New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-07-27
OyylCK " CONTROLLER W InK CCRRxSCr,
U..ut.a4ux lnfx IA Ina

cular form by the Controller Of The Currency:
TAKAsuRr DEPARTMENT.
OrNcx " CONTROLLER OF rnE CURRxScr,f
WlsHisGIoS. July IL. 1919
Most ogths questions prevented 70 the Couros In regard
the National Currency Act have been Answered ia me
forms aud hch have been sent TO hts ONCE and
by ,,t.r. 10 tho intorog.io There few however.
tb.t eau b. convsnesy and ss!c!oy answered In
this form than In A1y other
im Qsenoa /. there sny reasonable doubt Of the
,tiutiOEslily Of thi. Aetl -
Aaser Tho constetonsy 81 the Act OF Congre" es,ae-
.hius in time peace ULtad STATE. Bsnt wan power to
tho States branches thereof having been am ma
dive escdd by tho suysems Coat Of the United siat-s
tho eoasluopay efths Nasasi Currency Act 10 not con-
.ld.rsd to be al open question. ,
Ia ordinary tues tLe eobsitutoniy Of this Act would
hsdi, bs qr..sssd but Ia the existing emergency OF the
Oo,erninen suss.sd as IT, IN ~s OF gsntic piopor'
uon.-~ h specie longer eiTcGlstng ineiium-w,h q
.r 0e collected In tue States and Terri
tories ,uch provided Tor ~ this act i' al ab
a, necessity To deny 10 the Government through .nch
enoy based upon m own resources would De not only 20 de-
nv ,ov.rss ~. but s authority TO ieo' N properly aud
safely is ur hnOwlsd.sd functions
Qa.On. What stockholders Of state Banks to gain
by continuing their present organizations and oFS.nTns
1n,rs, To. chief gain will be 10 ejaculation OF notes
which long be secured through The agency OF S.s To-
uions L.sA tender notes have created tss'o aud pre-
pared the wsJ Isiions bank note eJcuaiion These
notes all section. Of tbs county have better efsdI aud
m greater demand than the notes OF tho strongest bsnhs
Country bankers, Notwithstanding the lnIsrncs OF the
I,.u. bud it difficult to supply tho call Tor ths and are
frequently under tho necessity OF ordering them OF eonsd.
cradle from commercial Polnt 70 meet the demand
thai will be satisfied with anything else The prssEel
II
they aes gal tender" bot to tie TACT shsi they Gov
snsut money aud must be good tho Government good
owing tho fact that shey afc declaisd to DO lawful
that !. 10 make them TO
place be, the audiences that might ct tho time,
ba. been combined Jepreeia,o them but DO that
people control tue c.uency they do tho l-ga
sus ,y are osysrnrn, i.ass axe rrceiysbs for Govern.
m-nt and dol OF thsm be redsened II
III. 0osorntneut /, mai iau.d
Ins National Bank Nots Circulation Il intended gradually
to tts place Of the direct Issues OF the Government 1t
ATTAINED by tho legal iendei nor that tho notes OF
the naleaa AsociaObs, scattered iTom Maine to California,
will 10 OF so.out,y uniorm value Throughout tic tnoA
that these no,es su,tsinsd by tho credit Al
secured Z. tho Haon receivable Tor all pub.
he dues dut!r. upon imports. aud In payment OF
the Bsnk be redeemed ., the Treasury Of the United
States. will chhsEgc 70 srsA.r degr"o tue public conn
d-ncv and possess Uniformity Nau, than bs a.
alnrd by tie issues ofhs bes, sod state institute rs
will 20 u,shsr titan 1nis; through the in'umsnt.y OIL
Clearing Houses, o Redesmna Ageuces wbieh In due ..e
bvcom. necessary feature oi the sysen' tue notice Of
the National osnss. wherever situated vii be a, nearly OF
uniform vslue throughout tho Union - tho comheteai 'e
esls of this county viii rrquiIr. ., =,
There will Do, in NY Judgment for any eon.iter.6ie
time systems Of corporate banking tone Sate anu he
other kso s In the United State not that thsis Is
necessary anita between the two systems but because
and equ.lly profitable to the DanIsr. Ono or the
other will fully occupy the nod aud. ''id' from
REGARDED by the people aud tho spdity with which National
being formed IL requires 40 spirit OF proph
ecy TO edoi which OF the tsos destined TO gave way The
osse. which the peopl. have sustained back aure the
protection which STATE legislation, with rae az.
csp gwen TO tue biholders tine fact that the good
Of the aad boseonduc,ed state
banks outside OF tue Stale. the section where they exist
|. not h results VI public confidence Ia their sovcncy bat VI
the Influence OF BANKERS and money dsu els VINO can
easily aspIrss that credit a. they can surtsn and VINO 90
not unequenty depcss er sustain IT, as suit. tsi
terss con, sniencs alone. that all the cf1ei' ,nH'
BANKS have distance fiom home Is artihcis ana W.
reliable all these things have given Tise 10 ~ae
dsatsfaction with the existing bank note cheuAyn am
created PopuaI,d vsirs for circulation o. wIo 2
the can be no question and whose credit wi" not DO 'hs
A.nk ...ls lfakS fn-
m. Goyrrn,nt OF tho United States 10 not TO De over
bv the secession OF tho southsn stss.
~ 80 ,.Lirb A IA cus.a.i Ou the contrary IL viii
he vastly by the severe ordeal 10 when %
ns subisct.d-s by ho evdonco which avery
d. its inherent power and the coLuosn
"a spreading and deepening In the minds VI shs
o.opl. thu, their personal desniss are idenhed WIN ~
by the very debt 10 contrasting aud the s
Ssnses of value that aru DO based upon this debt
Bspks wLsss Issues 90 secured W the Government aud