The Kansas herald of freedom., 1858-03-20
For tie HrG1d Of Erseaoa.
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FREEDoM.-In the issue of your paper
following the Bank Veto Message of Act
ing Governor Denver, I noticed that
document conspicuously inserted.
have since learned that one copy, at
least. was sent expressly for publication
to eastern papers; how many more I do
not know.
At a period when the executive Office
was so crowded with business that the
Governor had not time TO read, even all
the bills passed and submit his approval
during the last week of the session, it
seems little singular that time should
be found to transcribe and transmit to the
press copies of Veto Message of not
half the importance of many others sent
to the Legislature. The conclusion is
unavoidable, that some one was inspired
by unusual zeal in the matter; and, as one
gentleman whose position "near the
throne" gives him great facilities, has
boasted that he will yet 'kill" the Bank
Law, it can be no uncharitable suspicion
which points him out as the real party
And If, as is said, that gentleman aorute
the document in question, personal vanity
may have inspired desire to see it in
print. Such weakness is not unusual
with young writers.
Were the Message fair document.
however, I should say nothing against its
publication. But I deprecate it for the
reason that it does great injustice to the
institutions about to be established, and
makes use of the Executive prestige to
create an unfounded prejudice against
them in advance.
To illustrate the disingenuous character
of the Message, / shall notice a few of
its points;
LIST. The Governor argues that the Ter
ritorial Legislature had no power to char
ter any Bank; he asserts that power is not
resident in Congress itself or any State.
The argument is indeed singular one to
use at time when nearly every State in
the Union is in the active exercise of
these powers, and when Congress itself is
at present issuing the most exceptionable
kind of paper credits known to the finan-
cial world-namely: Treasury Notes, spe-
eifying no time for payment, and guaran-
teed by no security, save the good faith
of the government. And it is to be hoped
that the Governor will not insist that
the prohibition of the States themselves to
engage in banking is equivalent to pro-
hibition Of individuals exercising those
rights by permission of the State.
I'd. After garbledquotation of certain
clauses in the charter, he makes the fol-
lowing statement
"The Bank of Leayenworth would be
authorized to redeem her notes in the
notes of the Bank of Lawrence; the Bank
of Lawrence redeem hers in the notes of
the Bank of Wyandott; and the Bank of
Wyandott redeem hers in the notes of
the Bank of Leavenworth &C."
Now, what will be thought of the can
dor and veracity of the high officer making
this statement when it shall be known
that the charter contains no provision where
by one bank is allowed to redeem her
notes with the notes of an other.
Sd. In stating that the Capital Stock
can be increased indefinitely, the Govern
or conveys the idea that such increase is
left with the bank itself to determine;
when the fact is, that it cannot be increas-
ed a dollar without the consent Of the
Controller.
4th. By forced. construction of the
language of Sec. 18, be endeavors to
prove an attemptto make the notes Of the
banks, and certificate of deposit &C., legal
tender in the payment of debts. Any
person taking the trouble to read the sec
ton will readily discover the injustice
done by this charge.
9th. He states that no provisionismade
against receiving State or United States
Stocks at a premium, when it is well
known that sudden revolution is sure TO
reduce the current rates of value attached
to such evidences of indebtedness &c.''
In order fully to expose the character Of
this statement, / will quote from Sec. 13
of the act tzsta.fz IS
" In case of the depreciation in value
of the securities pledged as hereinbefore
described, at the New York Stock Ex-
change, the Controller aiaU demand such
increase thereof as, at the current rates,
shall make them equal in value to the
amount of notes In circulation, unless said
bank shall prefer te,slrrender such amount
of notes as have already been counter
signed, as will make the whole amount of
said notes In its possession equal to the
value Of the securities pledged, at the
current rates as aforesaid
/ willnot occupy more of your space with
the exposure of this specious Message.
Wight should have ever been written is not
clear, unless it should prove to be the
production of the person previously al
luded 10, who procured the signature of
Mr.. Denver, without the latter fully un-
derstanding the injustice and indiscre-
ton Of the act. This would relieve the
honesty of the latter at the expense of
his sagacity- As to the factotum, it miiglt
have been better fcr the eorporaiors in the
beginning to have promised him ..shake
in'' to disarm his gratuitous hostility; and
then again it might not
HOME CURRENCY.
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