The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-15

IN these sections Of the country, the question
naturally arises what can be done in the
matter, and what, probably, will be the action
of Congress-? Then, again, is this an under
hand movement of the national banks to
increase the volume of their circulation and
power, and with view to push out of exist
ence ultimately the legal tender currency! No
doubt there is an unequal distribution OF
national banks and banking facilities in the
different sections of the country The East
has far more than its due proportion, the West
has not relatively as many as it ought to have,
and the South has comparatively very few;
The distribution at first, when the national
banks went into operation, was not proper
tionate, because the Eastern and Northern
capitalists and politicians had power enough
in Congress and over the Government to
secure the largest share. But the dispropor-
ton has become far greater since, through
the progress of the West and through the
restoration and development of the South
There is, then, necessity for the readjust-
ment of banks and banking facilities through
out the country. How is this to be done
Shall the number of banks be increased and
the national bank currency expanded proper
tionately? Or shall the number of these in
stitutions he reduced in the East and North
and the same number be given to the West
and South?
There is no necessity. however, for increas-
ing the total amount of national bank cur
rency An equitable distribution of this
should be made, so far as the nominal possess
sion or circulation of it by the banks goes,
and, if necessary, the whole number of bank
ing institutions may be increased, provided
portion of currency be taken from existing
banks for the new ones that may be orga-
nized. But this, if we mistake not, is not
what the agltators for more currency and the
national bank mOnopolists are aiming at. It
is an adrolt scheme, probably, to increase the
total of the national bank circulation, with
the view of superseding ultimately the green
back or legal tender currency. OF course
this object will not be avowed by many for
fear of alarming the public at the grasping
tendency and enormous power of the ma
tional banks. But if the banks should sue
ceed in charging the volume of their cir
culation they would soon after raise the
cry Of redundant currency, in order to
force contraction or total withdrawal of
the legal tenders. They would rally to their
aid all the on-to-specie- repayment theorists,
and with these would make combined
movement to drive the greenbacks out of
existence, under the specious pretext of re-
turning to specie payments. Not that the
national banks want specie payments or ex-
pect to return to them. They simply want
the entire national circulation, the control of
all the money in the country, the enormous
profits Of forty or fifty millions q year on
their currency, and the vast power all this
would give them over the Government, poll
sizes, and material interests of the republic
That is what this gigantic and dangerous mo-
nopoly is aiming at. 1t will have, undoubt-
edly, powerful influence in Congress, for
two-thirds of the members, probably, are in
terested directly or indirectly in the national
banking institutions. There is the greatest
necessity, therefore, that public opinion
should be aroused to the threatened evil.
The people should demand that the
legal-tender currency be not reduced and
that the circulation and power of the national
banks be not increased. Indeed, the national
bank currency ought to be withdrawn and
greenbacks issued in its place. The West
and South, as well as the East and North
might have then as many banks as they
chose-that is, banks of deposit and loans,
and for commercial accommodation, which is
the only legitimate business of banking, all
using at the same time the currency of the
Government and people for circulation. The
Government would then get the benefit of q
national circulation the profits of which are
enormous; the people would have a uniform
currency, perfectly safe and steady, and
monstrous and dangerous monopoly would be
shorn of its power. If the currency is to be
disturbed or changed at all this is the only
rational view to take of the matter-the only
view in accordance with sound financial doc
trine and the public interests.