The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1879-09-19

| AN ELOQUENT DEFENSE OF IT'S RECORD BY
SECRETARY scHURz-rTs FINANCIAL POL
ICY. .s...., 49,
Secretary Schurz addressed great audi
euce at Cincinnati on the evening of Aug.
Goth on the political questions of the day.
Speaking of the National bank system Mr..
Never, in!the history OF this country, have
We had a banking systsm which in every
respect deserved and enjoyed the confidence
of the business community as the national
banks deserve and enjoy 1t. Until the lst
Of July last year all the losses Suffered by
all the creditors Of ali the national banks
in the country amounted to only 90, 415, ,423
and these losses are constantly reduced by
the dividends paid in the winding-up pro-
cess. The one failure of the City of Glas-
gov Bank, in. Scotland, last year, inflicted
upon its creditors loss of $26, ,o00, 900. q
loss four tiraes rs great as the aggregate
losses suffered from all our national banks
during the 16 years OF the existence of the
system. In this country the lesses inflicted
upon their creditors bylState and savings
banks in the year 1878 alone were larger
than those which were caused by national
bank failures since 1862. The losses from
five State banks in the one city of Chicago
during two years preceding 1878 amounted
to more than one-half OF all the losses from
all the national banks since their organiza-
tion from Maine to California and from Or
egon to Texas. To what is so extr&ordina-
~ result due? To the wise regulations of
law under which the national banks are or
ganized, and to the strict supervision by
the government TO which the law subjects
them In the conduct of their business, I
will not say that the provisions Of the law
are perfect and might not be improved.
ButI DO say that they have proved won-
sderfnlly effective. that they are more per-
feet than anything we have had 80 fsr, or
anything we are likely to hare should the
national banking system be abolished.
There ID o system at least under which the
possibility Of sham banking is reduced to
mininum, avss .ys atss
r Mr. Schurz then referred to the silver
qaession, saying: asa s1az3D4s Itg4 .s.sI
L While think that bimetallic money
ought ITO be, and that twill eventually be-
eomes the universal money, regard TIE
oct of 1878 Ithe. oct reznenetizine siiyer) sa
being grand mistake. Nothing, it seems
TO me, cam be more unwise ON the part of
those who desire as do that there should
be an abundance Of real money IN the Uni
ted States than the effort to increase the
supply by % full remonetization OF silver
wfthout regard 10 the action Of other CON-
mercial States. e. a&4 ax
What does the Ohio Democracy demandp
Not only thar nader the present law the
maximum OF four millions of silver be COIN
cd mnnthly, but that all ,ths silver which
may be carried to the mints by the owners |
Of silver bullion be coined as fast as pre-
sented and be put into circulation. What
would be tho result of this? That the pTo-
cess Of driving out the superior metal mon
ey, 4vhich, ,is gold, BY the inferior one, which |
is silver, would be incalculably accelerated;
that European nations. especially those
which have large quantities Of silver on
hand, and which now may possibly become
inclined 10 enter into IN International ar
a. TO the circulation Of tho two
metals, 10 ss to give their silver profitable |
employment, may then sec p chance to un-
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