Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-11-09
WHOLE No. l,26e
National Ranks.

To the Editor Of the Boston Courier.
In about one month new Congress will as
semble, and a month later the General Court of
our own State will meet In the meanwhile sbell
ANYTHING be said or done. and wha. by those who
take, or ought to take, an interest IN the scheme
of Secretary Chase for establishing national
banking associatioDss It is assurediy subject
Of deep concern to the people Of the United States
collectively. and il is especially worthy OF the
earnest and deliberate consideration of that large
class of persons whose investments are chiefly in
the stock of banks established under State laws
Eight months have elapsed since the passage Of
the act; II has been published in newspapers and
IN pamphlet form, and yet, verify believe, that
not one IN ten of those who ought 20 have made
it a caIeiul study, has done so much as even 70
read it through up TO the present moment. Are
the three or four hundred hank directors in Bos
ton all asleep! if IL be- that they feel little
interest in the subject their own account, have
not the women aud children, whose property
whose whole property, perhaps-has been com
mitted TO their management a very deep interest
in the matterf And are they not bound I'M honor
and conscience, to be able 10 give those women
and children, who so little qualified to take
care of themselves, an intelligent account of the
provisions of the act and OF its probable effect on
their means of livingf Are these State institu-
tlons TO be crushed under the mighty idol of the
Secretary and his financial advisers, and the wo-
men and children whose property is now in
vested in them, driven into investmeutsl OF
will they be suffered 10 live and to furnish in u
ture, they have done heretofore not only a
sound currency for the people, and safe and
reasonably profitable investment for the stock
holders, but substantial aid, in pressing eme-gen-
cies, for the support of the credit of the Govern
ment itselfl Surely these are questions Of i'm
portance enough to attract attention.
That is the present purpose of the Secretary of
the Treasury, and of the Comptroller of the cur
1r,r rF.
cannot doubt. Indeed, these officials make no
secret OF such intentions The Comptroller, on
hls late visit to this city, am informed, open-
ly and frankly avowed such to be their policy,
and pressed upon the Presidents of banks, with
whom he had asked a conference whether the
instinct of self preservation should net induce
them to wind up their State institutions, and or
ganize at once under the United States law.
know, too, that in one case the Comptroller has
declined TO furnish bills to a sound and good
State bank, on pledge OF such stocks as the act
requires, on the ground that il was not his policy
to encourage such course on the part of State
institutions. Indeed What law has constituted
either the Comptroller or the Secretary Judge
of what is expedient in this matterl
In communication published in your paper
some weeks since, pointed out another instance
in which the Comptroller had undertaken In his
supposed supremacy of power to overrule clear
provision of the law, by imposing a common
name, with q numeral prefxed, whilst the law
itself gives to the associates the right to assume
(sec. % the name by which their association
shall be known.
So in this matter Of FURNISHING bills of circu-
lation to State banks, the act (sec 62) expressly
and in the cearest language, provides that "any
bank or banking association authorized by State
law NAV transfer ard deliver TO the
Treasurer of the United States such bonds
and upon making such transfer and delivery,
hap hapx oh.f1 h..
to receive from the Comptroller of the currency
notes as herein provided" &c.
By what authority / ask again, does this Off
appointed TO execute law OF Congress,
presume to nullify such of its provisions as he is
pleased to consider expedientl The law is de-
fectlve enough in all conscience, as any one will
readily discover who will take the trouble TO read
it, and must receive many important amendments
before t can 60 into successful operation; but
still, where has the Comptroller obtained the au-
thority to alter, or. If he is pleased to think So
amend the law at his own sovereign pleasure,
Congress having specially reserved that right to
itself alone7
submit it, then, to all directors of banks in
this city and out of it, that there is something for
them TO consider and to do 10 relation to this sub
Ject. III the scheme is good one in itself, let il
be made as nearly perfect as possible. If amend
ments required, let those who, from their po-
stion and experience, may be supposed to under
stand the subject, point them out and endearor to
have them adopted. As the law now stands, |
do not hesitate say that it holds ont no sulfi-
cieDt inducements for State institutions 10
organize under il. The stockholders had much
better, in my judgment, invest the amount Of
their stock leach for himseln in United States
bonds, and hold them in their own possession,
than to join in any association under the law as it
stands, with any expectation of realizing
large income from the investment. In the former
case they will be sure of a certain income il the
Government does not fail TO paw the interest; in
the latter, they cannot, according to my best
judgment hope to receive more-I think they
viii receive less, and that by no means sure.
INQutRER.