New-York tribune., 1876-05-31

y
s7.OUOOOO OF tine stock was 10 b. subscribed by the
Unded states, aul the Tenlnihs S33.9J)'Oy1 % Inn
proved by Presi cnt olson on the lOtl oi ap
1916, and TIE bank went into operation oh iAo n o.
Ine year 1919 was one of great commercial diiacuiy
in Amec is distress mas aiiCne ~ .ot y IT IN order TO
effect return 10 specie ia nehis. 10
object ths state backs had been eo.lpeiiiiu 49, ose
Iseir issues by limiting their discounts Adhy o '1 G
baufs which were formed TIE disaolui on o tse NJ
B1nE of ,ho Unltrd Staes which had in the list ~
ce made very liberal advances 20 The western HieS'
were Obliged resort 10 measures InI coinpIl w ~
paynrat Of their loans. 1hOso too VINO ma cont & M
drbs either 10 the banks 10 private parles ~ no
preoaiod currency sustained considerable ioss ~" -
quired 70 discharge tAer oohsa,ios ID Zen iruiy
verti5le inO god Specie payment nav ~ ~ y, ~ -
sttbshed alter he o7ganzauon oi t9 soruu i'n ID, & vi
the United sttes the finances oi inc tOVeiuh III WoIo
i'm gOOd cond t on down 10 1855 L. UNIFORM currency
lp0i "a specie basis was furnished to tIc p.1e IN al
rt OF t1e United states Fr0L, 1920 10 1888 he bnsi
OF tine country wDs IA prosperous coAIAoh' ana
the GOyemmen. accumulated large sn. l'ius
PRESIDENT JACKsONs BANK WAR.
Mr. Spaulang then rocO1ned President Jacksons war
upou tAo United States Bank, ctnI the memorial pre-
seu,ed by Mr.. Dallas in 1882 Tor the renewal OF the
charter ot thr institution and the message by whch inc
act passed by Congress vetoed and the bank forced
hto liquidation. THe removal OF the government ne
posts m 1888 Mr. spaudns regarded the cause OF TIE
financial depression which eliminated III TIE panic oil
1887. Tne immediate consequence of The defeat OF tEe
bill for renewing the charter OF the United states Bank
and the Illegal removal Of the Government deposits on
that institution the incorporation 10y the several
States Of great number Of local banks Capital s!oc@
was authorized for oaeh but in most cases the STOCK was
not bona Gde paid NJ. The banks IN most cases went
into operation upon an Insecure basis upon hctlous cap
tals In tAe seven year, from 1850 70 1877 no Fewer
3J4 spr ug into existence witA i'nhai cat'''V ~
e145OUO 900 and paper circulation of T53oJoO"u anu
the total circulation rose 60 Tlul, ,uOOOOO u no dss ="
bank loans inc. eased from $2OOOJOUOO 10
TheTieasmy balance u tio deposit VA rose rom
81 900 90 Oci I, 1888, 10 over F49OOOOoO, on HOV
l. 1856 Speculation and Oycrraiihs increased To an
alarming oNiou an over enc c"Gliy' tno .0I ~
bank citdi the Increase 81 S.a,c cul"lslti an u
aiyilual indebtedness Was iar III eAccsS o. Ios u"G
business Rcg4!css ecuitiOE 10 corner lots on paper
ANA running itO d-bt Eoh'rtH was lne Vitur % ~
lands La 20 quantities were taken ult-n1t ny ac ua
setuerSJu ~ arg: operators u" pliu oT IL ID o''P
I,,pt ..,rrepry Nlk.c3lt bin-ins became ianpang
in many OF tue Westcru otue' wnicI Operate TO sven
indebtedness eaofAJusly Ia tha portion oil 'ie oouh
By the successive acts and proceedings Just narrated
trn WAS stIiIIly lad ior genera! in tDe hhaI
cIa affairs Ui the Government the BANKS am the Oe
InU n.jUtI result wadt nad taken place dNIlAS 'No
lSf SIX Years cd Inevitably general sI1asl-up TIE
EinK winch President Madison n his INST annual me-
sige af.cr approving IT'S cht ef declared N"A cshtd
or the nleri So Of community at large, aS "tii 40 oi
b. u1rScs of te Are suy" Was hil,d 10y tie veto o
President Jackson ami forced 10 W4hd p rs 'I'i7 a'
National institution; tue Government deposits were IL
e-aIly removed 10 E.,it uumuef oi st"'e ctpOsI'
banks; the state banks were ihc'at-ed up2l Ieu.oS
capitals 10 an alarm nE eArht D.',N Ci.'l,.s mc'e "a
tended The form al paIer currency ahd hhrole ois
upon Inadequate 'uJ hcol'N'i'o ,'J ~ ,s -
Ovrr;rdlln-, ana e&ud>"S~Hte III l''- l"o' "a ., ,
natural conseq qdrHcc I.o catastrophe resulting IRON
THIS unnatural ANA reckless state oi InsS co' no' "Ns
Tac sece circular issued By showed
dlaInst o i"S ] no o,n@ I'm m te a.ter pa,t
$50 and tAo elu pat Of 1871 c!a'c oahA c"'I'ncy
n many cases. was noe lc+eeh Ih CON ""'h p''S,o
or tat purpose, ond ycy soon Oec~ine u'cdr.oni
money. Tag Mn D,I ''nu i,u i"7 NY't cy,
b,w rom wutn 10 never rccovrrc. aud ura.iy went
ont OF oNistcice b+ch Gi' Ge'.iv~ S''5 nc" 80 80. 20
i"a'' H5 on ,, ' @ ~, M .,,.t o iG.si.I'ss c.t.l.
