Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1890-11-10
Their Power.
L. Bryan, Fayetteville, Ark.

"My agency in procuring the passage of
the national banRing act was the greatest
financial mistake of NV life. 1t has built
up IL monopoly that effects every interest
But before this can be accomplished, the
people will he arrayed on one side and
The banks OH the other, in Il contest such
us we have never seen in this country"
Is the skrmish line of this contest now
engaged? What means rhe rapid Organ!
Zat on of national bank There hls new
or been time in their history when their
numbers were so constantly increased as
in tile last ten months. Yet with this
increase i'm numbers and capital has come
"a steady decrease in the amount of ma
,onal bank currency. There are now
2,7lS organized counties in the United
States and Territories. These counties
are instituted for the purposes Of local
self-gOvernment by the people, and
handle all the money raised by direct
taxation of every sort. All the money
business of all the states in this Union
passes through the hands of county Off
GERS. Hence business transactions of the
whole country are epitomized in the
counties. 1t aggregates an immense sum.
1t is u giant power. Yet it is fully du-
plicated by the national banks. The
number of these banks now in existence
is 3,547, so says the Comptroller of the
Treasury of date September 81, 1890
That is to say 3.547 notiOnal banks to
operate in 2,7lS counties, or one for each
county and 500 to spare, or about one
and one-thrd for every county in the
Union. IL is safe to assume that they
handle more money than the entire local
and state governments of this country.
In the five months of October, November
and December, 1889, and January and
FEBRUARY, 1890, the national banks issued
currency to the amount OF $3,035. $50
In the same months they retired $l4, 400
O39, making a decrease in five months of
$1l 1856, 189 i'm this branch of our circu-
lating currency. Secretary Window re-
ports their total decrease last year as $751;
1856, 139, or SO, ,S44 per month through
the whole year. In 1882 their circulation
was 1856, 060.34S. Since that time the
number of banks has about doubled, but
now Mr.. Window reports their circula-
ton as $199,779,0ll. These figures show
that with a constantly increasing nun
Der and capital they have just as steadily
decreased this branch of currency. The
friends of the system say they are hot
making money, and are gradually retir-
ing from business. Let's see. On
October 81, 1889, there were 3,S19 ma
tional banks; in September, 1890, there
3,547, or an increase of 22S in ten
months, p and $40 organized every
month, or nearly one for every working
day in every week! Looks like retiring
from business! The law creating them
was based on the idea of increasing the
currency. The power to issue currency
was specifically granted them for the
benefit of the people. The very law of
their existence is that they may issue
currency. They were not chartered for
the purpose of speculation in govern
ment bonds and gold. They are con-
stantly violating the law of their exist
ence. If the law were as rigidly
enforced in their case as it is with the
individual citizen, doubtless not one of