“The system has been of immense benefit to the government in its disbursements and in funding temporary loans and also in the refunding of its debt which, but twenty-eight years ago, amounted to $2,845,000,000. The National Banking system rendered more valuable service to the government than any other human agency in the resumption of specie payments. The National Banks held on the day of resumption (January 1, 1879) 125,000,000 of United States demand circulating notes. Sixty-two National and State banks in the Clearing House of New York unanimously voted to receive the legal tender notes upon an equality with gold, and on the day of resumption the banks of that city, which held $40,000,000 of legal tender notes, did not present a dollar then, or subsequently to this day, for payment in coin. As at the commencement of the war the banks parted with their gold for the benefit of the government, so at its close and upon the resumption of specie payments they relinquished the right of again demanding it, and were well satisfied to receive instead the demand notes of the government, which are redeemable in coin upon presentation. Yet, notwithstanding these important services, the legislative department of the government has never been strong in its friendship for this system. The statutes of the government contain very much restrictive and very little friendly legislation toward the institutions which were created by its fiat. A few years ago, when the charters of most of the banks were expiring, it was only after a long contest that an act was passed authorizing a renewal of their privileges. If at any time favorable legislation has been granted by Congress, it has been given ‘grudgingly’ and not as a ‘cheerful giver.’ “We have heard much of the surplus and the necessity of the reduction of the revenue. Both parties profess to be in favor of such reduction. Both parties have proposed to reduce the tax on the ‘filthy weed,’ and both parties proposed legislation granting relief to the whiskey manufacturer and the whiskey drinker; but not one officer of the government, nor one man of either House, has had sufficient courage to propose the lessening or the repeal of the tax on the circulation of the banks, which now amounts to less than $1,700,000 and which is the last of the remaining ‘war taxes,’ except the tax upon the two deleterious articles referred to, which are considered by the leading civilized nations as the most fit subjects for ‘high taxation.’