New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1878-10-23
ABOUT THE NATIONAL BANKS.
Written for the Review by o. P. CHAmp11N

| notice an unusual number of typo
graphical errors in my last article; but
am not disposed to correct but two
which obscure the meaning. The COZ.
rections are put in brackets immedi-
ately after the parts amended as in the
following sentences: ''But as the act
of resumption does not mean contrac-
ton, so neither in providing for re-
sumption is there contra elton or [as1
the effect of making provision for re.
SUMPTION s'All this shows that the
insufficiency of the currency [has not
made the times hard but it is due to
other causes With these corrections
I pass to the subject in hand.
L. 1t should be clearly understood
that having and maintaining an honest
currency is one thing, and the manner
in which that currency shall be circu-
lated is another. The two things are
not to be confounded; and the first is of
greater consequence. Let us make
sure OF that anyway. Let no man vote
against an honest currency because he
may not approve altogether of the
methods employed to give it circulation
2. Now as to the National Banks.
They were established in the early
part of the late war when the public
credit was will nigh destroyed. They
met with much opposition; but this
was to be expected; for they displaced
over fifteen hundred banks distributed
in thirty-one States and Territories
and representing several hundred diff
ferent kinds of banks i'll all. They
furnished a currency uniform in value
to every part Of the country in place of
the ''red-dog,' s'red-back,'' wildcat
''hard-shell, - ssafety-fund, &C., cur
rency of the State banks. Their cur
rency is perfectly secured. This Sc
curity is uniform. being the same in
kind and amount for every bill of every
bank. Besides. this National Bank
system furnishes the country a fixed
amount OF currency which cannot be
disturbed but in the most open manner
and after elaboration, discussion and
criticism carried on in the eyes of all
the people which also the people may
participate in. All the banks are regu-
lated by one system of laws and rules.
All these are features of the system
highly commendatory. Its superiority
to the old system of State banks is ap.
parent.
1t is well to look at some of the good,
positively good features of a system be-
fore casting a vote to change it. and
those we have mentioned are of this
nature. Sec. John Sherman has we'll
said: ut is safe to say that the injury
done to the people of the United States
by the failure of these banks, Estate
banks) by the uncertain value of their
paper money, by it's limited local circu-
lation, and by successful counterfeit
ing. was annually greater than the in
terest Of the entire national bank Cir
culation of the United States.'' By
the National Bank system, Mr.. L. j !.
Kingsbury says: 'sThe losses involved
in the so-called exchange Of other days.
and the risk OF collection and trans
mission which grew out of this want of
uniformity in value, are swept away at
a blow" Comte De Paris says: ssThe
issue Of treasury notes, which have
borne the name of greenbacks, since
their first issue, in consequence of their
color, put out of circulation the most
deprecated portion of the paper bear
ing the signature of private individu-
ais, and thus rendered real service
tc the public. History Of the Civil
War in America. Vol. 2. p. $685. The
National Bank system. as method
adopted by the government to circulate
its currency has proved itself to be
entitled to the respect of all loyal clti-
zens. If it can be proved upon no
one, we feel sure, will object; but it is
always wise to let well enough alone.
We will refer to this subject again.