THE FUTURE OF NATIONAL BANKING. 491 



more. These names, however, indicate similarities to over thirty other 

 perfectly distinct families. 



It seems clear, then, that these differences have reference not to 

 any inherent tendency, but to the structure and organization, the 

 habits and requirements, of the plant. Of course, it may be that the 

 present form has reference not to existing, but to ancient, conditions, 

 which renders the problem all the more difficult. Nor do I at all 

 intend to maintain that every form of leaf is, or ever has been, neces- 

 sarily that best adapted to the circumstances, but only that they are 

 constantly tending to become so, just as water always tends to find its 

 own level. 



But, however this may be, if my main argument is correct, it opens 

 out a very wide and interesting field of study, for every one of the 

 almost infinite forms of leaves must have some cause and explanation. 

 Contemporary Review. 



+ 



THE FUTURE OF NATIONAL BANKING. 



By E. E. LELAND. 



THE ever-recurring question as to the methods which should be 

 adopted for supplying the country with currency promises soon 

 again to demand attention, and to be beset with all its old-time per- 

 plexities. It is the riddle which is presented in turn to each civilized 

 nation, and, although the penalty of default is severe, no satisfactory 

 answer has as yet been found. 



The national banking system, which has frequently been declared 

 to be the best yet devised, can not be said to offer a solution, for, al- 

 though it served its temporary purpose very well, it lacks, so far as 

 its currency is concerned, the essential element of permanency, being 

 based upon a public debt that, fortunately, is not a perpetuity. Re- 

 cently grave concern has been felt and expressed over the prospective 

 contraction, if not total withdrawal, of the national-bank circulation 

 which is likely to result from the diminished supply of Government 

 bonds. The prospect is generally deplored. Sundry bills were intro- 

 duced into the late Congress, looking to a mitigation or postponement 

 of the consequent evils, but no conclusive action was taken, nor is 

 there much reason to expect that the subject will receive serious con- 

 gressional consideration until it compels attention. 



It is true that the advocates of a let-alone policy might justify 

 their course by pointing out that the danger of a currency contrac- 

 tion does not appear so imminent as it did nine months ago. Owing 

 to diminished revenue, there have been no recent bond calls, and the 

 reduction of the debt is for the time arrested. But the prices of 

 bonds have so enhanced as substantially to rob the business of issuing 



