We know their organization, and we take
upon ourselves to state results flowing from it.
It strikes us at once that abuses and panics have constantly occurred.
Can we note a difference in the frequency and gravity of the casualties,
according to whether we observe them working under the former or the new
(the National Bank) system, inaugurated during the War of the Secession
in 1864, when the machinery for the issue of bank notes was insufficient
for the new requirements?
Without lingering over the regulations before and after 1864, let us
consider the differences we may ascertain by examining the balance
sheets. Unfortunately, the exactness of our observation is lessened on
account of the very diversity of the field it covers.
In the case of the banks of the United States we have had to content
ourselves with the returns that the Comptroller of the Currency gives in
his annual report on a stated day during the months of February, May,
June, October, and December, beginning with the year 1865. Before that
period we had only the yearly situation of the banks of the different
States upon one given day; we are better informed on the second period;
however, basing our conclusions upon the few balance sheets we possess,
we ascertain the same series of development and increase.
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