, 1873-10-03

bills Of credit, mako anything but gold and BlVor
coin a tc1,lor il, layi1out Of debts, or l'asa any
law lmpairing ting obligation Of contracts:
1hie lot .r,aald tho rlglt Or Tant Of rlgnt q
Juttgo Btury matntainB the right. Hamilton at
ol,oo 1row zip plan of auoh aba,lls, and tllo Cn-
not divided upoi, 1t, but 1T wns approved BY Wash
inEtoi,, MD l!o llnnk went into hninH N l19l,
with capital Of S1O.0UU, ,001, ,-nno.tlflh N0vern-
,ncut-sulI tan,; II WY n SUCCESS, mud pallll
per cft 1ivlaoHtls nMa 1ts s1uclt---l'nrlly lold
in Enyupe.-yoso nbuve !ar. III 1911 =: Mallsu-
Uinn Congrcgs refused to roiow its charter. Ii
lsll fa'l # tho year, tho american s,aso Gnuts
cloao ZIP bofoio they slo,lu bo drained and ban-
rut,t. Tho middle States, which Ind subscribed
to tho war-loana 1nost llhorally, led tho pnnio
NJ now for tho had contributed 3od, 100000 out
Of s4l, 600, 900. Aoyernmout taxes we're, Of NC
cesplty, receivable In stato currency treasury
notoa or bills OF exchoquer, banrng interost,
woro, therefore, iasucl for timo but n Soc
ond lark Of tho United batos became
buslnesB the following year, with 100000
capital,-ono-tiftlt Government subscription, M
before. 'Ihs bank, by importing, q. .000,o00 Of
Bpecic, lifted Tho Stato banks to ttoir fcct, and
resumption WINS general throughout thu Union.
THE MIDDLE PERIOD.
With tho exception Of commercial dlfllcultteain IN
1917, everything wont on smoothly Until 1889,
whom a roehartor Of tho Untod States Bank was
vetoed by Congrcos, followed by tho ren0yal m 1 Of
tho Govornmont-depo eposItH-moro than FL 900 900
in 1888. Tho ollarter ran out IN 1896; but
now chartor vas obtaiuod by n dovico from tho
State of Ponnsylyauia. At that datc thero wore
elout goo banks in tho country, e,Xa with
S6o5ss and ''ts Of speoie ! ono
hundred and Bixty-hvo banks had failed IN
NIL between 1911 md 1880. Tho facility Of our
system OF banking had its alyocatos IN Eng
1nt{h &1,nh,- t,$4$ $1uH
joi1!t-stock banks Of TINT Kingdom, being Of
| uuli.nitod liability, aud covered by tho pllyata
properly Of overy stakeholder, wore preferred
by Parliament. It was not until 1855 that tho
oiIicial Of any 'liniseJ" company engaged il
banking, insurance, otc., who publishes fraud,l-
| Lent accounts or fa1Bo advertisements, ia liabo
Tho removal Of deposits led to their trans
| fer to certain selected hauka as dapost-
toroo. Tho "specio-cIrcnlar" Of Gen. jack
sou being reaciulod by Congress, oil kinds OF
| bank-notes became receivable for tho pubic
dues and 1ands. mailing yast surplus Of paper
truck, whiph for safo-kehping was distributed
amongst tho States. May 10, 1857, speoio-pny-
lneuts were suspended over tho country gonor-
aily, and Now York City was gaIrlsoned with
mifiLin. shinplaBtora, tokens. and doprociatel
| Government was Threatened with Treasury
deficit, a..d Vallsuren had to call Congress In
oxtra session i've days after tho suspension.
Ho opposed tho recllartor OF q National Bank,
| mud recommended polpcttal dissolution OF tho
connection between tho Fodoral Government
nnd any bunk Of issue, oven ns aoposator. ca
lob Gushing, Who is roady to dofond nnything
nowadays loa OF against the ,message,:,, Olny,
Dick Diddlo, Wise, otc..., followed: Van
| Buron was defended by silaa Wright, Cal
houn, buchanan, Benton, Bob Walkor, etc. Tlle
President prevailed, rroasury -notea were isR,;ot
yoslng, or DID, 1awyor Of Dabylon-touchoa tho
Issue Of the day thus Oh tho retention Of un i'll
stallmont Of money duo rotten states:
"1ho American Government said Caleb, >" Ii
not to exert itself for tho retief Of tho Anoricnr
peoplos Very well. If this DO yonr policy, I, o.
| REPRESENTING Tho peop!o. will not cxcrt 'ruyacl