New-York tribune., 1878-12-03

capital invested was s466147436; the surplus fund
and profits 1857 993; the loans and discounts
were Ss30. 0.521 $40.
This system OF banks. though OF recent growth and
adopted experiment amid the necessities devei
oped by the civil has, under wise management, be-
the most important business agency in the coun
try Though still under trial and snbject all times to
the discretion OF Congress to discontinue and limit
its existence and operations II may be fairly claimed
already established by experiment. that the system
possesses certain advantages over other heretofore
existing In this country, and possibly only with Ma
tOnal system.
FirsThc security of the bholder from loss through
failure OF the bank.
Second-The rapldity and certainty OF the detection
and prevention OF counterfetng from the fact that the
notes are engraved printed and redeemed at the Treas
ury Department. II.
Third.-The frequent and careful examination of the
banks and the publication OF the detailed statements OF
their condition.
,FourM.-Unformity and free circulation of the notes
throughout the United states. without respect 10 he
place OF their issue.
FiCh-The admirable provisions by which failing
banks placed liquidation their cbcaply
and promptly applied to the payment OF creditors.
These and other advantages derived 10 the pnblic
from National system of banks q State system,
to be fully demonstrated, and though irks0me and
90 Se a@ TO s an are b SS security
The ONLY franchise conferred by this system, that can
aw Is IS rhe power 70 issue % Pcrcusng notes. Tb II is
conceded, s franchise conferred by the Government
ercsed Inv snV five persons who have the means. and
viii comply with the law.
Nnetner the power 10 Issue cfculatOg nOteS
granted TO private corporations be exercised only
by the Government, purely question of public pol
icy and public interest In behalf Of circulation issued
by the Government II s claimed that interest Is saved
10 the public the full amount OF tine notes issued. To
this replied that the issue of such notes necessarily
involves their emption in con and this he Sc
cured only and the ordinary machinery
OF banks II the banks issue notes they expect 10
derive n profit from their loan, but this profit
Ia diminished by the burden OF rcdem ption, by
the large taxes imposed upon the franchise, and
by the risk always incident 10 the issue of circulating
notes These considerations which will, douht,
enter into the question Of the pernancy Oi the Ma
tODal banking system: but the banks of this system
organized under tbe law twenty years aud
of them expire until June 1883 IL is respectfully
submitted that II is good policy to continue the expert
meut until that date when the pubic mind viii he bet
ter prepared to consider the questions involved.
COINS AND COINAGE.
The annual report Of the Director OF TIE Mint exhibits
in detail the operations Of the several Nnts and Assay
Offices and also presents interesting information rea-
tive TO tile production OF gold and silver in the UnIed
States the estimated amount Of gold and silver coin aud
bullion in the country the depreciation CT silver the po
son Of che American radeduar in the Oriental trade,
aud other subjects connected directly indirectly with
le