The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-30
OUR NATIONAL BANK SYSTEM.

From the Chicago Republican.
The recent press dispatches from New
York contained an item which probably at
tracted little more than passing glance from
the general reader, yet it involves world of
meaning We allude to the following state
ment:-"The Tenth National Bank is in
trouble There has been run on it all this
morning. 1t is reported that it will have to
suspend unless other banks assist it. Ten
years ago, such a state of things surrounding
one of the prominent financial institutions in
the money centre of this country would have
been regarded as portentous in the extreme,
and have become principal topic for news
paper discussion in every direction. Now
the pecuniary disturbance directly interests
and hurries probably no more than the de-
positors and few others. To-day, If any
merchant in any part of the Union, should
discover among his funds 800 bill on the
Tenth National Bank of New York, he will
likely enough nonchalantly count it in the
sum of his resources, just as he would bill
of the same denomination on any other bank,
instead of being thrown into fever OF
anxiety, as he would have been one decade
ago, and instantly cautioning his employees
to be on the lookout for issues of that insti-
tuition.
What causes the difference in the impelling
motives now and then ? Why should per-
son who is the holder of bill on failing
bank, in the year 1862 feel no apprehension,
while the same circumstance happening in the
year 1859 would have aroused him into in
stant caution? 1t must be because the latter
fact would have indicated danger or less
through immediate depreciation of the cur
rent value of the note in his possession, while
now the embarrassment of the bank does not
work positive or lasting detriment to the
bill or the holder. Here we see conspicuously
GoJ fha abundant anVantaoaS nd
safety of our present banking system over
that formerly in vogue under State auspices.
Bv it the excessive competition induced by
the undue multiplication of banks, and by
their arts and devices to obtain an undue
share of the circulation, is prevented Limited
in number, capital and issues, and subject to
national supervision, these institutions can
not resort to those malign and dangerous
practices which were once adopted 10 elude
responsibility and exc out prohts by which
the currency was alternately distended and
contracted the public deceived, and the
banks themselves put in jeopardy Under
the present system a bill-holder cannot be
subjected to ultimate loss, even though the
| bank should fail In the hands OF the Gov
ernment remain at all times assets tully sum
cient to satisfy the claims Of those VINO hold
the banks issues.
1t is we'll to bear such facts and contrasts in
mind when Democrats of the Pendletonlan
stripe raise hue and cry against the national
banks as bond-holding oligarchies, feeding
with rapacious insolence upon the hard earn
ings of the people, and putting bit in the
mouth of commerce. Whatever imperiec,
tions our banking system may be blemished
with, nothing is more certain than that 1t Is
far in advance of anything which we have ever
had before in this country, and that Demo
Gratis, while essaying to demolish it, do not
propose any substitute that can fulfil its func-
tions or inspire the business community and
the people with equal confidence 1t is a