deposits, $22,215,840; Lincoln, capital and surplus, $1,882,000, deposits, $5,332,257; 128 other national banks, capital and surplus, $11,029,092, deposits, $21,553,790; 497 State and savings banks, capital and surplus, $11,186,427, deposits, $20,088,847; total capital and surplus, $29,513,837, deposits, $69,190,734.

It is almost impossible to comprehend this marvelous growth, all occurring within the business experience of a man who would not be called old. The query naturally arises, Can this progress continue? In my judgment the substantial growth of Nebraska has scarcely commenced. Everything is yet new; in the older settled portion of the . State there is still abundant room for expansion, and in the newer settled portion the population has scarcely made an impression upon the face of the country, the cultivated lands being few and far between. Still further impetus will be given by the construction of irrigating ditches through the arid portion of the State, where the lands are of the richest, and only need water to become immensely productive. Numbers of these canals are now being constructed, and in this one word "irrigation " large possibilities for the future are presented. The world is amazed at the wonderful city of Chicago, itself a greater and more marvelous showing than even its great Exposition, which in its vastness and grandness sinks into insignificance all similar enterprises in the world's history. It is difficult to comprehend the source of so much wealth, until the resources of the country tributary to her are investigated; then all is plain and easily understood. Chicago is simply a type of our Western growth and progress; and she belongs to us all; but west of her other cities are growing, which will be the Chicagos of the future, and conspicuous among them at this time is the metropolis of the State which I have the honor to represent upon this occasion.

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BANKING IN NEW MEXICO.

BY JEFFERSON REYNOLDS OF Las Vegas.

ANKING in New Mexico differs materially from that

in most of the States and Territories, because of the peculiar local conditions. The native Mexican people are unacquainted with banking rules and regulations, and have been accustomed to the greatest amount of indulgence from merchants, who charge unusual prices for goods and expect to carry their customers from year to year. Since the arrival of railroads and the advent of more Americans into the country these conditions are gradually changing. It is difficult to get legislation enacted, for the reason that the majority of the legislators are opposed to any new departure from the old-established customs. The matter of collateral security on loans is not understood by the native population, and the character of the business of the country prevents banks from getting the class of collaterals usually handled by banks in other sections of the country. Chattel mortgages on sheep and cattle are a common class of security, but individual indorsements of responsible parties is the usual security obtained. The legal rate of interest in New Mexico is twelve per cent per annum.

Many of our best bankers think a more liberal law, making any rate of interest legal that is named in a contract, would be the best means of inducing capital to come into the Territory. At present we are overshadowed by the very liberal laws of Colorado and California, where any rate of interest is legal named in the contract. The result in both these States proves the truth of this proposition, as the rates of interest in both on good security is much less

than in New Mexico, the idea being that liberal laws, inducing the influx of capital, in time reduces the rate to a supply and demand proposition, the same as in other legitimate business. Speaking of liberal laws brings us to consider the very unliberal laws that now exist upon the statute books and by custom in regard to banking. In a recent number of the American Banker the following appeared:

While legislation to protect nearly every vocation seems to be readily obtained in the legislative halls of both State and nation, there is one class of business that is left wholly unprotected. Laws without number have been passed to protect depositors and stockholders of State and national banks, but our law-makers seem to forget that a double protection in this line would be of more advantage than a protection of the one class. The laws are wise so far as they go, for they require rigid examinations, adequate bonds from the officers, limitations in regard to loans both as to quantity and quality, published sworn statements, and liability of bank directors personally if they fail to attend to the duties of their office. But as yet no law has been put upon the statute book to protect the banks themselves. In times of stringency every bank is at the mercy of a mob, for it does not stand to reason that these institutions pay interest upon deposits and tax upon their own capital and leave the money in the vaults.

