anks, with an aggregate capital of $395,729,597.83,
with $276,219,950 of bonds deposited with the Treasurer of the
United States to secure circulation.

Experience has justified the authors and promoters of the national
banking system. Originally the circulation was limited to a total
volume of $300,000,000, apportioned, one-half according to
representative population, and the remainder by the Secretary of
the Treasury among associations with "due regard to the existing
banking capital, resources, and business of the respective States,
Districts, and Territories." Complaint arose that by such limitation
and apportionment injustice was done and monopolies created. After
the war this restriction was removed and banking under the national
system became entirely free. The advantages of uniform circulation
on a basis of undoubted strength and availability have won almost
universal favor among business men and prudent thinkers. The
restoration of the multiform State system, with notes of varying
value and banks of doubtful solvency, would receive no support
among the people.

The National bank system with all its merits has not escaped serious
opposition. The Bank of the United States, as twice established,
incurred the hostility of the Democratic party,--their two greatest
leaders, Jefferson and Jackson, regarding the creation of such an
institution as not warranted by the Constitution. A persistent
attempt has been made by certain partisans to persuade the people
that the national banks of to-day are as objectionable as those
which encountered serious hostility at earlier periods in our
history. An examination into the constitution of the banks formerly
organized by direct authority of the General Government will show
how wide is the difference between them and the present system of
national banks. It will show that the feature of the earlier banks
which evoked such serious opposition and ultimately destroyed them
is not to be found in the present system and could not be incorporated
in it. It was from the first inapplicable and practically
impossible.

THE BANK OF NORTH AMERICA.

The most important financial institution established in the United
States before the adoption of the Constitution was the Bank of
North America, still doing business in Philadelphia, with unbroken
career through all the mutations of the eventful century which has
passed since it was