Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-16
xa,,onal BANKS and Currency.

The u. S. Controller Of the Currency
in making out his annual statistical re-
mort for Congress, has also taken occa-
sion to point out some Of the defects OF
the National Bank system, into which
wehave unwittingly drifted since General
jackson crushed the monster. Not the
least Of these is the fashion of granting to
speculators and large stock operators
freely, while regular business men have
difficulty in obtaining loans, and mono
hat one class or the other get any accom-
modations at all. Bondholders own the
country. The rest is in the hands OF
scscula,ors The Comptroller states that
of the New York banks, NEARLY one halt
of the available resources are used In the
oneratious of the stock and gold ex-
change, loaned upon the security OF
stocks. which are bought and sold largely
op speculation, and which are manipu-
lated by cliques aud combinations, THIS
makes q charming condition, in which
spectators will surely thrive at the ex-
pense of all others. By canards, tor
financial as we'll as political objects, they
bear and bull the market, creating at
their own will and with the help of the
banks, and as may best serve their own
purposes, the evils Of moneyed stringency
and imitation. The banks themselves
make larger profits and quicker returns
by operating with the stock gamblers,
besides not being limited as to the extent
of their issues to the amount OF their
available resources quite so strictly ashley
would be if doing an old-fashioned, reg
ular and legitimate business. While these
New York banks are loaniug only S7O,-
100000 to such business, they are fur
uishing daily 1920, 0oOO 900 in the shape
of certified checks to that amount for the
.use of the Wall street gamblers. This
the Controller regards as operating
direct ipflation to that extent" Aud II
must certainly powerfully affect all the
banks and business of the country, and
give the control to the rings. He suggests
as a preventive, prohibition agaihs
paying interest on bank balances OF
q certifying checks to be good which arr
not drawn against actually existing cast
deposits standing to the credit OF thu
drawer when the checks are made an'
ureseuted" To what extent such
provision will be available remain
% he seen. Certain it is tina
banks. ike private individuals, vii
seek all means Of profit, even
some risks. And il will require yer.
stringent provisions of law to proven
the evils which attend a paper currene.
based on deprecated promises to pay
The worst evils Of banking and the US
of real and pretended banking capita
may be anticipated. Aud we shall prot
ably 20 on the down grade until "
reach 6uancial eonvulsion which re
suits in destruction Of paper valueI
Besides being 10 debt to the exten. of one
third Of the value Of all the capital Of th
country, We are paying taxes 10 ercs'
Of any other nation, and half the mOnel
when collected. goes to support roguss an
4 risrsin and out Of Office, and our nonel
so-esiled, is no, worth half its face
any other part Of the Worl'. 1t is on
the spectators, shArpers, banker
brokers and officials that can prosper
and these at the expense Of ell legit
mate industry and business The soon'
smAsb-up CONES. and onr paper eo'
cot Of sight, like The old Continents
The better il viii be FOR farmers, ne