The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1863-08-28

eSe TWO IIDDCItdDI SssIS Ia "a ~ 80
sheision. h giess plain and conpss~
ensive statement Of lie solid foundation On
hich tke..Aa:ionai BANKING institutions is
ased, leaving no one 10 doubt thai II Is
.siined TO supply that which we have long
ehed. strictly National and uniform cur
ucy .--..-..--...------.s
We imagine it impossible for any ore
sho has had tie least practical experience
4, banking, in trade. or in business &c al
3. to fail in seeing. with the opportunities
lie has had during the past two years. or in
CLEARLY approaching the advantages Of a
uniform National Currency as compared
with the promiscuous. heterogehious cirea-
latin 9 medium. composed Of ali sorts of State
barks and other individual or corporate is.
sues forced upon the community with mere.
ly local-and macy Of them doubtful
credits.
"The plaircst proposition. one appealing
directly to the practical common judgment
of every map, is. that ua, orm National
Currency mist be better in all respects. and
more entitled 10 confidence because OF It's
stability and pniyersali'y. than anything
else 10 the form of credit issues however
good it may be deemed in local sense
The very fact that bank note is issued on
tie responsibility Of the United States. re-
deemable wherever it may be found. good
slike at all times and in all places within
ar wide domain. frees il from discount. TO
.hich all other bills or notes Of s-.S;t are
G ore or less liable. 1t is. therefore, not an
irresistible conclusion with the commonest
mind that currency so strongly based. so
rec from doubt. trouble and depreciation, is
,etier than any other Not a single argu
neat can be offered against it. bu, on the
.tlIcr hand it is an ever present and paipable
sracie in its own defense.
1--WE promised in our previous article to
i've some insight into the mode and man ner
I establishing and conducting these Ma
'ional banks, as recommended by Secretary
base in his comprehensive financial sagac
land provided for by act of Congress.
Druary IS. 1868. looking to the establish
rnt Of uniform National Currency
ne law itself. however. is SO plain and ex
'icit. that it is easy Of comprehensive.
Circular No. s. from the Treasury De-
srimen,. dated 7,h of June. 1868. by the
comptroller OF the Currency. officially sane
oned. gives clear aud satisfactory expla-
stion OF all tha. is necessary for the instruc-
ion and guidance Of those who mag desire
form banking associations under the act
provide National Currency secured By
ledge OF Uni'ed States socks, and to pro-
ide for the circulation and redemp:ioa.:hare.
{.
1.-THE corporate names of the associations
'vi!l be National Banks and designated
First. Second. Third. &c. National Bank
the place in which they may be located.
80 1t is important organizations or pr-lim-
nary certificates OF association should be
arefully prepared and executed. having all
he requisite stamps. &c. United States
'a,erest paying bonds, TO an amount equal
TO not less than one-third of the capital
rock paid in. must have been transft rred
md delivered to the Treasurer OF tie United
states.
: 1.-THE United States bonds Held by the
Banks. and that part Of their capital inyes-
ed in these bonds. are. it is understood, ex-
empt from National and State,.axation.
Circulating notes Of the highest style
II engraving. and printed on the best quail.
ity Of paper will 'bs Furnished TO the Ma.
tional Banks, at the expense oi the Gov.
eminent. under tho provisions Of the act. a.
the earliest cay practicable. and 10 the orde,
in which the banks are organized. The
notes will frss be supplied 10 the associa
.ions organized under the act. The ac'
provides that the preliminary certificate
with copy Of tie Articles cf Associatier
which have been adopsd. shall be forvar
ded to tue Comptroller, &c. This would
seem TO indicate that these Instrument
should bear date abou, the same time. and
as near as may be. be concurren, acts.
8 '.Sectiou IL Of the act seems to reauir,
that the Articles Of Association should limi
or fix the time for which the association il
to continue. -.ss
"On thescertiGcate Of each bond (coupor
OF registered1 10 he deposited with tn,
Treasurer, as the basis OF the National Cur
rency to BE issued thersnn. there mus. b,
written or printed to be signed by the Pres
ident or Cashier OF the association deposit
ing the same) substantially the following
words"
This bond is deposited with the Treas
urer Of the Unitsd States by the lAere IN
sert Me No. National Bsnk at (hsre iaser
the name Of the place, in trust tor sail
Bank, and to secure the re dempiion and
payment of the notes delivered to said Bank
under the act Of Congress entitled An &C
% provide Nslioual Currency. secured b,
pledge Of United States stocks. and 10
provide for the circulation and redempti I
lereoi.' approved February 25th. 1868
When registered bonds are deposited