stated intervals, they are liable to be called upon at any moment for a statement of their affairs, or to subject themselves to an examination at the hands of the bank examiner. They are prohibited from making loans on real estate, or on the shares of their own capital stock, or on their own notes, or on legal tender notes, or from making loans to any one concern to the extent of more than one-tenth of their capital stock. The national banks are subject to a national tax of one per cent. on their circulation and of one-half per cent. on their average deposits, beside the tax of the State in which they are located. The banks have answered the expectations of their promoters, for they have provided a currency uniformly safe and current everywhere. They proved during the war and immediately after it a valuable aid in placing government loans. The currency, indeed, is regarded as too valuable a feature of the system to be allowed to perish, a fate to which the rapid extinction of the public debt at present seems to point. The system has been denounced as one peculiarly favorable to the banks organized under it, but when it is considered that United States four per cent. bonds are now (1888) selling at a premium of about twenty-six per cent., that bonds purchased at that price yield but two and one-half per cent. to the investor, that the banks are allowed to issue circulation to the extent of but ninety per cent. of the par value of such bonds, and that a tax of one per cent. on circulation is exacted, while lawful money to the extent of five per cent. of the circulation is required to be kept with the United States Treasurer, and the expenses of redemption are borne by the bank; under these circumstances it is plain that the profit to banks on circulation is not large. As a matter of fact, when money is worth six per cent., circulation secured by four per cent. bonds purchased at a premium of twenty-five per cent., yields a profit of about five-eighths of one per cent. January 25, 1884, the McPherson Bill, as it is called, was reported to the Senate. Its provisions allowed national banks to issue circulation up to the par value of the bonds. It failed,

however, in the House. The purchase by the govern ment of United States bonds would retire the basis of the national bank circulation. The plans suggested to avoid this contingency are given under Surplus.

National Bank Notes. (See Currency; National Banking System.)

National Christian Association was formed at a convention held in Pittsburgh, Pennsylvania, in May, 1868. Its main principle is opposition to secret societies. The association has spread widely, and now has branches in many States. About 1872 it began action as a political party, for an account of which see American Party II. National Debt. (See Debt of United States.)

National League of Democratic Clubs.-A movement started by the Young Men's Democratic Club of New York, resulted in a meeting of representatives from Democratic clubs in various parts of the country in New York City on April 21, 1888. An association was formed with the above name. The general objects are the support of the principles of the Democratic party. In particular it indorses the policy proposed in President Cleveland's tariff message to Congress in December, 1887, and also the civil service laws. It advocates legal prohibition of the formation of "trusts," and the reservation of public lands for actual settlers, and it maintains that federal taxation shall not be "for the benefit of individual or class interests. The management of the league is entrusted to a general_committee, of which Charles Ogden, of Omaha, was elected chairman. Soon after the formation of the league a call was issued for a convention to assemble at Baltimore, Maryland, on July 4, 1888.

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National Party.-The formal name of the Greenback-Labor party, adopted at the convention of 1878. National Republican Party.-During the administration of John Quincy Adams, the unity that had so long prevailed in the Democratic-Republican party showed signs of coming to an end. The differences between the Adams and Clay Republicans and the Jackson Republicans were not merely on the surface, they

had roots deep down. Each acknowledged the other to be members of the same party, it is true, but they nevertheless contained the elements of distinct parties. The Adams section was devoted to principles much resembling those of the old Federalists, but they brought to politics many of the popular elements of Jefferson's methods. They favored a national bank, internal improvements and a protective tariff. In the election of 1828, though defeated, they made an excellent showing, polling 509,000 popular votes to 647,000 for Jackson. Through lack of tact Adams forfeited the support of many followers, and the leadership naturally fell to Clay, and by common consent the name of National Republican was adopted about 1830. In 1831 the party nominated Clay, but adopted no platform. An address to the voters was issued, declaring its principles to be as above stated, but the party was defeated. In practice, its main aim was now opposition to the President, Jackson, and it welcomed as allies men of all shades of opinions on other topics-the nullifiers of South Carolína, the State's-right factions of other States. To all these heterogeneous elements the name of Whigs was applied in 1834, and a large proportion of them formed the Whig party, whose existence dates from that year.

