The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-11-01
7. Superiority Of The National Bank
ing System.

Y. Superiority Of he National Bank.
ipg System.
The superiority of the National
over the State Bank system, has been
quite fully discussed in my answers
to previous questions, and | can only
recapituiate here. The Stale system
involves this grave error, that it gives
thirty-six mutually Independent pow
ers control over vital public inter
est which is indi~isii.la and sfsiatIy
National in its character. If the cur
rency of one State never circulated
in another, but were always confined
within its own State limits, then a
State system might be the proper
one; but these State Bank notes, in
the event of the re-establishment of
the State Bank system whether good
or bad, would become part CT the
Nations currency, and the people of
all the States would be equal y inter-
ested to have them well secured,
which would he entirely impractical
BILE. A subject which thus interests
all the people of the country equally,
and which in its workings pays no
attention to State lines, should surely
be under National control, in order
that there may be unity OF purpose,
and in order that all the people may
share in determining through their
central Government the character of
the currency they must use.
Under the State system there is
no check upon undue expansion or
contraction, and thus a degree of
uncertainty is constantly given to the
financial future. Under the National
iplan the volume of the currency is
determined by Congress-, and is only
increased or diminished as the needs
of the people and the business of the
country require. Thus stability and
comparative certainty are secured
and public confidence maintained
Under the State system the currency
question places constant tempta-
ton to corruption before thirty-six
different legislative bodies; under
the National system the corrupting
power of the Banks, if they have any
at all, is confined TO single National
Legislature, and as the present law
is framed, and with the gaze of a
nation concentrated upon Congress,
corruption regarding the currency is
next to impossible even there. Un-
der the State system the currency is
unlike in appearance. unequal in val
ue and so insecure as to bring con-
slant and heavy loss upon bill hold
ers, who are emphatically the peo-
Pile; under the National system the
currency is uniform in appearance,
has the same value in all parts of the
land, and is SO perfectly secured that
bill holders do not and cannot lose
anything.
AS to the superiority of the pres
ent system over the United States
Bank, little need be said, as few, if
any, advocate return to the latter
But the National system possesses
all the advantages, with few, if any,
of the Objectionable features of the
old United States Bank. Indeed,
the National system is golden mean
between the State system and the
United States Bank, combining the
excellences of both. 1t combines
the unity of action and general con-
troll, and the uniformity of currency
which were the best features of
the United States Bank-with the
diffusion of issue and freedom in To-
cal management which characterize
the State system. Considering the
present extent of our country, and
the present and prospective magni
tude of its business interests, re-
gard the establishment and main.
tenance of q United States Bank as
next to a financial impossibility.-
Besides, it is not the province of any
Government to be the banker of the
people. The people can do their own
banking best; but Government should
so far Interfece as to systematize.
control and regulate the banking in
stitutions of the country, and secure