National Republican., 1873-09-29
THE CITY Ranks.

BY our news columns this morning Il will
lie seen that six Of our leading city banks
have resolved to follow the example Of the
banking institutions Of New York, Chicago,
Baltimore, Richmond, Petersburg, New Or
leans and other cities, in suspending cur
rency payments and issuing certified checks
to depositors. This action Is the wisest and
hest that could have been taken under the
circumstances, and will materially aid in the
restoration Of confidence. During the last
two days the drain upon the banks has been
very severe, and would, II ifcontnued, soon have
exhausted every dollar Of currency. In addi-
ton, large shipments have been made to other
cities. II the banks had endcavored TO bear
up against the strain 1t Is absolutely certain
that, with the feeling Of dlstrust among timid
dcpositors and the disposition Of others to
draw out for purely speculative purposes,
they would he completely exhausted In short
time and utterly powcrless to accommodate
the working classes and legitimate business
needs Of the community. The great danger
at the present time is that the circulating
medium, grcenbacks and national bank notes,
should be absorbed into private channels,
which would inevitably result In the suspen-
sion Of all trade and business, and thereby
bring about the very thing which all are 30
anxious to avoid-a financial crisis.
There is really no ground whatever for the
present nervous and excited condition OF the
public mind. The suspensions that have
taken place are comparatively few, and con-
fined entirely to one branch Of business, II
indeed the r.ckless speculation In railroad
and stock schemes can be called business.
The banks and bankers who have gone under
were In no way connected with the great In
dustrial and commercial interests of the
country, and as a consequence these interests
to a large extent remain unaffected by them
except as they are incidentally depressed by
the stringoncyin the money market Any pro
ject that relieves the pressure is Of incalcula'
bic benefit. In the very nature OF things
the present condition Of affairs cannot last
very long. The country is unusually pros
porous, the harvests abundant and the foreign
demand large. For the 1rst time in years
we are beginning 10 accumulate gold, an,
selling more than we buy. The Government
is exceedingly strong, and Its paper unques
toned. SO far as the banks are concerned, tn
exhibit they have made Is, after oil, excel
lent. II Is all nonsense to expect that the.
should be able TO pay upon demand every dolla
due their depositors. The deposits are all, o
nearly all, invested in securities of one SHAPE
or another. The events Of the last weei
abundantly show that the general character
Of all the bond Investments Is good II they
are only allowed time by the dcpostors tc
realize upon them.
To be OF any real substantial good, th'
merchants and business men must sustain
the action of our city banks to-day, and unit
the present financial anxiety has abated
What is needed is not more currency, but
restoration of public confidence. There II
plenty of money to-day; but the trouble
is that 1t is being boarded by private
parties, who arc apprehensive OF future dis
aster. The great duty Of the hour-a duty
devolying upon every man In the commu-
nity-is to do all that in him lies to aid In thu
restoration Of confidence and in dispelling al
alarm which has no just grounds for exist
cnce.