Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-09-03
The Financial Comb bat.

The following article develops new phase in
political affairs and agency in the attempt
n King by the party in power to obliterate State
line, and State institutions. aud establish a
central deSpotism. IL appears that all the cor
rupting influences nj the control Of the Govern
mcut IRE TO be used for these purposes. and one
of the most potent Of which Is the scheme for
establishing a nstionsl banking system. more
powerful aud eorrupting than the old United
States Bank which General jackson crushed
out Iii, is possible TO destroy the liberty Of the
e.,iren and the peculiar form OF government
which experience has proven TO be admirably
adapted for the protection Of popular rights, the
Administration will leave no means untried to
accomplish tina, purpose. and there can be no
more potent agency to that end than the control
Of the money power Of the country. The follow.
ing Developments. therefore. in the new national
currency scheme. have Significance well worthy
the attention Of the people;
Hostlities have fairly commenced When the
"Aes to provide national currency" was under
diaussion IN Congress We warned the people that
it, design to crush the State institutions,
which had contributed ~ largely IA the growth
and prosperity of the country. and To built on
Their ruins gigantic political machine. controlled
at Warrington. TO be used as the old United
States Rank Was in it, last days. to corrupt the
heart Of the sstion Our first proposition j. now
fully admitted BY the authorities NJ Warrington
Those editors therefore Who took N 10 task for
our prediction. and who insisted that there could
be NO anita gonsn, between sound we'll managed
State banks aud the financial pets of the Treas
ury. viii please To review their logic, aud recall
their denuncistions
We have the very highest authority for saving
thai " l. the design and intention at the Govern.
ment TO shape lts action o force all cx sting
banks m The United States To Wind up their At
far. and withdraw from the field. in favor of
institutions 20 be established under Mr.. Chases
system. and controlled NJ Washington
For this purpose the new Comptroller OF the
currency" under the direction Of Mr Secretary
Chase. has already set his machinery IA motion
20 drive the State banks 90 the wall. In cir
ealar he has sent 10 the faithful, he saws that
there will not be- fnr long two systems of corpo.
rate banking IN the United Stats. One or the
other he asserts. will fully occupy the field ard
Il requires spri, Of prophecy 20 predict which
OF the tao j. destined u give way." Banks
wh,se issues are secured by the Government, and
vhich are tn become the financial agents OF the
Government will. IN ny opinion. ere long be the
only ones that vill he tolerated" With strange
logic declares hts antagonism between tue two
sysems 10 be unnecessary but inevitable IL no
wonder that the assertion of this impending con.
hict called out some stirring questions from those
interested in the former system We have copies
of om. OF these queries. with the Comptroller'-
aver.
.Psrceiyin the hostility ofthe authorities toward
the = ate banks. one OF them ask II the Comp
uoller dues not mean To furnish them with the
ratio q circu alton as required by the actf lie
20 lies thai tlis j. In Law and must be obeved.
VI insisted on. but that he shall eNccu'e that
portion o. the act w'th reluctance. a. he eonsid
ers IL - great mistake" TO have permitted them
this privilege he hopes that the prohibitions in
State laws will prevent the State banks from
availing themselves of this provision: but II en-
aiding acts sre passed by the State Legislatures.
be shall only furnish the currency when com
pei N / With great "regret"
This u s;aSular language tor sworn officer OF
the government. at the head Of great depart
ment. % use ia reierer &c an act of Congress
He dislikes that portion "a the act (which grants
any privileges To existing State Institutions
deem- IL = mistake. and will only execute il when
eompelled. and then with regret We warned
our readers Of the despotism 10 be exercised b,
the national authorities their financial aft ir-
through this meliam OF lar reaching and most
oppressive enactment. but ne never once dream