Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-12-11

have on deposit in SO id bank at the time said
check Is certified an amount of money equal
to the amount specified in such check. Receiv-
ers have been appointed for the National Bank
OF the commonwealth, of New York, and the
New Orleans Banking Association during the
past year for violation of this act, and it is the
intention of the Comptroller hereafter to
ngidly enforce THE act whenever he is satisfied
of such violation.
The Comptroller repeats the recommends.
ton IN last years report for the repeal of Sec.
6 of the act of July, 1870, which provided
that after the whole S54. OOO, 900 of circulation
shall have been distributed, SIS, OOO, 900 adj
ditlonal shall be withdrawn from the banking
associations organized i'm the States having an
excess and distributed among the States hav-
ing less than their proportion. Under this
section that amount would be withdrawn from
New York, Massachusetts,, Connecticut, and
Rhode Island. The Comptroller also recon-
mends the authorization of S25. 600, 900 more
currency to be distributed among the States
which are deficient, namely those of the South
and West. He is Of opinion that il would re-
qulre from three to five years to distribute this
additional amount.
The Comptroller says the present financial
crisis may in great degree be attributed to
the intimate relations of the banks in the CITY
of New York with the transactions of the
Stock Board, more than one-fourth, and in
many instances nearly one-third, of the bills
receivable of the banks since the late civil war
having consisted of demand loans to brokers
and members of the Stock Board, which trans
actions have a tendency to impede and unset
tie instead of facilitate the loyal business in
terests of the whole country. Previous TO the
war the Stock Board is said to have consisted
OF only $50 members, and its organic principle
was strictly commission business under a
stringent and conservative constitution and
bylaws. The close of the war found the
membership of the Stock Board increased to
1.100 and composed of men from all parts of
the country, many of whom had congregated
in Wall street. adopting for their rule of bust
ness the apt motto of Horace: ''Make
money-make it honestly if you can-at all
events, make money" The law of the State
of New York. which had been retained on the
statute book since 1918, restricting the opera
ton of the Stock Board, had unfortunately
been repealed in 1858. so that its members and
manipulators were enabled to increase opera
tons on gigantic scale. The quotations of
this Stock Board are known to be frequently
fctions of speculation, and yet these fictions
control the business and commerce of great
country, and their influence is not confined to
this country, but extends to other countries,
and seriously lmpalrs our credit with foreign
nations. Railroads and other corporations
which we have bolstered up, and which have
obtained quotations in London and other mar
kets OF the world, have now been reduced to
more proper valuation, or stricken from the
list.
Unity of action, it is said. among the lead
ing banks of the great cities will do more to
reform abuses than any Congressional enact
ment; for unless such corporations shall unite
and Insist upon legitimate way of conducting
business, the laws of Congress in reference
to them will be likely soon to become inopera-
tive. The banks are disinclined to unite for
such purpose. The legislation required of
Congress will be such as will induce associa-
tons outside of the city of New York to re-
tain in their vaults such funds as are not need
ed at the commercial center for the purposes
of legitimate trade.
The following statements have been pre-
pared showing the amount of national bank
currency, legal-tender notes, and fractional
currency issued up to Oct. 10, and Nov. 1,
1873: