New-York tribune., 1874-01-15

w. g,posoIs. si IiS5SS73
The comparison OF the latter statement with me fol-
Extent of the transaetions Of tho state banks have
doubled during the last six years IN spite on inc
uBrcndy legislation by Congress Tho number ot Hiae
banks reduced to Che loves. point reaoh'd slu,c
1860 reported officially sept 90 1861 the quarterly
statement made on that day SHOVE ihis eAp' hdhoS'
Number OF banks reported, a; .,.,,oooo
Total capital 1870
Due ~ 09-U922
Tho amoaut Of securoi circulation outs ,audins on
Sept 30 1877 was las S Ie amount oi te & sae @ %"
s st,S 81 80 Tue anon: OF circulation stiIi
80 iss "%a wa. 'aaa 70 70 IN The Of the
sept 80 1873. W. 70sI0 90 decrease ani.4F ths
wear 5sG The total circulation tdA outstanding ls
sl,lOOllG 30
DETECTS or TUE NATIONAL BANKING System
What to DO the future baukug system ana the paper
currency Of the country 1ho REASONS why the Govern
ment should not control anu manage the issues o the
currency oaprclousiy and arbitrarily nIprogna6y
strong. The power 80 great and is abdSc Is 80 easy
~ to furnish temptations winch n waa.i be more than
human always 10 resist successfully Tie IetVefaoi Vl
suon power l. 80 ruous and wld'srean ia us u'a%e
e ct, and the remedy i1 theh ~ 81 us'Nt 20 dppS
that r.o people should always refuse ~ permit Ilcr
10 exercise sucn pcnary poWors history - iu'l
oi warning upon bIl. po'"' li.".' - On,
found III on. own. Under the prJhplDiy tax OF Noi-
,rcss state circulation longer bb ssuad, and SO
long ~ the tax romans we huS' p' 'J3V''iV "'iu "
National Icureucy, uuequaly dhtripn%d ahd adapted
To the varying wants O trade only by tie Limitations oi
sion and contraction by the demands anu necessities OF
Miic II Is gene ally ttI'fu'l 'iit W. H"
have paper currency u ~ Al lcSt ue '''oio "''"e
the present s the best lOl thC cOnhi.Y.
The National banking ~ stem is radically doect'c 10
some essential features. Proof OF tn. J. IN the
numerous propositions ior ana udiAcAt ahu ih tAo
substitutes presented 10 COnsrers, ana ~ thS
frequent solicitation important caaIgc tho largo
COMMERCIAL associations Oi .C country W-hch a. i'eht
tnc trained capacity and the rricc AhoTledyS oi tht
men VINO ar3 forcllJsj IN Grand domestic enter
pises aud industries, ana Who GifecO cur commerce ana
tr iC with O.cr nations. ihc uaJi!d )io4'cdl o 81
tne National banking law demanded, with the repeal
Of tuose restrictions when preY.n. lne IofnatoA ot
banks, aud mit the powers OF STATE BANKS Dy onGf-
Ous dsci Imindtyh against thoH. l. h'nh'nS 7hou'i -
free furh system only oohsnnant witn Tue oP!t oI
Our institutions aud tuc tcrlr.I 0i OR people.
TIe people eNtjrnty desire te Inth'Etihrht ol theli
own affairs trade ana hnnUe, wh a. Httlc ihicFNch-
Uy the Federal Govcrumrn' A. puSiUt, tiNpH 10
Currcs the exercise of tts constitutional prcrOgauves,
aud giving several 9tcs the reserved powers IN
berent III them. Inc regulation oil th' cufreIct - "
nroper function OF The National Government. Banking
neluLgs 10 the people. T.. tns words oi an cmIucht
writer banking IaUd political economy, b!hhug
"a uldc, ami only trade aud nothing can h. more
su. ely established Dy larger cAptll nee thdh thns
at Trade Tae pest taius uudcui10ly tiaf govern
ment 40 wih tha money nafHo' IL TO lei II take
care OF t.eit"
We may safely conclude that thc pUJc 10 not desire
currency, wGi"A must ~ the nature oi thiu-s %"
of "A HuitIiorm JnI complex character but instead s
circulation that snail nc nni.1 . In ever! axe, .IHt 'N
secutod aud dt:indhit tntt Its quaty ~" rover lc
aues ioucd, lis holders entertain ESciVues - 20 t
absolute safoy. COuccui1 tns io no %" cin ii result
obtained dudcI tnc sae > stin " amer tne present
EilJual Plan
believe It entlrciy practicable 10 frame systom OF
banking, Shall at once ptescrNc all the tAcelcut
wholly removed zoe tendencies 10 annsc ana lni'
uaua-cmCnt Mblcn it n sIdNt1 afFitHch"td lhatIo i
that.
rIAV FOR rRFE BANEING, wrH sftIE BANKS ASp
EAIIoNAD oUGErN :.
