BANK MovrMrNTs-BANxs SrA1

BANKs OF PFNNsYI
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These returns show that simuane took
place smong the Banks Of Naw York. of Pennsyv ans,
and the Old United States Bank and they also show that
the greatest expansion reached in 1887 the year
alter the United States Banks went out Of existence


and the year of the suspension of specie payments
Inc ceurze oil the State Banks since the explosion in
1897 has been such to in concluding that
the existence Of the United States Bank the contest
carried on between that institution and the local State
Banks at that tmo produced the tremendous expansion
That led TO the tremendous spccuatons and eventually
therevuson that spread bankruptcy and ruin through
thecountry Should feeling spring up between the State
Banks similar to that which existed between the State
Banks and the United States Bank il would lead 10 the
same results realized In 1886 and 1887 The destruction
OF the old Bank has not therefore, removed all tho dan


gers our commercial classes surrounded with The
State Banks have immense power, and, we have
no doubt but that Inducements sufficient create an ex-
pansion, may arise, that will great deal Of com.
msical embarrassment We do not and never have con


dered the United States Bank tie sole cause Of lttc


pesulations and expansions ef 1885, 's6 and 'ss The
State Banks had as much to do with the result Of the
movements Of those the United States Bank
was the combined operations of the two powers striving
to exceed each other, and each seeking the others


destruction. The State Banks, with the aid OF the
General Government, eventually succeeded in destroy.
Ing the Bk and with the exception Of the Bank OF the
United States in Penns they have since lsap had
thewhols fsld 10 themselves Since 1910 two bank bill
have been carried through Congress- aud bnt for the veto
of the executive Of them would have gone into one.
ration. In consequences Of these movements and the
possibility Of the party in favor OF bank again coming


into power the State banks have been rather quiet and
their operations rather limited. These fears and anci.
rations have been dsspatei the policy of the govern


ment for the next four years. settedand this fact alone
B sufficient to give these banks Sufficient confidence to
act saressly in any expansion they may choose
tempt NO one can believe tkat the United States Bank
had ths slightest check the Of the State
banks but ia attempting 10 monopolse the business e.
rations Of the country thoy excited the jealousy of the
state banks and contest for the sd ragged until one
party succeeded When the old bank went out of exist
ence the local banks were left to supply the demand
the COMMERCIAL classes and they anxiousy watch any
movement likely to lead to the creation Of large rival


The greatest danger to be apprehended from the establish


ment Of government bank is the lation Of 80
much capital and so much power in the hands of few.
AT present the banking capital Of the country Is dis


uibuted and consequently, not liable TO those great
fluctuations should be in danger from If
in few places United States Bank upon new pripci


plesgovernedwth the experience ew years have taught
ns all, would not be objected to- but institution similar
to The old United States Bank probably will be char.


orei by any Congress- This thing being settled "the
ocs BANKS have nothing to fear In any expansion they
may choose to carry out" they have whatever demsads
may arise osppy, and with that they satisfied In
any expansion they must collectively. A general
expansion in the Of the banks Of this State,


produces to corresponding extent III the surround


ing States anda becomes uniform throughout the coun-
try, whereas, under the administration Of the United
states Bank the expansion Of that institution alone
peed nearly every bank in the country adopt the
course in, sefdefsnce, We annex table giving the
increase in loans and discounts Of the banks Of New
York and Pennsy and the United States Bank for