Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1867-11-08
Z 80 D Il v. - - -

just as secure as public and private
credit combined can make them.
Eirst-iPhis uniformity IN the appear
anee Of the National Bank'notes ella Dies
every one. even those who canHoa read,
to recognize the currency wherever met
and to Esel perfectly secure IN receiving
1t, without the precautlon, iagely nee
essarv. of constantly consulting the
Weekly Bank Note Reporter, Or a bro
ileFss clerk. Owing to thg fact that en-
tirely different plates and designs are
used in printing the bills OF diIeLsht
denominations, It Is impossible % AitSI
National Bank notes from l9fteI ee-
nomination to a higher ana tAe 1Aeet7-
ury Department by its numerous cneeAs
and guards. and the elaborate perfection
Of its workmanship, has 80 laf 5uccs5d-
cd in producing q currency ihcAk'tJie q
being con eerfeitsu, that tn9F6 IS not
rlOFV one dangerous counterfeit eEtant
where under Che old system there were
a hundred How great an improve
gusnt this is over the old condition Of
aHafrs, let the thousands Of hard-WOrEz-
ing men answer, who, in the days Of
mixed and badly printed currency,
have found perhaps their last Eve dol
lar note to be q worthless cheat.
gseond--Fhe uniform value Of the Ma
tiOnal Bank currency in all parts of the
country and at all times is a feature
which of itself annually saves the peo-
pie millions of dollars. It removes
every obstacle to q system Of cheap ex-
change between the various parts Of the
country, by giving to the currency of
every State ana section the same value
and credit abroad that it has at home.
The note issued by the National Bank
Of an obscure Western village is Just as
current In New FORK or New Orleans as
the note of National Bank in Wall
street ana on the other hand, the note
of a National Bank Of New York or
New England is accepted by the farmers
west Of the Mississippi just as confident
ly as they accept the notes of their own
local bank whose officers and stock
holders they personally know. Let the
people compare these facts with the
state Of things before the war, and say
if they have gained nothing by the
change.
1hIrd4To prove the perfect, impreg-
nable security OF the National currency
II should only be necessary to cite the
laws by which the National Banks ex-
ist. 1T is simply impossible for Ma
Gional Bank note to become worthless
or even to depreciate in Value, so
long as the Government shall exist
and. continue to fuidu its pledges. In
deed, ia one very lmportaht parJicular,
the notes of the National Banks may
be said to be safer than the greenbacks,
if such n thing is possible or deEirab bic,
for while the greenbaeks are the ma
tion's promises to pay, uniDdorsed BY
any special pledge of private capital,
4
ises to pay of private corporation Of
capitalists indorsed by the nation-both
public and private credit being thus
united to secure the payment of these
notes held by the people The double
and triple character of the guaranty by
which the circulating notes OF the Ma
tional Banks are secured, is well illus
trated by an inciaent occurring in the
early days Of the new National system.
In 1868, shortly after tho organization
Of National Banks in Harrisburg,
solid Dutch farmer OF whom Pennsyl-
vania has many, and whom 1 shall call
MIR. Schmidt, entered the Harrisburg
National Bank and signihed to the
cashier. Mr.. Wier, that he wished to
draw out two thousand dollars Of his
balance. Mr.. Schmidt, by the way was
stOckholderin in the bank to the amount
Of ten thousand dollars besides being
depositor; and it was his habit, as it is
of many of his class, to keep his bal
ance at bank comparatively small by
drawing out his funds and storing them
in various odd places about his dwell
ing. This was done for the double pur-
pose of preventing the "boys" Of the
family from learning the precise
amount Of Preferential funds ON hand,
and to satisfy a sort of vague belief that
money was safer in his own hands than
IN any BODY else's. The cashier step
ped to his desk and filed up check for
hIT. Schmidt to sign, and then handed
him two thousand dollar greenbacks or
treasury notes, clean and bright from
the printers hands-just such as the
Old gentlemen had until now preferred.
The bank officer was surprised TO see
his customer return the notes with the
remark:
Tank you, Mr.. Vier, 1 tink ! not
want dem dis morning 1 take some
your Nash'naI Bank notes dis time."
certainly, /" replied the cashier, the
bank having just received its eireu1a-
ting notes nom Washington, and he
counted out the required amount IN the
notes of his own bank and handed them
TO Mr.. Schmidt. The latter deposited
the new currency carefully IN his waist
coat pocket pinned il fast, and was
about to depart, when it occurred to the
cashier to ask him why in the world he
shOuld prefer the National Bank notes
to ereenbaGkss Che farmer look the
profered chair and proceeded to state
his reasons somewhat as follows;
"Vell, Mr., Vier, bin readin the law
of Congress vich autOrize these Nash
nal Bank, und bin studyin it too. Den
bin studyin Mr.. Cookies leetle book
apout how to organize these banks und
set 'eLh going. Und I tells you vat
finds-I finds the Nssh'nal Bank notes
ish te pasbt-~- peter as green backs y
What in the world brings you to
that conclusion - said Mr.. W1ers %
whom this view was new one.
"Nell," was the reply greenpaeks
ish goOt, very goOt, g0ot enough for
anybody, but / BELIEF the hote of your
nash'nal bank ish leetle peter be-
cause I finds in the law that pefore It's
bank can issue one tOllar of circulation,
it must deposit NIT te treasury at " ASH
iugsOn, one tollar und ten cents IN gov
eminent bonds, und so II us bank
wants to issue one hundred tousand toll
lars, it must deposit mit Mr.. spinner,
United States Treasurer one hundred
und ten tousand tOllars, in bonds to.
seegITe that circulation; so if the bank
runs away und don't pay the notes, the
government ell pay 'em. Und this mar
kept gOot. IF the bonds goes down in
the market, den te banks must deposit
more NIT te treasury, to keep Ge bonds
always wort ten per cent. more as te
cirelation. Veil, that make te Nash
nal bank notes joost SO goOt as green
backs and ten per cent. more-only they
ish not legal tender. Den, Mr.. Vier,
finds on der nash'nal bank notes te
names of Mr.. Spinner und Mr.. Colby
to same Vich is signed to te greeubackS
und desc gentlemen say on all the bank
notes that desc notes viii pc received by
the United States in payment of all
dues except gold customs, und VIII pc
paid out pY te government in payment
ofall debts except gold interest. Veil,
that makes 'em so goot as greenbacks
t5V5ce.
tsDen, Mr.. Vier, Hooks on desc Nash
MAJ BaIlk nOIsS III LlAu5 bOChc0 AA11
sees your name und te name of Mr..
Kerr, de president Of dis pank, und L
knows YOU potb ish goot honest men,
und knows your names on de notes
makes de panlk liable for de payment
Just as mOoch as if de government vas
not held for 'em.
Ven, / finds all dis is true, Mr.. Vier,
und something more. I find dat every
stoclxholder in dis pank is liable for te
notes und debts of de pank to de
amount of der stock. Und den I begins
to open mine eyes, for I ish a stockhol-
der myself und I finds my farm ish
nlortgaged to pay de blfls of dis panl1.
Den I knows most de ot her stockholders
of dis bank, und dey ish goot solid men
NIT property. So you see Mr.. Fier, dat
pefore my nash'nal pank notes can
proEe, de government bonds, init ten
ber cent. margin, must git wort noting
at all de United States government
nu It git bankrupt uud pc scoundrel