196 
Hadden—Early Banking in Wisconsin. 
For 1853 
For 1854., 
For 1855. 
For 1856 
For 1857. 
For 1858.. 
For 1859., 
For 1860. 
For 1861. 
For 1862 
For 1863 
For 1864 
For 1865. 
For 1866 , 
For 1867., 
$7,097 92 
18,165 63 
23,970 83 
37,564 09 
70,298 02 
106,974 73 
60,604 65 
106,155 43 
92,697 12 
63,590 70 
52,208 49 
52,016 56 
40,658 72 
9,703 80 
4,582 50 
In the panic of 1873, only a few State Banks went under, 
though all were severely tried. In 1880 the circulation was 
merely nominal — $223; the number of state banks, however, 
has rapidly increased. 
On July 3, 1893, there were 118 State Banks in Wisconsin 
with a capital of $6,806,900. Their deposits amounted to 
$37,826,559.82. The prevailing commercial and financial crisis, 
probably the worst in our history, has checked the growth of 
the number of state banks and by reason of the shrinkage in the 
volume of business transactions and a lack of public confidence 
during this last year the deposits of the Wisconsin state banks 
have fallen $14,059,149.63 in just six months. There has been 
no outstanding circulation reported since 1884. 
The able management of the Wisconsin State Banking system 
undoubtedly places it among the very few* best State Banking 
systems in vogue in this country before and during the civil- 
war. That great emergency, however, taught the people of the 
United States a lesson in the principles of banking which prob¬ 
ably they will never forget. 
It taught them that the federal government is stronger 
than any state goverment; that therefore national bonds are 
more secure and less liable to depreciation than any state se¬ 
curities; that the currency of the United States must be uni¬ 
form, for otherwise a note at par in one state will be below par 
in another; that the circulation of this country must have im¬ 
mediate as well as ultimate security of redemption, and that im¬ 
mediate security can be obtained only by means of the federal 
