The New York herald., 1863-11-21
Proceedings of the Meeting for
Its Organization.
SPEECH OF HON. HuGM M'CuLL0CH.
New York TO be the Centre of the
New Currency.
By-I.sws of the New National
Banks,
A. &C.. Ass
Proeerd4nxs Of the Meeting Ira Relation 20
ane Embellishments Of~ Large NatiOnaf
Ea m ~ m this Ctty.

Bank In this Cuy.
Pursuant TO special invitation large number OF
chants bankers and capitalists assembled at tho Filth
Avenue Hotel the evening of October II for the pur
pose Of conference with the Hon. Ign McCuloch the
Comptroller of the Currency ia relation the esabsh
mont OF large National Bank in this city. Among the
eontlement present the Hon. f. 70 Morgan, Peter
Cooper, Esq, jonathan sturges ESQ.,. Hon. freeman
Clark John J. CISCO Esq General W. f. S,roug, David
Gcadley. Esq, Hon. Samuel Hooper, oi Mass sachuse,ts
H. Il. Eurburt Esq. President Of the First National
Bank Of Cleveland, Ohio; David Doves, fsl., Joseph
stuart, lag and many ether gentlemen well known II
financial crclcs.
The meeting orga,izcd b. tho .yp .ntmcnt Of iona
thsn Sturges, Esqn CHAIRMAN sud Elisha Riggs as
Secretary
The call of the eting read, and 1rr Mcocmcon.
bavDg been renested g. favor t!ie meeting vith his
views, addressed it as fol!ows
Ee expressed the gratioa:ion FELT the presence
cl many Of the best in New York, who had
sssomRled 70 consider eSpedieucy OF establshng
AT an carly day, bank with large capital in the
financial metropolis Of the nation The embarrassment
which he felt in attempting, without preparation,
to address gentlemen OF Sc much Intelligence rclev-
Cd by the consideration that thoy would expect from him.
apraoca banker, only plain statement Of ns views
upon the national system g and his reasons for
sustaining il.
10 had been opposed to tire National Currency Act be.
foro Its passage He had not then examined the BILL
be considered 1t as iutended C create system which
might interfere with the business OF the largo bank OF
whoh he was thor President TO which bo was strongly
attached and OF the character OF which he was Justly
proud and therefore, like tho P esdcns OF come other
banks that Lie might mention, he had opposed H. Alter
the Oil had become law howerer he examined 1t with
osrc. and although he found that was, in many Of its
provisions, cory OF tho banking laws OF New
Yort and Ohio, and consequently would need
ma MOI q IN 1 hat hg,,tA
he for the banking law OF the nation that
IL authorized system OF banking which necessity
OF The government the existing emergency, and would
provide bark uute circulation Of uhdoubtea soveucy
aod which woud be current throughout the States.
n,s Of ore wore ic be co;iec,ef By the government
IA the states and Territories rendered necessary that
there should be provided Tor the people circulation
which the government could receive with safety.
ft9 " lcgal tenders were only temporary crcula.
tion, the issue Of which could only be justified
ny the eSgeocy OF Che government, and which
would be called in or funded whenever this ex-
'gescy should cease. The internal revenue system
woatd he feared be permanent ''nsttuticn aud the
lates to be collected under faust be collected in
fency as It might be oppressive to the reople
no. and how safe the governcn, would be receiving
~ tho history OF the banks of of the Southern aud
western states ooud a'!et was his opinion, there;
necessity on the lart OF tue government for a na-
tiooa' circulation which could be received and held
with safety. But this was only one thing that reu.
dcrcd such circulation necessary. Bank notes
wcro tho medium oy which much Of the business
cuated very far from the states that issued them In
ract some Of the States largely engarsd in mann
featuring bans notes for the people OF other states
large portion OF the circulation OF the banks the East
states loaned TO the people cf the West paid
pic receiving these Of nothing Of their
soveocy and they took them only because they could
some banker in tho neshborhcod who might take them
today and reject them Tomorrow. Since legal tenders
have come into circulation tue notes Of distant state
and purchasers have to provide themselves with
sreeubacks in order to buy the wool aud the grain the
beef and the pork of the Western States. Nor Is this
true OF tbe West Alone where they have comparatively
few banks Of their own "Lega tenders" in better
credit here than notes Of your own city banks
the people have got tae for that will 20 every
where and thoy win again he satisfied with such
currency as has been furnished 10 them By the local
banks
But be asked, will the notes Of remote national
banks be Of better credit In tho commercial cities
she notes c the remote state banks lie answered yes
because they secured b. the government ITSELF aud
VI not paid by the bank that them they to be
because they are receivabl. Tor all government
Dues except duties imports and for all debts due by
aud bee use by clearing houses or redceming
Eences fhey should be necessary, these notes will
dOubtedy be kept nearly to the STANDARD ot lawful
Che ststes will require.