Nativism is the principle that all political power should be in the hands of natives of the country, or that the requisites for naturalization should be rendered very stringent, so as to exclude aliens as far as possible from participation in the government. (See American Party I.)

Nat Turner's Rebellion.-In August, 1831, a slave revolt broke out in Southampton County, Virginia. It was led by Nat Turner, who believed himself inspired to do this, an eclipse of the sun in February of that year being the sign. The excitement of the supposed revelation, however, caused him to fall ill, and it was not until August that the design was executed. He and his fifty followers gave no quarter. The uprising was at once put down, however, and Turner was executed. About sixty whites and one hundred negroes lost their lives in the struggle.

Naturalization is the investment of an alien with the rights and privileges of citizenship. In accordance with the power conferred on Congress by Article 1, section 8, clause 4, of the Constitution, an act was passed in 1790 providing for the naturalization of aliens. A residence of two years in the United States, and of one year in the State, was required. The Act of 1795 increased the term of residence in the United States to five years, and this was lengthened to fourteen years by the Act of 1798. The Act of April 14, 1802, remains unaltered in most respects, and is still in force. At present, previous residence in the United States for five successive years, and residence in the State for one year, are required before the applicant can be naturalized. Two years before the naturalization he must declare, under oath or on affirmation, that he intends to become a citizen, and he must renounce all allegiance to any foreign sovereign or state. Persons coming to this country under the age of eighteen may dispense with this declaration. Certain exceptions are made in favor of aliens honorably discharged from the armies of the United States and in favor of seamen on United States vessels. When the terms required have expired, the good and law-abiding character of the applicant is to be proven. He must take oath or affirmation that he renounces all titles and orders of nobility, and that he will support the Constitution of the United States, and then he may be granted naturalization papers conferring citizenship upon him. The Circuit and District Courts of the United States, and State courts having a commonlaw jurisdiction and a seal and clerk, have power to grant naturalization papers. The declaration of intention, when this is needed, may be made before the clerk of any of the above courts. (See Expatriation; Citizenship.)

Naval Academy. (See United States Naval Academy.)

Navigation Laws.-The navigation laws of the United States remain to-day practically the same as when passed in 1792 and 1793. They are too long and

complicated to admit of full description, but their chief features may be briefly stated as follows: No vessel is deemed American and entitled to the protection of the American flag unless she is wholly built in this country and wholly owned and officered by Americans. Foreign vessels can not engage in our coasting trade, which is held to include voyages from Atlantic to Pacific ports. American vessels cease to be such if even a part owner (except in a few instances) resides abroad for a short time. An American vessel once transferred by any process to foreigners, can never sail under our flag again. Duty must be paid on the value of all repairs which an American vessel makes in foreign ports on her return to this country. Restrictions are placed on the repairing of foreign vessels in our ports with imported materials. Vessels engaged in trade to ports not in North or Central America, and a few specified adjacent places (except fishing and pleasure vessels), pay a tax on entry of six cents per ton of their burden, but the maximum aggregate tax in any one year does not exceed thirty cents. This is called a tonnage tax. Foreign vessels pay the same tax, but an American vessel is forced to pay an additional tax of fifty cents per ton if one of her officers is an alien. Materials for the construction of vessels for foreign trade may be imported free of duty, but the duty must be paid if the vessel engages for more than two months a year in the coasting trade. Foreign vessels, often at great inconvenience, must unload at a port of entry, which is a single designated port in each customs district of the United States, except when laden with coal, salt or similar merchandise in bulk. American vessels may unload at any port of delivery in the district. Foreign capital is thus kept out of our ship-building and ship-repairing industries. While England and other states have been modifying their old rigid navigation laws, the United States has kept hers practically unchanged for a century. In the earlier years of that period we were developing a fine carrying trade and a prosperous ship-building industry. The result of these laws has been to drive our commer