New-York tribune., 1878-12-21
LETTERS FROM THE PEOPLE.
RESUMPTION AND THE NATIONAL BANKS.
ra fhA Rdifor OF The TribMne.


10 TIE Editor OF TIE Tribune
SIR: am afraid there is q possibility that
resumption may fail want OF proper organization
among the banks for Its support Could you not serve
the public by few articles on this su jectI II ,he
banks do not move OF YES WUuu ,rn hy' W "0
P0rt WGyre, Ind, Nov. 20. 1878.
GOf course the National banks expect great deal
of unreasouing aud unjust criticism. Are they not
called " National banks"s Upon great many peo-
pie the word National" operates like the display
of red rag before the eyes Of bull their hostil
ity knows no bounds, and yet the same persons
would appreciate the Same institutions very hlghy
il they were only called " State banks" But un-
reasonable criticism from men of different sort
from men who comprehend tho services which the
banks have rendered and have no blind pr judice
against their name-s not to be expected. In
Ihe Fort Wame Gazette an article appears
signed "R. s. t." evidently written by one who APP
prcciates the value of the Ma iOnal banking sys-
tem and who desires to defend it, but who is much
alarmed about the success of resumption and criti-
the action of the banks OF tins city because he
does fully understand that action the
for it. Resumption will not fail If the banks act
upon the plan adopted here and in Boston and the
fact that the banks of these two Cities through which
three -fourths of the commercial exchanges of the
whole country are effected act upon this plan, VIII
render il exceedingly difficult as well unproit-
able, for the banks anywhere else to act
upon any other. Yet the letter referred to
objects that the banks have no proper organization
or understanding Would it not be well. then. for
every sincere friend of resumption to sustain with
all his might the plans adopted by the banks OF the
chief commercial ctiesi If organization and com
mon understanding and cooperation are desirable, IS
there any other way in wnich they can DO more
quickly and surely reachedi The pith Of the OBJ
lection to the course Of the banks of New-fork and
Boston is that they have resolved to keep separate
accounts for silver as is done already by the banks
of tie Pacific coast. The theorists may imagine
that "the use of silver money Is
only an inconvenience to the banks in large
cities and 10 more; :" but those banks know
better They know that it has become to them
not matter of convenience. but an absolute neces-
sy for the protection ftneIr deposltors and them
selves aud for the success of resumption, to put mp
a barrier against an unlimited depOstlng OF silver
and drawing Of gold. II silver coin should be re-
ceivcd by the banks here equivalent to gold,
silver certificates must also be received, and 1t
would be quite possible for Congress TO make re-
SUMPTION an impOssibility BY mere enactment that
certificates should be issued upon deposits of bullion
at the Mint, as was proposed last year. But nobody
il harmed rs long as the banks return silver TO
everybody that brings silver aud gold or gold notes
to everybody who brings gold or gold notes. Ii all
friends of resumption unite IN support OF this SEN
siblc and just step OF the banks there Will be no
difflculty.-Edl