The daily gazette., 1878-10-23

that theh fruitful insginstions cqold
suggest, of banIe, fiscal agents, 'ex-
cheqpes, &c. &c, ,,the simplesub-tressurs
inaueuratedAby Jaekson. and put in ope-
ration under Van Buren, was left undis-
turbed by the Wing party, and Websters'
great proclamation TO his party from Ty-
lers cabinet, that a United States Bank
was an obsolete idea, was sounded
Through the Hand, and estsblishedaIlth thai
lNJacksop had said aud his reputation
The sui -Aeasuly was adopted and exists
until to-day. Scotland's monster bank
with its immense capital has failed il is
said, for 29,000,eeo sum sufficient tc
bankrupt iiaif fhe pasmessof the edun-
try at the time the U. S. Bank was in
existence. The greater and more pow.
erfui rhe bank" the greater amount ol
mischief may It pefpetrate. The de-
struction Of the @. s. Bank by the re-
moval Of the government deposits under
Jackson, was proof of the inability of the
bank to stand alone. 1t was undermining
individual trade and sapping the, busi-
ness of the State banks located In the
various parts of the country, through its
agencies and branch banks. Its destruc-
tion established the old State Bank sys-
TEN, which proved the safest and the best
system for our great and rapidly expand
ing country that could be suggested. 1t
located the banks and made them re-
sponsible to the States. They ditfused
their money among the people whom
they knew. They helped to develope the
land and improve it, and stimulated the
price thereof. The failure of one of these
small institutions was but little felt and
soon recovered from. But as the system
grew with the country 1t became safe and
reliable, until In 1861 it was all that
could be desired, for If men wished to
travel they could buy such money as they
pleased. Ifin the South southern money,
/ if in the North northern money, IL in the
West western money. But had the State
banks existed until now with the facili-
ties of the telegraph and steam extended
and perfected, the difference In exchange
between the States would have been
comparatively nothing, for the system Of
the present U. s. banks was being intro4
duced in the States; and the u. S. banks
are only fashioned after the Stale banks
of New York and Mass achuset,s.
Under the State banks the people had
their money in their own locaities-they
increased its circulation and amount as
they needed II ; and, therefore, capital
lists could not get control of il to the in
jury of the active, energetic business
men, who developed our resources
by the use Of money in all kinds of busi-
ness. Real estate could not be put down.
and kept down long, nor could the la
borer be long deprived of work, because
then active men, instead of being re-
quired to sell their Investments at a great
sacrifice, could combine together, secure
the charter of bank, and by lending
money to good, active business men and
farmers and mechanics, go on with their
operations. 1t was in this way that,
every bank in our city was built up.
They have proved good and substantial :;
they are in honorable hands that we fear
not to trust. If State bank were to
break the damage would be trifling com
pared with the Bank of Glasgow. II
has been sagely said that it is not the new
officers or the young heads If such insti-
tutions Of trust that we must fear most.
The disasters we have met with, as now
In Scotland, came from the old officers,
whose regulations had led to too much
confidence.