The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-13


eventually cause d reaction and work its
own cure.
4 BANKING SYSTEM TO BE PROUD OF.
A statement by the controller Of the
currency regarding the healthy condition
OF the national banks and their relation to
the prosperity of the country is worth a
few moments consideration. He says:
The latest detailed reports received from
the national banks Of the United States
indicate an unusually high degree of pros
perlty- The condition of the national bank
ing system can be taken as a practical
barometer of the industrial and commercial
condition of the country generally. and,
therefore. the remarkable showing now
being made by these institutions indicates
clearly that every branch of American
trade and industry is flushed TO a CORE
spondingly high degree. The resources of
the banks are greater than ever before
in the history of the national system and
the condition of the banks generally Is
satisfactory. The present condition of the
banks stands out in strong contrast against
the dark background of the condition that
prevailed some seven or eight years ago.
In 1885. for instance, the record for bank
iallures was reached when thirty-eight OF
the national banks went permanently into
the hands of receivers. During the first six
months of the present year only seven
banks have failed, while during the en-
ONs ~ "thN Wv
The American people are so accustomed
to the benefits of good laws, good govern
ment and good finance that they are hardly
sufficiently grateful for them. 1t is char
acteristic of human nature to underesti-
mate the value of blessings, the lack Of
which has never been experienced or which
have lasted so long that they are consid-
cred permanent. Temporary deprivation
Of some of the blessings which the Amer
lean people enjoy would make them realize
how much more highly favored they are
than some other peoples. For example.
observe how favored we are in the matter
of national finances. In a broad sense
this includes material resources which are
the source of wealth, foreign and domestic
trade, industries of all kinds, government
credit and bonds. financial legislation and
the currency and banking system. 1t is
no exaggeration to say that in every one
of these respects the United States sur
passes all other nations. 1t is true that
material progress and financial success do
not alone make a great people, but they
are an important factor and are largely
Indicative of moral qualities which are
even more essential to national greatness
than is mere material wealth. Good ma
tional credit argues a high standard of
national honor and honesty, a
that exceeds that Of any other nation ar
CUES enterprise and energy among the
people, and a national currency and bank
ing system superior to any other in the
world argues wise financial legislation
and popular aptitude in taking advantage
of it. Some of these conditions are found
in a greater or less degree in other coun-
tries, but in the United States alone are
they all found combined in the highest
degree. They are blessings which we are
so accustomed to that, like the air which
surrounds us but which We neither see
nor feel, though it is essential to life, we
almost forget their value. A brief ex-
change OF these conditions for those of
seine other countries would show how little
foundation there is for the lamentations
of pessimists and croakers.
The national banks whose prosperity the
controller justly cites as evidence of the
prosperity of the country constitute with
out doub the best system in the world.
and all the better because it is peculiarly
and distinctly American. In its origin,
spirit. operation and results it ought fairly
be designated as a banking system of
the people, by the people and for the peo-
pie. In no other country are there so
many banks or stockholders in banks as
there are in the United States, nowhere
else are the profits of the business dis
tributed so widely among different classes.
and In no other country are banks as
potent a factor in promoting the general
welfare and national prosperity as they
are here. Nothing short of a total aboli-
ton of the system or sudden temporary
suspension of all the national banks in
the country could enable the people to
play in the great drama of the Nations
progress. On Dec. 80. 1900. there were
o,942 national banks whose total resources
were s5,142, OS9. 693. This is the peoples
wealth combined for the peoples good.
AT the same time the national bank notes
III circulation amounted to $500, 1SS, 526. This
is the peoples currency contributing to
their convenience every day in the year.
The system which has thus become so
rooted and interviewer in the national life
is not the least important of the many fea-
lures which differentiate the American
people from all others. and to the orig
inators and promoters of which they
should be profoundly thankful. Let us
hope that it will continue to be fostered
by wise legislation and administered with
jealous regard for its continued well-being.
No other controller of the currency has
done more than the present one to
strengthen the system where it needed
strengthening and TO develops its best fea-
lures. and it is to be hoped his successor,
whoever he may be. will exercise the same
wisdom and vigilance.
THRILLING WITH JUSTICE.