~ the provisions OF the National Currency act the GOV
ernmcn has settlei prncpe 20 clearly Just tia, the
wonder g " settled before viz:Tbat tue I
Gtaure estate or naiioGsij which authorizes e issue
o bank notes az money aud compcs thereby the PEOPLE
20 treat them rs such, should itse become responsible
FOR thor redemption THIS Is done 10y the National Cur
reocy at and tho poo pie are soon 10 DO provided with
uank note circulation, as solvent as the nation Itself
relation 70 the organization Of large National Bapi
bank would DO organized the result OF this meeting
ne thought there could be no doubt that established
~ too right kind OF men and conducted In liberal spr
would bo great sucoess There had been ALREADY or
nnfted upwards Of hundred national banks and otners
eorgani1aton OF National Bank with large capital 10
usoity All of them needed Correspondents 10 New
Ge ana the provisions OF the act were such that IL
nj. trso
rostepdens should also be national banla iuasroueh
hree ntths Of The lawful money to be sep, hand Sy
netoas banks might be kept with such depositar..s
,eW York aud certain other cities The nstloral
uoi tue interior would constantly have de.post,
tueir correspondents In New York, many millions
'lkrs, and a bank established by such. .gentlemon AZ
rsscnt would be very certain to secure a large
wss free say, that the organization Of the pro-
"a bank at the present time a rsa,ter Of deep
oe q 90 the government and TO the national bs,s.
Ny He did not iaean 10 intimate that the system
depended uIos IL, fos, in his iudgnant,
National Banking system wonld be faccsss,
a, " result q this meeting wad do much to sastsr
rets I'd this success II wcres necs sary, tho prne
II aholders many OF the Inferior banks woui sno-
,ribe hberay TO the stock in he bank proposed 10 be
rganL ed H. as will undoubtedly Je thelaet t should ne
laced under the right managers eni a numl or OF ihe
rornf ent stockholders Of the vsestln banks had
rcssco desire 70 do So bu, he presamed tbs. such
10 dcubl thcy could be obtained.
In regard 20 the ccnsitu,is ia,Y Of the ac, sad tho
=
states growing out Of the orgngaiot4 OF na,lonal
b,nks IN opposition IN some casoS, ~ Gnpp0sol.
t state laws Mr. MoCullocl, ss,s, that the p0u, hs
been carefully considered by many cnincnA lawyers
and by tue Secretary Of the Iressury, who 10 hrItcd
ono OF the abest lawyers IN the land AID no doubts
enlsrtRinsd by them cg tanly none entertained
by Mr Chase Ia regard 70 ue consstuticslity ~ The
law OF tho legality 81 orgapapon undcr u Ia the Slater
no matter whether the state hws sancitsned them o.
not ie (Mr McCulloch) considered the question as a'
resdy sc,ted by the United States Court by their arns
t,on OF the cousttutonay 0f tls United .ces Esrk.
He had not himself particle of do ibt uport subject
u wa pcss bic Aat tls Bank sSperintenhsht Of New
York would feel his DUTY 10 comnsnce sui, against
tions anks tina, should attempt 10 issue the national
Currency IN this state. In ihis event II would be
Tho duty Of tas government 10 employ eoun.
col 10 defend the barks, and he understood
that gcntemsa ef highest standing a, the bar In New
York hsd already been instructed appear Ia behalf Of
the government he conld properly a. So h not In be
hall OF tho bank, In daencs OF the oons,,uional,y
I,c though, that no apprehension need be en,srare
on ths POINT the government, lacks the power 20 pro
vide Without the sanction OF the states national sur
reuoy occurred by lis own Banks, and which IL necsssa
Ter Ihe collection ol Srnal duties 10 cry nothing ~ ~
regulation OF commerce between states ~ which ban
notss sJe pecessry medium II u lacks The power TO
H. Is -.