Page:Speeches, correspondence and political papers of Carl Schurz, Volume 3.djvu/494

468 country ever stood before. And now we are told that the National banking system is unpopular, and must be abolished. I do not hesitate to say, gentlemen, it is not true that the national banks are unpopular. Whence comes the cry about their unpopularity? I will tell you. Some political agitators, to make capital for themselves and against their opponents, denounce the national banks as a monopoly oppressive to the people, and then a multitude of other politicians, as usual, bend before the breeze. That is all.

What is the test of the popularity of a bank or a banking system? It is the confidence of the business community. Apply this test. Is there an individual in this broad land who, from the foundation of the National banking system to this day, ever hesitated a single moment to take a national-bank note at its face value, no matter in what corner of the country the note was issued? You know there is not. Is it not true that business men deposit their money, as a general thing, in national banks with a greater sense of security than they ever felt with regard to any other banking system? You know that is so. It is an indisputable fact, therefore, that the National banking system enjoys the confidence of the business community in a higher degree than any other ever did. I assert then, that general confidence being that only true test, the National banking system is not only not unpopular, but it is the most popular we ever had, because it is the safest and best we ever had. And why is it the safest and best? Because under the National banking act, the details of which I have no time to go into, the notes issued by national banks are so well secured by deposits of United States bonds, that a loss on the part of a holder of a national-bank note is simply impossible; and because under the same National banking act reserves so ample are required, and a system of Government supervision is