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


plus fSpd Of banks during the past yesT aaoo 900
license tax on t42iOOO,OCO OF captai.....- $4,000
iional banbs during the past year, as re.
ported to the Treasury Department........ soOOOOO
.......-S2s si8 OOO
cIrculSIion furnished to the bsns. 49, OoO
balance - alO st3 QUO
This baiSnce sheet 6eITSe the banks aud the peO.
shows e yfs hat not only the n
swallowed up by II very terms and stringent proyi-
css6 TO the by the banks for the privilege
Ard let the people remember that until this nat0nsi
system adopted and the Govern ment took entire
derived by ibe nation from either the crculstion or
dep sits Of the banks in return for their chartered
10 um up the whole matter in a word-the Ameri-
TEN, retiring the national bank currency and slbsti
revsnue alone now paid to the Government by the
banks than they would gain in the cancellation of
the case can be comprehended by all ana canuot be
dw the y far ge os Mbeh vs. hs eops %ou
suffer by the destruction Of the present mob system
of other times. 1t seems TO me impossible that any
large portion Of the American people after fully un-
ders andng the facts in the can advocate the
abolition OF the national banking system unless they
suicide.
1v.-PREsENT POSITION OF THE NATIONAL BANKS.
Those banks that have chanRe ed from the State TO
ana much larger liberty of circulation and deposits
circulation but also of their positions as fiscal
The profits tf the banks during the war, like those
usual: but as matters now stand, think only sx-
press the opinion OF bank officers generally when
already imposed upon their profits and business, the
deciS average annual dividends Of more than seven
per cent? and do safe and legitimate banking busi-
These national banks constitute now our only sys-
tenn Of banking and are nterwoVen with all our
officers and stockholders of the national banks are
majority OF them would. If il were mere question OF
profit gladly return to the old state system, could
JOY ed under it, Are merchants, farmers me-
such change For such a Change they Will have il
they do not rally to the support Of the national sys.
been applied for or has been blamed from the Legls-
erful Commonwealth to return to their former con
ditIOn as State institutions.
law, lie reduced liberty Of circulation. the compui-
sory reserves Of funds the state and national taxa
favorable to the ple and less attractive to
The umbeT OF na,ional banks now in existence.
snd 5000 ,tandrg u Is s. having an agEregate caPt
deposioiies Of public moneI Is $780, having an eggre,
bad on depcsit at Washington. July /. 1897, as
security Tor Government deposits with the banks
s9I5s45O to cure total 10 amount OF Cover, ment
s@tunt Of non-interest bearing legal tender notes
Eed by the banks during The past fiscal quarter was
The rational banks have deposit at the National
20 Rs sSa o fE per per-
sS4OO9 $50 with Which TO secure an aggregate circH-
lsnon OF SaOo0OO,COO. The aticna banks that have
haypg l an nggregsIe csPital Of s6Go3 Twenty
tioD' their assTi sac pIa 6sDe IS $50 o1o
se6 BaRs hSRe SSeks e Tora n
others viii do so in the future for the simple reason
s'ble TO guar at all times, against the cupdty and
chooses 10 abscond with The funds Of his bank il is
difficult 10 see WI at temedy there could be under any
against accidents, Of every kind IS as nearly per
e5t Over the old ps3 For uner tbep pre
sent system the. bill holders are completely
while deposi have lar greater security than under
any former system. Nlnelenths of the people are
directly Interested only In the security OF the clrcu
lating NOES of the banks, for these are in every
! by anything the banks may do the Government
| being pledged TO their redemption. Il is also In
since the change from The old system to the new;
OILY nine out of nearly seventeen hundred having
! failed in four years.
! v.-sUPERIoRITY OF THEN MA TIoNAL BANK SYSTEM
The superiority OF the national over the State bank
system has been 9nite fully discussed in my
| here, The state system involved this grave error,
| control over vital public interest which is indi-
visible and strictly national in It's character If The
but were always confined within It's own
the proper one; but these Sta . bank notes ia
the event of the re- establishment Of the State bank
/ u
of the nations currency, and the people OF ali the
States would be equally Interested them well
subject which thus interests all the people OF the
try equally and which IN its workings pays no aten
control in order that there ay be unity OF purpose
and In oroer that all the people may share In deter
mining through their central Government the charac-
! ter OF the currency they must use.
Under the State system there is no check upon un
due expan' ION or contraction, and thus degree of
uncertainty is constantly impaired to the financial
future. Under the national plan the volume of the
creased or diminished the needs OF the people a nd
the business Of the country require Thus stability
CONFIDENCE mapaned Tnder tSe State sHS sHStep PSIs b
currency question places constant temptation to
| bodies; under the national system the corrupG-
ing power, OF the banks, II they have any st ali,
present law is framed and with the gaze of netion
concentrates upon tSnRIess corruption regarding
the state system the currency is unlike in appear
Ance @ IN in Halne ana SO Insecure to br ng
phRucaly the reope; under the national svslen, tba
apa S ali psTts of II IN saP2eaIance has the same
cured that pllI'hoders do not and cannot lose anv
AS the superiority of the present system over m
United STATES bank little need be said, lew IN anv
advocate s aetern , 70 & the later But the National
OF the Objectionable features of the old United
between the State system aud the I5nItedn S sn Eau
Bank, combining the excellencies OF both IT. co1N
66n1fSrmty OF cuIrency-%hcn were 6 ss ana the
OF the United States Bank-with the diffusion OF issna
and fIeedom in local management which
Considering the present extent OF our country md
the present an prospective magnitude of ls hnsi,ag
Interests ITegaTd the establishment and m
| ola United States Bank as nextta financial imposSi
biIity. Besides, tits not the province any Gvarn
ment to be the banker of the people. The people ra
do their own banking best but Government should so
far interfere a" TO systematze control, and rsguaie
the banking institutions OF the country aud TO secnre
70 all the people asaie and uniform currency, This is
| Banking act ana all that II proposes TO do