Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-09-22

tutians over which the Government, can exercise
M supervision or coufruT tu-t thatfev banks
will epOsit b'nds aud claim circulation. snder
the 62j section. but that the -iockhoiler- of sol
vent banks. Who desire TO connect themselves
With the system will 10 80 by availing them
selves of the privileges of the 6lst section. or.
what would be better still. by winding up their
present State institutions. and organizing new
Associations independent of the old ones. The
intention OF the law was 10 provide a national
circulation through the agency OF national banks.
which should be subject 90 Govern ment super
vision and cuntrol Nothing would be more
sure to destroy the symmetry OF the system. or
he more likely to bring II into disrepue, than
distribution among the banking institutions of
the States, ("gOOd, bad. and Indifferent, of the
national currency must. however obey the
law, and unless prevented from doing so. by ju
dicitl decision an authoritative opinion. shall
furnish circulation under the section referred to
as soon as il can he provided. As notes will be
first supplied 20 Associations organized under the
act, it is not likely that State banks can be sup
piled. to any considerable extent. before the early
part OF the next year.
Question il il expected that State banks that
may become National Associations under The 6lst
section of the act will give up their present cor
pOrate namesf
Aasrer. Before | entered upon the discharge
of my duIies as Comptroller of the Currency. the
Secretary of the Treasury, after much eonsiiera-
ton, had come TO the conclusion, as a national
currency was 10 be provided through the instru
mentality OF National Banking Associations that
all such associations should have n common name
Persons forming associations under the act have,
therefore, been required TO take the names OF
First. Second. Third, &C. National Banks OF the
places in which they are established, according
TO the order of organization. This rule Is ex
pected 20 he observed by State banks that NAV
be converted into national banks under the Dist
section OF the act, well as by original assoc
atiuns.
H. in their new organizations, they desire to
retain. in some way. their former corporate
names, il must be done in such manner AS will
not interfere with he symmetry OF the circulation
which is TO be furnished to them, nor render
illegal their acts as National Associations. All
who connect themselves with this system have a
cummbn interest in making it symmetrical aud
harmonious, as well rs national. The retention
by State banks Of their present corporate ma mes.
some of them long. and differing from others only
in locality would prevent this, and interfere with
the uniformity which it is desirable TO maintain
III the national circulation.
know with what tenacity and pride the man
ayers of old and well conducted banks cling 10
the names which their ability and inte -ry h we
done so much to make honorable; but | would
suggest to them that il will be matter
tor them To transfer 10 national Institutions the
credit which they and their predecessors have
given to State institutions; thai it is not the
name of bank. but the character of the men
who conduct it, affairs. and the character Of its
securities. that give to it the confidence of the
public.
The Merchants Bank of Boston will not lose
particle of credit 10y becoming the First Ma
tiOnal Bunk of B stOn: on the contrary, its credit
will be improved by il. Nor would the stock oi
the Chemical Bank of New York be n whit the
less valuable nor would its reputation be in the
slightest degree lessened. 10y its becoming the
tenth or the fftieth National Bank OF New York
II McCULLocH, Comptroller.