Conclusion . 
197 
government holding itself ready to redeem every bill or note is¬ 
sued, no matter how many banks may become insolvent, or fail 
to retain the confidence of the community. 
For these and other reasons, the National Banking System 
has susperseded the old State Banking regime in its various 
forms. The recent defeat of the Brawley Bill in the house of 
representatives (which aimed to repeal the 10 per cent, tax on 
state issues) by a vote of 172 to 102 is a sure indication that 
the banking experience of the twenty years before the war has 
left an impression upon the minds of the American people, which 
will last forever. 
While I believe that the Federal System of National Banking, 
far from being perfect, is open to great improvement in many 
particulars, e. g. more united cooperation, better redemption 
facilties, amendment of the limit of the reserve, and a more effi¬ 
cient management of the reserve in times of crisis, together with 
a greater elasticity of the currency, e. g., at the time of move¬ 
ment of the crops, —yet, notwithstanding these needed changes, 
I feel certain that the study of even as good a State Banking 
system as that of Wisconsin will convince any fairminded per¬ 
son that, in the process of evolution, from less to more secured 
forms of banking, our present system is much better adapted 
to meet the business needs of our great commonwealth, than any 
other form which has yet been devised. 
Bibliography 
Original Sources: 
Wisconsin newspapers. 
Wisconsin documents including Bank Comptrollers’reports. 
Journal of senate and assembly. 
Governors’ messages. 
Semi-annual statements of condition of state banks. 
Federal finance reports from 1855-1876. 
Comptroller Knox’s report on state banks in finance report, 
1876, p. 147, et seq. 
Wisconsin Historical Collections, vol. XI, p. 142. 
Laws of Wisconsin, 1852, p. 706, et. seq. 
