Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-10-24

L - N"ttiit
For he .5o.I. ,lel.
-iEcsars. While thefinaocjaj
panic was at is height, threatening
general ruin, II was not deemed advisable,
20 add to the excitement ly criticising
our present banking system, but now
that the banks by resorting to IN III
direct evasion Of Tie law, IN issuing
certified checks and clearing house
certificates as :: substitute Tor currency.
have safely wcathered the storm. and
are now all right again. it behoOycs
the people who are the real sufferers to
speak out, and by comparing views
come TO . better understanding Of the
causes that have wrought and are
working such wide spread injury to the
commercial and industrial interest Of
the country.
The national bank system to ell APP
pearance, worked we'll i'll quiet timea,
but in financial storm sHch as &c ara
passing through, shows many defects,
some OF which should be remedied or
the system abandoned.
The system limits the amount OF
currency to be used, and places that
limitation under the control Of ineZpe-
rienced men, unacpuainted with the
needs OF the country, and the amount
is too small for its wants. That Il very
large proportion Of the money went ia
to railroads and swindling schemes,
does not alter the result, for though
such corporations may have borrowed
money upon inadequate security. they
have not kept it, and it has gone again
into circulation, and if there was
enough fOI the requirements Of trade.
no i convenience would have resulted
t. the legitimate business OF the COM
Try it is those who hoard up tie
money tlat are lnisysinG it and are
damaging the Industries of The coun-
Try. There has been every Fail apros-
sure for money to move the grain crop
OF the West and tie cotton crop OF the
South, which pressure has been ar1ll!-
ally increasing, as the ! Opulation, i'll
dustvies and prOductiO! s OF our cuUn
thy increase and THIS wear has cul.ni-
mated in The wide spread injury We are
now experiencing.
DANGER AND IxJUSTIcE or TIL system,
b. the law creating our present
National Banks, If any one CT them
fails 10 meet any lawful demand on it,
either by 2 holder OF its bills or by Il
dcpositor, that bank goes into the
hands OF :: receiver thereby locking. nj
-I,e IS .7nro.f+s 7l,,t.j .,r5.i, ill.,.
tI,a ,4a1lt. 1.s tLa honj, A.. coFlo,.t.1
Whom n,,.1 Ie,,ositor ~efs ais or her
,rTo1,ort:,n Of vnat j. Collected. wIi;cI,
t,-,nar.c,ca has shown. world he ,nrrl,
is Alan if tI;e haul, vas ,t,,nitfa1
tn ..a5+f, -, its own Affairs Now .tl...
,,2..,,;f,,.- Whistles +, li'r 5.3,os;t[.i.s
WHO ara the only parties Interested !.
tIa4 tIev T,e,z-a no .-a;ra in t!,e anooint-
roent Of the receiver who is to exercise
srrh IN ir2norta,it control over their
Interests t.,, fLr Government BEING
Emily .ec71red ly- IFS own ;}on1s. l,gS
~, !, +e,'...+ IN ira Tesr,1+ --.t o,,,.:..+..
~, racoiya.., VIZ ..,lp;.i III GOV
n.,,7,,.s41t exercise Si1ai. = c.;.lg..I ever
4i,l .,.,,<...t, 7,.naer3- 81 ;r,7tv:,,.,..is
-. i he; ,ine. IN a0T va ,e1:arap.ae
III / ,.nr:.urs u,et:r.t lie. II Is
GROSSLY I,..;r--. to tl.e... tiev
Ia:nr tIo 1,r.l..g, raftics IL la4,.ass'.
;:...i,. ..,.,, 9. air. and :, ~ v,e-l,cr
s,,..., f.a.l- ,.1|,.:sI 80 int. Foundation
-. rl- rTIlt FIX I,,,,.!.<, ~ lie
;-.l.-, ~ fs.., ,c,.7ntvr i ..,t +i.. So
.,lIt IF owe Grading. is ,..es.-.I rs the
~ ~ 7,..i+, =, [,'l.z,e-, ,,,,.-5, -;-..7