The National Banks | by H. W. Richardson
This review is, primarily, a collection from official sources of the main facts concerning the origin and practical working of the National Banking System.
| Title | The National Banks |
| Author | H. W. Richardson |
| Publisher | Harper & Brothers |
| Year | 1880 |
| Copyright | 1880, Harper & Brothers |
| Amazon | City size and national spatial strategies in developing countries |
By H. W. Richardson, Author Of "Paper Money"
Preface- This review is, primarily, a collection from official sources of the main facts concerning the origin and practical working of the National Banking System. These facts appear to establish the followin...
- I. American Currency Before The Civil War
- The history of American currency falls naturally into three periods: 1. The era of government paper, ending with the ratification of the federal constitution in 1788. 2. The era of bank paper, from 17...
- American Currency Before The Civil War. Part 2
- In the spring of 1780 the army at Valley Forge was reduced by the failure of the currency to great destitution, and was on the verge of mutiny. To relieve the necessities of the troops a company of ci...
- American Currency Before The Civil War. Part 3
- 1 Writings of Thomas Jefferson, vol. vi. p. 141. 2 Quoted by Sumuer,u s., p.58. Webster, in 1832, was contending for an extension of the charter of the Second National Bank. The first Bank of the Un...
- II. The Bank Act Of 1863
- In January, 1861, the paper currency of the United States was furnished, by sixteen hundred private corporations, organized under thirty-four different State laws. The circulation of the banks amounte...
- The Bank Act Of 1863. Continued
- To provide for the pressing wants of the treasury, Congress, on the 12th of February, 1862, authorized the issue of $10,000,000 more of demand notes. Before the end of the session further issues were ...
- III. Congress And The State Banks
- In spite of the hesitation of a reluctant Congress, Secretary Chase had at last secured the organization of banking associations under a national law. The necessity was imperative. Under the act of 18...
- Congress And The State Banks. Continued
- On the other hand, Mr. Stevens, of Pennsylvania, a year before, had objected that the banks would earn a double interest on their capital; and Senator Carlile, of Virginia, now made an ingenious estim...
- IV. The Act of 1864
- The effect of the bank act of 1868 upon the public credit was speedily apparent. Within a week after its passage the bonds of the United States, for which a new market had thus been created, advanced ...
- The Act of 1864. Continued
- The subject of taxation was, in fact, the principal matter of debate. Mr. Brooks, of New York, explained with sufficient frankness the wishes of the minority. What we desire, he said, is to do away...
- V. Analysis Of The National Banking Law.'
- The business of the national banks, as defined by the statute, is discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; buying and selling exchange, coi...
- Analysis Of The National Banking Law.'. Continued
- No bank is permitted to become indebted or in any way liable for an amount exceeding its capital stock, except for notes in circulation and deposits. Notes and deposits, if not on hand, are represente...
- VI. Practical Working Of The System
- Under the bank act of 1863,139 banking associations were formed, with a capital of about $15,000,000. Under the act of 1864, this number increased within a year to 638 banks, with an aggregate capital...
- Practical Working Of The System. Continued
- Years. Earnings. Dividends. 1870.............. 10.9 per cent ... 8.3 per cent. 1871................. 10.2 ,, ,, 8.3 ,, ...
- VII. Funding Operations Of The Treasury
- MR..McCULLOCH might well Bay that the new system was vastly superior to that which it superseded. It is computed that the loss by bills of broken banks averaged, under the State bank system, 5 per cen...
- Funding Operations Of The Treasury. Part 2
- Before Secretary Chase's time the bonds of the United States had always been issued for a definite time, and usually at 6 per cent. It is due to his foresight and firmness that, for the first time in ...
- Funding Operations Of The Treasury. Part 3
- 1 The ease and facility with which such vast refunding operations have been conducted by the government, says Secretary Sherman, is due largely to the co-operation of the banks.-Letter July 12,187...
- VIII. The Legal Tender Cases
- Chief-justice Chase had hardly taken his seat upon the supreme bench, when he was called upon to interpret, as judge, the series of laws which he had recommended and put in execution as finance minist...
- The Legal Tender Cases. Continued
- Justice Miller, who delivered the dissenting opinion, took issue with the majority of the court on the question whether the notes would have served the purpose for which they were issued without the q...
- IX. Drift Of Public Opinion
- Whlle the Supreme Court was thus busy, like Penelope with her web, patiently undoing the work which it had as patiently done, public opinion concerning the currency drifted far away from the safe moor...
- Drift Of Public Opinion. Part 2
- In December, 1865, Secretary McCulloch, who had been comptroller of the currency under Secretary Chase, pursuing the policy of the author of the bank act, and of all its advocates, advised, as the fir...
- Drift Of Public Opinion. Part 3
- 1 Congressioual Globe, Jan. 12,1869, p. 303. This scheme, in 1869, excited only laughter. Two months after it was explained, Congress solemnly pledged the faith of the United States to make provision...
- Drift Of Public Opinion. Part 4
- Nine bills were offered in the same Congress, to repeal the tax on the circulation of State banks. One of these bills was offered by Representative Tipton, of Illinois; all the rest by senators and re...
- X. Mr. Thurman's Speech At Hamilton
- Senator Thurman voted with the majority for the act of May 31,1878. directing the greenbacks to be reissued and kept in circulation. In his speech at Hamilton, Ohio, in August. 1878, he announced his ...
- Mr. Thurman's Speech At Hamilton. Part 2
- 1 By Mr. Townshend. See p. 154. 2 This was conceded in terms at a hearing before the committee on ways and means at Washington, in January, 1873. We will admit, said Mr. Gould, of Maine, that if t...
- Mr. Thurman's Speech At Hamilton. Part 3
- 1 Proceedings of the American Bankers' Association, 1879, p. 44. Mr. Dexter A. Hawkins, in a pamphlet issued in January, 1879, proposed to remove this reproach by accumulating in the treasury a coin r...
- XI. Profit On Circulation
- THE profit of the national banks, by reason of their circulation, is about 2 per cent. on the capital employed. If a company of men, for example, should invest $100,000 in 4 per cent. bonds of the Un...
- Profit On Circulation. Continued
- In the same way a shipment of rice might be traced from South Carolina, of cotton from Georgia, of boots and shoes from Massachusetts, or of imported goods from the seaboard. All this mechanism of cre...
- XII. Tax On Circulation
- The privilege of issuing notes to be used as money is granted, of course, because it is for the general advantage that the supply of loanable funds shall be as large as possible, in order that the rat...
- XIII. Condition Of The National Banks In 1873
- THE net result of the national bank act is to be found in the annual statement of the condition of the banks, compiled and published by the comptroller of the currency. No statement so complete and au...
- Condition Of The National Banks In 1873. Continued
- 1 Proceedings of the American Bankers' Association, 1879, p. The banks themselves are not specially interested in the proposition to repeal the act of 1864. The national law gives them no such opport...
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