Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-11-04
National Banks.
To the Editor Of The Boston Courier:


In abDut one mouth new Congress will as
semble. and month Liter the General Court OF
Site will meet; IN the meanwhile shall
anything be said or done. AMI wha. by those who
take. or ought 10 take, an interest IN the scheme
of Secretary Chase for establishing national
banking assocationsI lie il assurediv a subject
OF deep concern to the people of the United States
collectively, and it j. 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. ve-y believe. that
not one IN ten OF those who ought TO have made
IL careful study. has done so much "a even To
read il through up to the present moment Are
the three or four hundred bank directors in Bos
ton all asleepl or il il 50 be- that they feel little
interest in the subject their account, have
not the women and children, whose property
whose whole property, perhaps-has been COM
mitted TO their manas ement, very deep inter
IN the natter Aud are they not bound. in honor
and conscience. To be able - give those women
and children, who are so little qualified To take
care of themselves, an intelligent account of the
provisions OF the aud of its probable effect on
their means of living? Are these State institu
tions TO be crushed under the mighty idol of the
Secretary and his financial advisers and the wo-
vested in them, driven into new inv ments! or
will they be suffered to i've and To furnish in tn
ture. as they have dune heretofore, not only "A
sOurd currency Tor the people. and n safe and
reasonably profitable investment for the stock
holders, but sub.tantiil aid. in pressing emersen
ces, for the support Of the credit of the Govern
ment ltselif Surely these are questions vi i'm
portince enough To attract attention.
That l. the present purpose oil the Secretary of
tho II auH nj lao o. tha
rency. to drive out OF existence all State banks
cannot doubt. Indeed, the officials make no
secret Of such intentions The Comptroller on
his late visit TO this city, as am inioI med, 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 not induce
them to wind up their State institutions and or
ganze at once under the United States law 1
know. too, that in one case the Comptroller has
declined 20 furnish bills to sound and good
State bank. on pledge OF such stocks as the act
requires, on the ground that il 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 matter
In IA communication published in your paper
some weeks since, pointed out another instance
in which the Comptroller had undertak ken. ia his
supposed supremacy Of power, To override clear
provision OF the law, by imposing common
name, with mineral prehxed. whilst the law
Itself gives to the associates the right Ia assume
(sec g. the NINE by which their assoca ton
shall be known
81 in this matter Of FURNISHING bills of circu
lation 10 State banks, the act Zee 62) expressly,
ana IN the c edrest langu ige. provides. that ''sny
bank ar banking association authorized bv State
law NAV transfer and deliver to the
Treasure r of the United States such bonds .
aud nron making such transfer aud delivery
such bunk or banking association shall be entitled
To rece We from The Comptroller OF the currency
notes a herein provided" &c.
BY What auth 'ritv | ask again. does this off
Ger appointed 10 execute "A law u; Congress.
presume To nullify such it, provisions he is
pleased to consider expedenty The law is de-
iectve enough. in all conscience "a any one will
readily discover who will take the trouble To read
1t. AMI NUT receive many important amendments
before 1t can go into successful operation: tut
still, where has the Comptroller obtained the au
thorIiy To alter or. 1t he H. pleased To think so
amend the at his sovereign ple lsure.
Congress having specially reserved that right to
it>el alone7
| submit IL. then. To all directors Of banks in
tins city and out o it, that there is something Tor
them 10 Consider and To do in relation Ia this sub
ject Ii the scheme is good one in itself Ter il
toe made as nearly perfect aS possible Ii amend.
ments are required, let those who, from their po
sition aud experience may be supposed To under
stand the subject. point them out ami ende Ia
have them adopted As the law now stands |
do not hesitate To say that il holds out no Sufii-
cient inducements for our Stale institutions to
organize under il The stockholders had much
better. ia my judgment. invest the amount OF
their stock leach for HIMSELF in United States
bonds. ami hold them in their own possession.
than To join IN any association under the law as it
now stands. with any expectation of realizing "A
large income from the investment. In the former
case. they will be sure OF certain income, if the
Government does not fail to p,y the interest; in
the latter. they cannot. according to my best
judgment. hope TO receive mOre-I think they
will receive less. and that by no means sure
INQUIRER.