, 1880-08-13
Their Value md Efficiency ns
Com pared with tile Old
State Banks.
Some Interesting Facts Concern.
ing the Wildcat Currency
OF Former Times.
Thousands OF Dollnrs Of tho "Putrid
Iteminlscenco Still In the
National Treasury,
Which Have q Hnbitadon There
Only to Muddle tho Book
keepers.

SeNt}On resumed It's SESSION. t0-AhY. iAleXhn'
der Mitchell, Of Milwaukee,, was reelected
President, and Jncob D, Vermilye First Vice
President. A Vice-prestdent WIS also chosen
from each State a1ld Territory, An Exccu-
two Council was also chosen.
Resolutions III favor Of n general bankrupt
law, indorsc1 by the Executive Council, were
laid OF the table.
The following letter from Secretary sher-
mai, WIS read:
TREASURY DgpARrAExr, OFFICE or THE SEQ
nETAnr;, wAsnIsGros. D: e., AnE. g.-1o ".
Geo'ue MarsfaAd, Corresponding Sccft!afE 4inser-
In complying with your request that, u could
rot attend IN Ecrsou the n1,nual ,,,cet'ig ~ Of thG
would contribute papes on sumo financial
topic within tho scopo Of yonr financial dis
hays deemed !, most S
banks with tho Gonernl Government, especially
In tho rcfunllng and resumption operadons.
gold ntsi silver nnly wcre recognized as lawful
money, lut for convenience practice 5000 a
1f 5a4 for Rs ess noes
preyea s Sy iaw II isiS so lena; is 5aaE: NOTES
miseb,ef resulted; Sut Us thctr rctecnnbllity
depended upon tho ao!yoncy ot the hA1.ks gf IT,
s rssci dr. and ths puSc credit % injured b Sy tho pos.
session Of notes which h1td become .teprcciAtcu
or worthless by tho sudden collapse Of tho isstl-
iotseor TO used without loss for diabursc1nent,
So great had this evil bccomo thnt in July, 1s}d,
sept coil. o. = reae!sy1 NOTES was Prohibited ~
Executive order. Whcn Congress- mot In De-
esesr spass ~ o 16 the
Of the Administration. and IN giving Ills rcnsons
therefor sa!d hu beloved State currency was NJ
tho highest sktll and wisdom could restore It to
soununcss. md It WIS destined ut no dlstai,t s'!y
10 eonsere ed 's ineviaSe ana % much greasor
THO longer it should bo delayed.
1,he explosion rcforred to eame within q year,
all bailk-notes was vtndIcatotl. ilonton Said tho
best vimdcatIon OF tho order was 1t stopped tho
receipt into tho Treasury of
TEN MILLIONS or WORTHLESS NOTES.
As 1t wns, however, thousands Of do!lars re-
ceived by tho TREASURY before lEu now liz In its
ya"lts warthlnss formlnX o!o Of those "nna. o.,
Trsasury foF want Of legislation can on!y ros m
% The bookkeepors sni !, pcrsnnmI subject Of
Congressional Investigation. Not less lilifortl-
nats wss tho policy Of deCosting public fluids
the, Trcasury abound In lamentations over tho
embnrrlsstncnts and losses tnwhich tho Oovern-
,a1ui tho hooks Of tho Treasury confirm the ott-
repentuA story Of cuibczztemeut aud defntcn-
IN of is that Ill pS'o acsss aaf resovns
uho wer y, S.h y t sen ~
possosston Until pnId out bY tbs Tecas,iry lrofts
IN fmvnr n tn,}i1n crndjtnra' T'ns ,yes % thn
ecrtm Of tho % Increment Which, slovelopins
runiily. was fu1lY csinI,fishetl In Igag ia the b
Treas,,sy systeni. and tic country Wis grStiiicd
that ut lasi pan itad isecn devised IS whicf,
thu linuncial trnnanttions of thu (1ov9ornmonf
cn1,1i I'm Snnhnct.l t,;Iio.ensicrtv ~ thc hnnhs
The 1 Wisdom us Of iaat measaru Is not @ to.day ns;
ro,, isIo y y, iiisa1 ia, 1ho tho ,ovorn,ocnt
'''' ''' ,,spn @ srvc,r n~l~
ia public transactions, md held and tlIsburscd
Its funds only by and through tts owl ot1cora:
and for the comparatively snol! transactions OF
thnt ported THO. system was satisfactory
md sufficient. Hut with tho Wnr Ut tho
Rebellion cnmo tho necessity OF tnnkinX
grras loans, ind OF tilsbrs!ng Immense suu,s Of
money, and hy tho act of Fob. a, lHst, tho pres
tmrt[t In uft aid tn rho EDyurntbprt III ffa vrnnt
eutefpr!se. Mindful OF thu difficulties ah0relU-
fort experienced in dealing with thu State
bhnks, Cungrcse mined In its now xyatom to 90
euro, ns fur rs tho government was concerned
first. IL uniform National currency amply &C.
cured to tho holders INT! this Effected by re-
tf issl OF more thHn e1unl tho nnlt,litlt 81 United