enforced so strict and searching that the speculating away of the bank capital, or dishonest tricks in bookkeeping or in making dividends, or defrauding depositors of their funds by bank presidents and directors, is next to impossible. Hence it is that during fifteen years of their existence, including five years of a terrible crisis—and I repeat this fact, for it is important enough to bear repeating—not a cent has been lost by a single holder of a national-bank note, and the loss of depositors in national banks has been less than the loss of depositors in the State and savings-banks alone was in a single year.
And now our Democratic agitators demand that this banking system be abolished. Indeed, if we are to abolish the safest banking system we ever had at a moment when confidence, and therefore a safe banking system, is more than ever needed, the reasons must be very weighty. What are they?
First, it is said that the national banks enjoy privileges which are oppressive to the people; that for every $100 in bonds they deposit in the Treasury they are permitted to issue $90 in notes; that they draw interest upon the bonds, and then lend out their notes and draw interest on them also, which makes double interest; that thus they fatten and grow rich at the expense of the people, and that, therefore, it would be more economical for the people if the bank notes were withdrawn, greenbacks issued in their stead and the bonds on which the bank notes have been issued, be bought up in the market with the greenbacks so issued, so as to save the interest on the bonds. I think I state the case fairly.
From this it would appear that the banks must get immensely rich; and inasmuch as national banking is now free it is a wonder that not more of you go into so profitable a business, and a greater wonder still that about thirty millions of national-bank circulation has within a few
