The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1878-12-04
The National Banks.

||'t[N7 AAAh cbAhioNiNS OOhSSA 4NdblOhal
bpnks, which will correct some of the
popular impressions on the subject.
b far from the National banks having
: monopoly of the banking business in
fhe country, the amount of capital en-
pioyed by State banks, savings banks
hnd private banks, is $205,380, 900,
against s470, ,39O,00O employed by the
National banks, and in deposits the
National banks have but little more
than one.half of the amount of the
combined deposits of the others--the
figures being $677 100000, against
81 ,242,794,000. The total number of
National banks is 2,056, while the
State concerns, as above, number 4, 400.
As under the law as it now stands, the
privileges of the National banking sys-
tenn are free alike to all, these figures
are Important, as showing that a large
portion of those engaged ia thu bank
ing business, do not consider it TO their
advantage TO avail themselves of these
privileges. OF the National banks
which have been organized since the
system went into operation, 273 have
gone into voluntary liquidation by
Rote of the shareholders owning two
thirds of their respective capitals, and
have been placed in the hands of
eeivers for the purpose of closing up
heir affairs. Another notable fact
ated in the report is, that the Ma
'onal banks, so far from considering
Ae Issuing Of circulating notes a prof.
|abls monopoly, have, since June 20,
BIZ, voluntarily surrendered $66, 6,237,.
SO of their circulation, which is $780,
lj2, ,467 more than has been issued to
Nll of the banks organized since that
s'ate.
The annual profit upon the entire
EJACULATION of the National banks is
stated to be SS,961 ,519, whilst the
banks have paid to the United States
ID taxes from the beginning of the sys-
Ien to the present time, $86,033,544.
The losses from the State aud savings
banks Of the country during the pres.
ent year alone are greater than the
lotal losses resulting from all the fail
nres of National banks which have oc-
1nrred since the Inauguration of the
Yatem sixteen years ago.
Ia one respect the National banking
gssem has secured absolute safety
HAT is, in the value Of the currency it
has furnished. There has been no loss
Nhatever by depreciation of National
hank notes. Throughout the whole
eriod of depression, when commercial
.Asaasters came thick and fast, there
,s not been the slightest uneasiness
&n this score the National bank note
ss been always good for the amount
called for. The experience of the
onntry under the old State bank sys-
em, when the currency of yesterday
an worthless to-day by the failure of
bank, and when every business man
la to daily watch the bank note lists
observe the changes in the value of
notes of different banks, affords a
Eiking contrast in favor of the Ma
epal system.
One of the chief objects in view in
lablishing the system was not only
lnrnish safe currency, but to sup
: steady market for United States
ends, and to facilitate their negotia.
sn. The Controller shows that it has
had this effect, and that in absorbing
and negotiating these bonds the banks
we assisted the Government in re-
icing the rate of interest on its bonds,
lil now the bonds bearing 6 per
are less than one-fourth of the
he, while on nearly onetfourth the
Interest," has been reduced to 4 and al
per cent.
IN the change of issue which some
81 the Democratic leaders propose to
make on the financial question, by
dropping the greenback idea, and max
ng a fight against the National banks
hey viii fpd many stubborn factI
hich they viii have to grapple with
Pitt8bisrgh Telegraph.
-Rafnrn the lRta alectinns thf