R S of bnss e n
they have gained nothing by the change; .,,.,.,,
OF me pstl9na currency II snouId only pe nece
II is IMPLY impossible for national bank note 10
oSS s snail aSd con39 to
fulfil its pledges. Indeed In one very important par.
be safer than the greenbacks, such thing is poss
nations promises to pay nnendoTsed by any Special
pledge ofprivRte capital the national bank notes
6y P6 and p
0 h eeo o 6eng & sh9s m unso @ 10 secure me @
triple character otthe guarantee by which the circu
illustrated by an incident occurring in the early days
In 1858 shortly after the organization of National
Banks IN Harrisburg solid Dutch farmer, OF whom
schmidt, entered the Harrisburg Nationai Bank, and
draw out 5000 Of his balance Mr. Schmidt by the
way was stockhoder in tue bank to the amount of
Ss q many q his eI$ss Keep his BALANCE
and storing them In various odd places about his
R m Ss SoD % @ S5 a9 dpSs po
ae sR sUr OF S es @ a hnd and 70
safer in his own hands than ip sny9ody eses. T6e
70 a @ b Up eRSok 9E
sand dollar gre enbscks treasury notes, clean and
gentlen an had untll now preferred. The bank ofl
return the notes, with the remerk:-
morgN NP s Some He Your n bne noe SS dis
"Certalny," replied the cashier, the bank having
just received its circulating notes from Washington,
Of his own BANK and handed them TO Mr. Schmidt.
The latter deposited the new carefully ia his
waslcoat pocket, pinned fast and was about TO de-
part when occurred 20 the cashier 70 ASK MN why
f fhe S@6 Oo the Proered chair
ana proceeded to state his reasons somewhat as
well Mr.. Vier, bin readin the law of Congress,
it, TOO. Den 1 bin studyin' Mr. Cookies leete book
apout how to organize these banks. ana o set 'em @
nashn9l bank notes ish te pesht-petter as green
WGst s IL the wSEd brings you to that %
',iVeui Was the repV "SreenbacKs ish goot very
goot, goot enough for any body but belief the notes
IN The law that peoTe ls bank can Issue olar Of
bonds und so II It's bank wants TO issue one hundred
United states Treasurer one Hundred una ten tousSnd
bsn nnS IN Uouus % 70 secure tnst SO SOL ii In
the Government viii pay 'em. Und this mar
goor, If the bonds goes down in the ket
Zen Gn " S mus, deposit more mt Ie treasury 20
| circulation. Veil that make te nssh'pal bank notes
only they ish not tSaitender Den, Mr. Weir, iinGs
ernment. und te names Of Mf. SPINNER una Mr..
Colby-te same which is signed on e greenbacks; und
notes vim received by the United States in payment
OF all dues except gold CUSTOMS and will pc paid out
py lie Government in payment of all debts except gold
interest Veil, that makes 'em so goot as greenbacks
"Den, Mr.. Vier looks on desc nash'naI bank notes
Mr. Kerr. de president of dis pank, und knows you
0 pE'd S1 EooE n9nesg en HnS knows your names mes
| Rs mooch as II de Government not hello for 'em.
WELL finds all dis:is true, Mr.. Vler, und someting
liable for e otes und debts OF pank de amount
of der ST. ok: Una den begins open mine eyes, tor
mortgaged to pay the bills OF dis pank Den knows
most de other stock holders Of dis pauk und dey sh
dat pefoTe my nash nal bank can proke de gov
ernu ent bonds. NIT ten Der cent. margin, must git
git bsnl rupt und he scOundre de brObsrty Of de
pank mDst all pc lost, una de brObeTty OF all desc
| stockholders must pc used up.
| peshLn
national banking system ana fuller appreciation OF
| the protection which this system throws around the
people as the holders Of the national currency, In
word the national ba' notes are to all inients and
purposes Joint Obligation acting rst lien upon
the Treasury Depart ment upon all the assets the
bank or corporation and upon the private fortunes
the pank stockholders TO the amount of their stock
Lhey nave tbe most secure circulating medium ever
| deyised or likely to be devised?
| But suppose that national bank, from any cause,
ehus business anu goes out Of existence, what be-
| comes of its circulating notesP They continue TO
phss ~ par as before wholly unaffected by the sus-
bear for the United States bonds pie iged Tor their
| nedempuon still remain deposited the national
Treasury ana VIII 80 remain until the scattered
are eatheed up and redeemed At par by the Treasury
In this connection may as wen refer To the
or ME- treasurer spinner that the notes a broken
In one imporiant regard This savIS q a one
comes true In this way W
The volume OF national bank currency is llmited
| hundred mllllOng. tnata "A.