How then. can we secure "a Uniform ana staoo o..c.
lation with - system OF ree banEng applicable to al
the States and under STATE supcTyisoni
Firs 1t tn Federal Government issue the olrcua-
ton of the country.
shall bt issued Ou'N
duly orpauized the laws Of the state wherein
located.
TLisy Any banE organized may, on rhe rcGni-iou
of The state Department, which exercises supervisory
power receive as much circulation as u sai de
post Uufoi States oouCs N..n ho General Government
Fourth Tae h.Is issued 90 bank shan present the
appearance as thSa' oi Ii"e u'.o iOh issued To
naIrr and location Of tic tIn6. wt,ch >ha indicate 10
what uduk issued. aud ny what haHN reo"etnahlc
ran: All circulation 80 issued snail 90 red'emod ny
Dauk to which i Is -sn IA sp-og, at one GA noge
OF the great money ccutrrs of the country
Sirih: Al bils be scIt m the nrSt instance To- tho
Banking Department, or other s,ate department au-
thOri2ed by law. IN tio several stses 10. IcSSI4sOn
before delivery to the banks.
Sepeath: The organization, direction and supervision
of an hJns the rate Of interest paid al. the prc
teal details OF banking 10 b. elt 10 the legislation o TIC
several States.
banking Law OF 1893 adopted IA our own state, except
tnlt thc rapcr money, instead o ucuS local aud DIVER
Congress would exercise tho constitutional pOgcr dele
gated in regulating the currency OF tue country,
tue wants the pUOpe, the rcduIcmcnts OF trade the
growth and expansion of commerce aud the manufac-
turIas Industries OF the hauou Ahc vodme OF circua-
tiOn would always be graduated by the iae4oraha low
OF supply and demand; would expand aud contract in
OJcGIeucc to the general laws OF trade, and not
the clamOr OF financial pfrtcnders, or the
selfish demand Of advcutur and sp.cultors Money
s only arbitrary StaudtTi by which values
urcd, ntrnsicaly Of tlr worth. and valuable only
far ~ II represents purchasing power oi matcra.
restricted It's volume th1n the actual values
themselves, except Tar the lessons OF Intelligent
ing conditions OF commercei Gold and silver being tie
recognized standard in all countries ~ which values
becomes necessary 10 redeem, On demand. paper
rency coin. in order to give . stability, and unorm
value approXlnatng III the highest degree god
value.
Tnere emergency, either political financial at
which requires the mdlutt nance OF the harsh
and prOhbitory provisions ana needless DETERMINATIONS
against State banks when exist In the national system
Respectfully submit that your honorable body should
request representatives OF the STATE in Congress to
State banks from their present condition. and will
for them the exercise OF the powers and enjoyment Of
ne rsnts ga now Possesea oa ny an S SaTa, IN re-
would these without any violent of
existing institutions while 1t would greatly contribute
commerce OF the people OF this and of oner states.
TRUST COMPANIES.
Some legislation to he required for the super
vision other kinds OF noneyed corporations In the
State than banks and savings banks class OF n-
situations rapidly multiplying In the State a. least
charters obtained for them They STYLED vari-
ously trust or loan, indemnity, security guar
anty or exchange or safe deposit mpaues sOir OF
the earlier trust companies placed under the gu
pervisiOn Of the Controller of the State, which
prior 10 the ORGANIZATION of the Bank Dcparr-
ment; a few Of the later ones are required 10
make report Ia the Controller, Others re-
oured 10 report TO the OF the Bank de-
partmcnt some are required to report TO Judge Of the
supreme Court; compelled 10 deposit sccnri.
ties with the superintendent or the Bank Departments;
Others are exempt from this requirement. The
jOnty, indeed ali Of them, are exempt from making
stated reports to any supervisory department OF The
state admins banks ana savings