The New York herald., 1863-12-28
FINANcis.L, AND CONNER cIAL,

SUNDAY, Dec. 27, 1863
Ths new National banking system, which now
claims the attention of the public TO great an
extent. win not become permanently established
before H. has passed the ordeal of deep and earnest
suspic,on and searching criticism, even from some
Of the frmest supporters of Mr.. Lincolns admins
;rytion and Mr.. Chase's financial policy. A Boston
republican journal the 7rcge2er, unawed by any
past warnings of what constitutes treason TO the
nation or infdelity TO the party, boldly asserts
that lit is best that peace should not come" until
the singular anomaly that now exists in the ap-
probation of both gold and irreedeemable paper
currency" produced mainly by the attempt Of the
government TO supplant the State banks and es-
tablish national banks in their places" is more
fully determined. 1--WE should not wonder" says
the same paper, "I the government finds this
banking business more unmansgeable than the re-
beon, and more likely TO unseGt the men in
potcer." We shall, as things now look, if it con-
tinues, soon have five kinds of money or currenv,
standing in the following order as TO yalue:-
!. Gold and silver.
2. Greenback Treasury notes.
9. Interest bearing Treasury notes.
L. State bank issues.
S. National bank notes. .....
1t will be seen that the Journal quoted from
places the issues Of the national banks the lowest
on the list in regard to yalue, which is certainly
not very complimentary to Secretary Chase g pet
scheme Another Eastern republican paper, which
we believe is the organ Of the party in Connect.
cut, in long article, endeavOring to prove that
the new banks cannot be made to operate sue
cessfully, says that it is their deliberate judgment
that the national banking scheme ought not to be
forced on the country. We were the first to call
the attention of Mr.. Chase TO the necessity Of
adopting permanent plan for national cur
rency, and we cannot therefore endorse all the
objections that are raised against the present
system. We are aware, however, that it is not
perfect, and that it is open to number OF seri-
Gus objections, some Of which were given in the
report of the Comptroller Of the Currency. But
the main features of the law we anxious to see
tested by pkactical application to the currency,
regardless Of the war which has been opened
against it by the associated banks of this city, and
by those who are in the interest of other State
noneyed institutions. In regard to the general ap.
pearance of the bills we have heard many COM
plaints and that portion of the act which deprives
the banks Of the privilege of choosing their own
distinctive names meets with very little favor
The notes which have their homes in localities
remote from the financial centres will of necessity
be at slight discount, and yet many will resemble
90 nearly others that retain their face value that it
will be difficult to distinguish them without close
scrutiny The main features of al the bills Of one
denomination will be the same, With nothing to
Denote the difference except the name of the place
Of issue, and in the notes of the three following
banks, which have already been organized. the dis.
Hnction will not be readily noticed at single
glance:-"First Bank of Danville, Illinois," First
Bank of Dansville, New York ,""Frst Bank Of Dan.
ville Indiana" The bills Of the Dansville Bank,
n this State might be at par In this city, while
those Of the other TIVE institutions will probably
he at discount Of one or two per cent, and yet
they would with difficulty be detected In the ord-
nary course Of trade. The following are descrip-
Hons Of the various denominations of the bills
6s-Vignette, Columbus discovering America,
enlower left end. Right end, Columbus introducing
America to Europe, Asia and Africa; shipping and
ocean in background-the countries represented
BY female figures. Other side-vignette, landing
Of Columbus: ends ornamented by scroll and lathe
work, containing in one oval national eagle and
shield with "U. S.,' and in another the State arms
sf, say Ohio, or wherever the bank is situated to
which the bill has been furnished.
The face contains thefollowing inscription
NATIONAL. CURRENCY.
This note secured by bonds Of
lHE UNITED STATES,
Deposited
( With tho United States Treasurer At Washington. !
al. +. CHnTESDES +. L. SPINNER,
Register Of the Treasury. Treasurer United States
The FIRST NATIONAL BANK or - {
BEARER DEMAND !
FIVE DOLLARS. (
place Of tho date -, frest. -, Cashsr. !