n specie, based on the fear
of suspension and depreciation. But if such notes, as in European
government banks, were a legal tender, except by the banks, such panics
would be far less frequent here, and less injurious. The present system,
as compared with that of Europe, discriminates most unjustly against our
country. As a general rule, the American creditor cannot demand gold
from the foreign debtor, but such foreign or domestic creditor could
always demand gold from the American debtor. This discrimination has
produced here the most disastrous consequences, and, independent of the
present condition of the country, our whole banking system requires
radical reform. We have had eight _general_ bank suspensions under our
present bank system, many of them continuing for years, and producing
ruin and desolation. Under our present system, to talk, as a general
rule, of well-regulated banks, is to talk of a well-regulated famine or
pestilence, or of a well-regulated earthquake or tornado. And even the
few banks that are claimed to be well managed, have no appreciable
effect on the system. It is the system that knows no uniformity or
security, and never can have, as now organized. That a system so
perilous and explosive, should have even partially succeeded is proof
only of the intelligence and integrity, generally, of the bank officers
and directors, but no recommendation of the system itself.

The want of uniformity as to commercial regulations, led to the adoption
of our Federal Constitution; and yet we have no uniformity as to money,
which represents commerce and effects its interchanges. In this respect,
we are still suffering all the evils of the old confederacy, and have
thereby so weakened the Government as to have invited this rebellion.
Indeed, the State banks in the revolted States were the main auxiliaries
of treason and secession, and supplied, to a vast extent, the sinews of
war. By Census Table 34, there were in 1860, 1,642 banks, incorporated
by thirty-four States, with no uniformity of organization, issues, or
security. Thus is it that the States have usurped the power to regulate
commerce and currency, and to emit bills of credit, in defiance of the
prohibition of the Federal Constitution. The Egyptians abandoned their
folly after seven plagues; but we have had eight bank convulsions, and
yet we adhere to the wretched system.

I believe it was slavery caused the rebellion, but, in the absence of
powerful ai