The national Republican., 1862-04-24

leriving all its profits from this source, but
which are only shared by those Immediately
Interested In mch an organization, thereby
'tanding In the same relative position 10 the
that our national system Of finance,
y ct present existing does 10 the people, while,
On the other hand, the system now proposed
becomes Q mutual one, affecting equally the
people and the Government, ard the profits, in
are participated In by the entire
country. Thus, while II Ia for the interests Of
the people 10 secure safe currency, and the
natural profit that arises therefrom, the nation
becomes prosperous alike with individual in
tsrest., and the Government and people, in their
financial matters, are 30 completely one, that
strength and power rapidly obtain, and the
country wakes gradually, but surely, happy and
prosperous.
It's Of course we'll for oil changes involving
such vast and important reforms from organ
lied systems TO be we'll weighed and considered
before their adoption; but the system proposed
by the Secretary, aud which has here been in
part revised and compared, is &c apparent, and
1t Is 80 clearly for the interests Of this Govern
ment at once to adopt, that no statesman, jurist,
or commercial man can question the propriety
Of the system for this nation and people.
The joint stock system Of insurance-the only
one that had for long series oi years been 10
vogue, rapidly gave way to the Mutual one, ss
large and interchanging interests were blend
ing, arising from the vast and heavy operations
Of commercial men. and the necessity that ex.
listed for devising some plan whereby their
interests might become identical.
The Atlantic Mutual Insurance Company, Of
New York city, now the largest institution Of
It's kind in the United States, and covering and
protecting property to the amount Of many
millions In every quarter Of the globe, Is one Of
the many instances of this character. and was
originally organized on the joint stock plan,
with paid up capital in cash, but which soon
gave way to the mutual system, after a few
years experience, and their profits and accu-
mutations are now shared by their numerous
and surely benefited patrons, their annual
premiums amounting to over six millions Of
dollars.
These facts are 90 well known and under.
stood that II becomes needless TO quote from
their last annual statement.
These comparisons are made 10 show the dif.
ference In the systems Of both, and as the prin-
ciple Of the mutual one, in its operations, Is SO
clearly the same with the financial system pro
posed by the Secretary in the relations Of the
Government TO the people, II occurred to the
writer that the comparisons here made, would
rend .r the expediency for adopting the Secre
tary's plan, apparent to the most common mind
and one Of ordinary experience for precisely
10 the same manner this system Of national
finance, now proposed to the country, will be
shared 10 by the community OF large, and the
Government and people become one In strength
safety and prosperity, while the financial sys
TEN Of the national States shall remain model
10 all future generations.
Another grand element Of national strength
Is In the fact that all centraliz alton or board
power will be avoided by the adoption of this
| system, and the resources Of the Government
| dow IN due proportion from all sections Of the
country, while It's issues will be diffused through
| every region, giving health and strength, to
the remote borders, as the life current to every
member Of the human body.
The incentives for associations ofindividuali
| to unite for banking purposes, which this sys-
TEN offers, will secure their organizations, there
by strengthening the local section in which
their operations are confined, benefting toe
people by the diffusion Of uniform currency
to their surroundings, and supplying the want,
Of the immediate community 10 which the iu-
stitutious shall be located, while the Govern
ment, by employing the bankers a. Its fiscal
agents, In the collection Of taxes, &C., disburs-
ing. etc., virtually employs every citizen, and
| 3 the necessary means, whence all strength
and power are derived, although indirectly
emauating from the people by their own con-
| sntuted government.
This will be found the sole system that car
be adapted TO the wants Of this nation, and
will prove to be It's ooly salvation.
To obviate tho only possibility that may arise
in the future, when the successor Of the pres
rent efficient head shall be installed, regarding
the safe custody Of the bonds deposited 10 tht
department, on their delivery by the banks, OF
individuals, and their receiving the circula
ting notes. or Issues of The Government fol
them, an endorsement IN red could be writer
across the face Of bonds, viz: "Not transfera
ble or negotiable-only in the event of an in
solvent Institution to redeem It's circulation, OF
on It's Withdrawing from the business Of bank
Ing"
This would be safeguard to the people
thereby obviating any objection that nigh
arise To the system proposed on this score. snC
to which the Secretary wisely and dclicatel,
alludes, when he recommends Con gress 70 i'm
pose all reasonable restrictions upon, and t,
throw every safeguard around, this bsautilu
and national system Of finance.
The insurance companies will, no doubl
come to the rescue Of the Government by In
vesting rapidly 10 United States bonds, ~ wei
as the bankers; and In doing all in their powe
by combination Of the wealth, talent, an
enterprise Of New York City, to assist the abl
Secretary Of the financial department of th
Government, whose system, when in full opel
alton, will mark the dawn Of new era In ou
country's history, and Its auspicious results
US certain In the future, as the dark cloud Of re
bellion, which has been gathering In all Il
trightful blackness, Is becoming rapidly an,
surely dissipated.