was destroyed; pane "oct!nc general wen iH Nay
1857 'I tAe o-u", id tDe SonhIy s'3re"@ttu @ ~, a.
pay ''o'i,'' anu ' q-5,ir,r fl, tu. famed es be-
c3n,e nm yIillHe IAc Il .mOTallzttipu was compete
sud stneil ~ AL private is wei s s2I'inn'h'" IHs
@ I ma, a . ~. IFS ,i tie Gov -rnIueut. l.
relotr@aDo f.oJ t..E n ulHe "i pfo"uhd pc cr IRE
nha,,,S oi 'o 4 Vo'r'' c,n ioT an ex-
ny .si5p of congress Fi,e lea.s previously tDc pu
inc an noes were Ia roma, kabl, soJj couoiuoh ANA
l"i-a s"tNs was ',,, 4i,..a. m n ,,,' I ,,a a, ben
unnamed !0r n,aIIy went, yeas tny business Ji
sac todhhl hAu S.Nas' fiNHP1. ~" -, ~. ...r,
was very annoying 10 tue lrenNS "I TIE A"nl is'.'""'
"i'O '''- 80 go I- -,t r,, 800, al. rae .onutiv,
tccOld.ns 20 10 Tf,Asvry fc c'"r's'- We Tit''" 49,
bJ d a. l. 40 '"' i. w. ma. ,,. IN, vil,, rad
"ds ''ui 'l IiV'' "'> > -, ', l., I'D. t.r ....s
disr So @il'4S1I ~ ND g ,.c. I'D iIr
eddi.s "i'D lot-, 'h0 o"Pn'I % ~ .o I,,G
m,oi o. S9''v"Ioo! II ' u,,,s mo- I'm. ,nI.n.
Gn.e O.. o. T. e ia; "a - W 80 NE ,.zr,ll.t t.e ca
'uI' '' 80 80 -. AN. 90. 4 4. T. t.s oi set-lorK al
.il-4-G h4a .. ccie regularly sIr, ioa5. tA.y
s'on .e-oS,f.u h..n ,.' 90 a % '3 . i. n M
- 1 ,,s,nrI d d fi,. Ii VI. rs.ote. II lS47. vncn
lac d,u.,ud ,ot ocsual-hs iH Lnore gave "'dnc1 oi
specie hi OF OF iIr"t % -, 80 ~ ', ls .i - 'tI -oI,
o'1 . i.i.-r ,,eo 49, rXtr.,iiutly demand Tor cOttou
M, ,,,is .,I tlc.r ooilsrs.
FREE pANhING LAW CF Nlw-NOEE.
n, ApriI : 1873 the monopoly o. Uaualg under spe
i ,ors VIII, nrou .t 10 ID close in the state oi Now
,r ny the passcs Of the at 10 authorize tie business
,f t.,p-r," Under this ly aasJc. ti1u- for banking
and Individual bankers were authorized to carry
,. rI,,,,si, Inv . ,ili, nm, oaic q of deposit dis
,,t ,,i q r,u.,ttop Subs.ou,uilya separate depart
MN, ,,,. or,.,ril4j ~ Albau, C lied the Bank Depat-