New-York daily tribune., 1861-06-07


and elaborate bills 10 be reported at the ensuing
regular Session. And we arc not sure that even
go much can wiscly DO undertaken.
Tint National Bank, properly constitutes aud
carefully guarded would be n valuable auxiliary
to the Industry, Commerce and Finances OF the
country. We have never doubted. Such q Bank
should be required to keep on deposit with the
proper department of tbe Government ample
srcurity, either in United States stocks and
Treasury Notes or 10 coin, for the prompt re.
dempiion of all its circulating notes; 1t should ut
ga. branch or ofico receive ut par in payment
of debt, the notes issued by every other branch;
aud should be required to furnish ut every ohce
ut not more than half per cent. premium sight
exchange on every Stats aud important city In
the Union. Then it should receive, keep,
and transfer without charge the Public Moneys,
p,yiog interest thereon, and deposlting with the
Secretary Of the Treasury dollar for dollar in
the he's secur les for the full amount Of these
deposits. 1t cannot be that costly, cumbrOus
hideous barbarisn tho Sub Treasury System,
which compes the Government 10 pay heaylIy On
q service which it formerly had aud other Gov
eruuents still have far better performed for
nothing, 10 10 endure forever. Prjudlce aud
passion cannot always Overboar so palpube au
advantage, any more than the vow OF hero and
there q crOtcsety old currnudseon that -he will
never ride III u stesm-car precludes tho building
of railrOads.
But We nevertheless protest most decidedly
against the chaTteriUg OF IL National Back unless
aud until the people Of the United States are
substantially uUauinious ia it. favor. Bank that
is doomed to be the ball and the bug.besr OF
parry co tests eau do no good ~hat-ver-canuOt
even maintain its own solveDcJ. There is lot aud
never was bank 30 strong that persistent
warfare upon it by QUO half OF tue community
would not ultimately ruin it. II. then a third, or
even o quarter. Of tho American People are
stubborply nyerse ~ the cbartering Of Bank,
the project IS uDse,sonable, aud must not be
pressed. We cannot AFFORD now TO reopen closed
wounds or to plunge the Nation into new party
quar- el.
As to a National Bankrupt Law, We have
always believed it the clear constitutional dat,
"f Copgtess To enact aud maintain one. If one
ut any tImo existing u bad, make it better; out
never repeal It. Aud, 10 order to its endurance
il is ESSENTIAL that the next that passed shalt
te 10 nelo ln,olyeht Act-a cOntrlyance 10
~hite~ ash aud rclea,s penuIlrss debtors-but a
measure fvr tho brm TT of creditors ss well-hn
act to compel debtor, who baye means 10 bani
tnrIn over ~ their creditors, "a well ne to enable
tbuse aho have n"thing 10 sap their fngers 10
their creditors faces. Give us Bankrupt Act
that WILL oYcsido all StayLsws, SUSPENSIONS OF
Specie Payment, and other coutrrynnces foI
split Jog the difference between sovency and
bankruptcy, at tho sumo time that It releases
m.olycut, from further legal persecution upon
their surrendo.ing wbat they have Ia their credI
tors. and We believe il will DO approved aud
sustained by multltudes who have hitherto
opposed q National Bankrupt Law. But such
an act requires ample time as well rs signal
experience, for the proper adjustment Of its
| details, aud it would bo madness 20 pass it at
short and crowded Eitra Session. Refer the
| subject to q strong committee at once, but LIT
months Of patient labor DO given to perfectlng
it, 80 that when the law is passed il Will be-
one that wo can hops 10 I've abd die by. Even
the act Of twenty years since, imperfect as 1t
was, would have been better than nothing # it
had stood; but ito vices ensured its repeal just
when 1t had done it's greatest mischief, and wus
about to become potent Tor good. Let bot Our
past experiences OF evil have been wholly in VAN.