“Let us divide the system into two parts, as it were, and treat them as they may be. First, there is the Treasury of the United States, the Secretary charged with certain duties, the Comptroller of the Currency, the executive officer with each of the four thousand National Banks in every section of the land reporting to him, responsible to him, and he to the country at large--and by far his greatest responsibility is the care, faithful preservation and safe return to the depositors of the great mass of the deposits of the people made with these institutions. This is one part, and the great part of the system--the care of the deposits of the people and the careful and safe loaning of these deposits to the commercial and manufacturing community by each institution, all under its general supervision. “Now we come to the next part of the business of the system, and that is issuing note circulation. Does it occur to you how small a proportion of the circulation of the United States to-day the National Bank circulation is? Let us say it is about one-fifth part. Now let us assume that this shall gradually be cut off, as undesirable as that is; it is gradually declining, while other mediums of circulation are advancing in volume. We must remember that money, actual money, is about four per cent. only of all commercial transaction; credit, and credit alone, supplies the other ninety-six per cent. “I do not think any National Bank or any other bank should emit any note or bill, for circulation without it is secured. Is it not true that there are very many National Banks in the United States to-day which do not issue circulation, even though banks of a capital of $150,000 and above are required to lodge but $50,000 of bonds with the Treasury, and some of these do not take out circulation on those bonds--whereas a small bank in Dakota is required to lodge one-fourth part of its capital, say if it is $50,000, it is required to lodge $12,500 of bonds with the Treasury, whether it takes out circulation or not? Why is it so? If they issue no circulation, then no bonds should be required. If large banks to-day are not issuing circulation on the small amount of bonds required, say $50,000, even though its capital be $5,000,000 (as is the case), then why require one-fourth part of the capital of a small bank to be invested in high-priced bonds before beginning business? “Therefore, repeal that part of the National Bank act which requires a deposit of United States bonds from a bank which is to receive no circulation. If a bank choose to lodge bonds, then give it the privilege of issuing circulation on them, as of old.”