Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-09-04
From the New York Journal OF Commerce
The Financial Com ba t..EviIs to be
Avoided.

While the act 10 provide = national currency
was under di.cuSsioD, there were many efforts
m u'e 10 show its evil tendency. AMI 10 prevent
its enactment Tint labor j. now over. and al.
"n'v good which can come from an ex ,mination
OF the law i the prevention or mitigation of the
ev IL which m ST e. be dreaded from its exc
cution. In our Iast we pointed out the dangers
which were likely To occur from collision he
tween the old and new systems. and c He'd at
tentnn especially 20 the purpose avOw ell M
WASHINGTON. 10 establish the new banks upot
the ruins of Site institutions The object OF
this substitution j. declared u be- the desire OF
the General G. vernment TO have the m neyed
institutions of tie country under It's control and
supervision The danger of such n connection
must Ice aup,rent Ia every reaecting mind Hi
tony 'e 'cheS that there me ms SO poten, :
the unlimited &c Ot the public funds
The original drtit of the act under discussion
re tric'ei TIE Secretary cot the Treasury in ,hi.
particular: he could deposit the pub ic m rev il
any at the b,nks and To any am uni; hut lie
must in al c,>-s t'ke an equal amount of tie
national ~ cks A. security After mu"h fne-se
this restriction was removed. and the power @
the SeTet,ry oveI the funds of the Treasur, W.
lett without limit We c,lle attention Ia rh..
danger from this source: but our warning W.
met with the Assurance that the money would
ALWAYS be sfe. a the Secretary without lecisls
tive promnting would exact simple security for
everv dollar of the public money
We are now only nn the 'hre>hhold Of the. ex
pertinent. and vet we lean from the organs oC the
Secretary that he has taken the very course
against which our warming was uttered He h,<
concluded. or snnouucet. To- ex act 10 per cent o.
the capt. Il stock in siocks and 10 take. in aii
tirn. bond from the .kholders I the full
amount of their capt,, Who would lend. inlis
CT m ,tey. one hundred thousand dollars ~
su h securitvr !; j. EASY Z" zee that the fo-fe,
ing cire Of the General Government is lkaIy 10
bring into being jnri'y of ID nix of rirrnla
ton starie chiefly for the purpose of distrihut
ing currency and aviiIing o. the government
deposits. Several gentlemen with limited means
borrow 500 .oOn in government stncks nlviny a
commission for their use and thus e .lre ! 900
in bank notes from Washington. They opan +,
bank. receive deposits. aud my then n,v IF The
origin loan. The Secretary of the Ire Snrv
deposits Slnn 400 with them ualn II per cen,
security and their joint bond ~ ~ Ike il .,oI
They loan IL out. honestly intending q m Ike
good use of II. an - save the prnciptl hsrmleSs
90 be restored ia due time TO the Treasury Bn,
thew are new. and have f-w regular customers ia
legitimate business. Be-iie- he very fact ct
their injection with the Ire ,surv will send them
'hrong OF political lerche- who slw,vs exaect
little &c 'ommod Iiion Tor their influence Thu-
With the best intentions Ia the world their invest
mentS cannot De rcIize when the Ire tsury
neeiS its funds. The hour of neeNI j. AWAY.
h1f hour tor collections They cannot reSnonJ
The stocks thew have deposited. il m ~ he uiu
not sell for enaush -eieem the e.ir-,,l ,t;o,,.
their bond is worthless; and the public funds are
lost
II this danger exists where the associates do
not intend snv fraud. what will cover the ri.k of
dealing with that swindling fraternity Who hang
around The banking system at every State. seek
inc an avenue n evade the laws md prev unnn
the puhlicg Will such ragues avsi them
selves OF the new act. and enter this ungaanled
wav tn the public t,easuryi
nut who - Ia Distribute the patronage among
these several instiiutionsl On whu principle j.
V IN be divided or conferred? The c ,mntroler
IN hrs circular. ALREADY aluiei to- nmiseS then,
that they sre n become the financial accents oi
tie Government Whit conditions will h. .,
sc'ei of theni Whit service are they N replsr
for such di-tnctonf Will AL alike sb,ra !,
the pr,frs OF this Connecticut These arr nor d.
questions They mu-t stsrtle every IN IN .h,fnI
patriot Nth Their terrible significance Ths
Government h,s this moment over thirty mill;,n
dollars Of money in its chest. All Of this. save
the specie. AMI much more o. shall be sccu.