Now when money is close they are compelled to carry their customers, who have furnished them with ample security, until the clouds move away. It is in such times as this that laws for their protection are most needed. It is true that savings banks are to some extent protected by their chartered rights to take a certain time upon deposits if necessity requires, but this kind of protection injures their credit and is apt to ruin their business.

Private banks, no matter how solvent, can only protect themselves by a compromise with their creditors, which is a hazardous and doubtful experiment. National banks have absolutely no protection, as under the national banking law, no matter if their assets are double their liabilities, a failure to have currency on hand for a single deposit or liability compels them to shut their doors and turn over their bank to the national servants of the banking department. This is absolutely worse than no protection, for it takes the business absolutely out of their hands, and assets are sacrificed and fixed charges are charged, and it many times occurs that they use up nearly the entire capital of an institution in red tape, expenses, and costs. This accounts for the many recent failures in that line. Many of the national banks that have been compelled to shut their doors have been perfectly solvent, with capital unimpaired, and it is for this kind of an institution especially that we would ask protection.

A law should be passed fixing a limit to the amount that could be drawn in any one day from an institution by the depositors, and also arrange that when such institution takes advantage of the limit they may immediately send for the bank examiner to carefully examine their condition. If found solvent and their assets amply sufficient to pay all liabilities, the State or nation, as the case may be, should come to their protection and see them through. It would be unnecessary for any large drafts upon the treasury of the State or nation, as that kind of protection would satisfy the most technical among their customers. This is a matter worthy of attention and thought at the present time, and would entirely obviate the feeling of distrust that pervades at this season of the year when money is close.

Surely a law of this nature would be a great blessing to the country banks in times of great stringency in currency, as the custom of issuing clearing-house certificates is to banks in the large cities.

I do not presume that an address on the silver question properly comes under the head of banking in New Mexico, and yet, situated as we are, midway between Colorado and Old Mexico, the same mountain ranges bisecting our country, we are greatly interested in a solution of the problem. We believe as the wealth of the world was built upon the use of both metals, nothing but an increase of gold equal to the withdrawal of silver would be rational. This being impossible, is not silver the next best thing to use? The area of New Mexico is over one hundred and twenty-two thousand square miles, being larger than all New England, New York, and Pennsylvania combined.

We have twenty-four banks in the Territory, ten national banks, twelve private banks, and two savings banks, representing a capital and surplus fund of $1,452,000. The annual wool sales amount to over eight million pounds. The total product of gold, silver, lead, and copper is estimated at from two million five hundred thousand dollars to three million dollars. When the storage of water in reservoirs for irrigation is properly under way the agricultural and horticultural products will be enormous. The latent resources of New Mexico offer many attractive opportunities for capital.

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BANKING AND RESOURCES OF OHIO.

BY THOMAS H. WILSON OF CLEVELAND.

HE people of Ohio have long been accustomed to speak of their State as the third in the Union. The last census, however, relegated Ohio to the fourth place, and for many years to come we shall have to content ourselves with shadowy conceptions of what was or may be rather than with the more substantial is, Illinois having advanced to our seat by virtue of the unparalleled growth of this great city, and, as a paper-fact at least, she is destined for the second, if not the first place.

Although fourth in population, and only twenty-fourth in area, Ohio ranks first in receipts for school purposes, quarry products, and manufacture of agricultural implements; second in railroad mileage and tonnage, petroleum, and iron and steel manufactures; third in capital employed in railroads, bituminous coal mined, and amount of wheat grown; fourth in value of live-stock and real estate, in printing and publishing, and in tobacco raised; and fifth in the production of hay, corn, oats, number of horses and cows.

Ohio descends to the fourth place in population with the best possible grace. We are still proud of her history and of our citizenship in a great State which, although it has in the last half-century contributed a million and a quarter of her sons and daughters to people the States of the farther West, has a population of nearly four millions. Of those we have sent out we have no cause to be ashamed. In business circles you will find them among the most successful; in the learned professions characterized by deep erudition and liberal views; in public life worthy representatives of a progressive and enlightened people; and in