Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-10-03
NATIONAL Ranking.

The last United States bank" came To lis in
glorious end amid popular executions, and every
attempt to revive il in subsequent Years brought
ont n strong verdict of the people against It. The
sub treasury system had indicated the wisdom
of lis founders. and stood the test of national
peace and war, commercial prosperity and adver
si'y. with ever increasing usefulness and success
Not one dollar OF the public money had ever been
lost by it: there was no possibility of it, ever be
coming an instrument of political corruption; IL
served with equal faithfuness the petiest details
of public business and the collection of the
mightiest revenues. so that the most rigid econo
nv could not spare it. and no expansion of ua
tional wealth could outgrow il In lis counec
ton thus developed and tested, the operations of
the United States Treasury Department had be
come the envy and admiration of the world
When the national banking scheme OF Mr.
Chase was proposed. we argued that it was not
only calculated but intended, to supersele the
suh-treaSurv OF the one hand and Ia extermn
ate the State banks on the other and TO intro
duce in their place system which all past ex
perience hid shown to be lrlught with the most
serious evils 1t the object of the system
had been fully revealed ut the outset, it could
never have been adopted, even by partisan
Congress But ts friends and advocates iudig
nanty repealed the accusation that il was de
silued in antsgonsm to the existing banks. and
m,nv OF them attt mp;ed to show that it would
work in the most perfect harmony with the in
stitutons established under State authority. The
measure was carried, and the mask has now
been removed Mr. Chase has appointed the
Hon McCnlorh as Comptroller. to stand at
tie head of this new department. and this gen
tleman has issued an official circular which takes
the bodest ground in opposition To the old
banks. He declares most positively that two
systems cannot 60 operate and that all existing
bank must 90 down before the progress of the
new aspirant for power Nay. he goes even fur
her and will not show the State banks any
courtesy in their efforts to change their chnrac-
ter so rs To conform to the requirements of the
new Act; advising them in brief phrase To wind
up their affairs, and 90 out OF existence with
ouf n struggle
Our contemporaries who charged Us with mis-
representing both the character OF the act and
the motives of us originators, when we show ed
lis tendency in this direction, have been entirely
dumb since this open avowal of hostiiities As
far rs We have seen not ore of them has ven
tured even To publish the circular OF the Comp
trOller in which he announces thar existing
b.nks in all the States must TALL before this
monster creation now swelling into vigorous life
under his management. Do the, hot believe in
this design. now that II i au'hurtstivey an
nOuncedI Do they not approve ut iy We do
not ask them To Withdraw the Ioul epithets thew
But we call upon them to let their re Iders know
what Is intended At Washington Ii IL IS right
and best that every bank now established under
State authority should cease TO exist. aud IN the
ruins multitude of national banks should
arise be recipients of official fsvos to suffer
official frowrs. according IA they may please the
central government. TO whose authority and
control they subject. why should the organs
of the Administration hesitate TO explain the new
policy % The popular apprehension They can
not deny that this is the p.lcv. for il h.s been
othciily announced: why. then. they silent
when these momentou- charges so formally
proposed ~ the authorities they accustomed
TO veneratei
There il To us a marked significance in this
silence hut we fear that the lesson IL ,nvevs will
come before the people when IL j. too late for
them To undue the mischief. Before another
Congress meets thee claimlnts Tor Official pat
roma ge will have started up all over the land and
not a few of them will have acquired taste Of
the coveted favor Confidence in existing banks
will not have been shaken. perhaps. because they
will not 90 down rapidly the Comptroller
predicts: hut the greed o! political cormoraDts
will have become excited and they will be clam
orous against every attempt TO close this ch tnuel
from the public treasury, which promises To di-
vide into thousand streams as a reward Of par
tiSan service.
The more they examine il, the more will the
mere politicians of all parties he taken with this
scheme for Wrestling the banking capital Of the
country from tine Institutions they cannot influ
ence. and divertpg the public money from its
safe Judgment in the National Treasury, and
placing both within the control of ihose who may
be in power at Washington. Ambitious men.
who hope 20 remain in the seat Of authority. and
those who strugglihg 10 reach II, will alike
rejoice in everything which promises TO increase
the value OF the prize for hich they struggling
Upon whatever else they divide. interruptions
politicians agree in this, that the DOses to he
viehled and the patronage Go be dispensed should
be enlarged TO their utmost limits.
The evil into which We are now rushing
therefore. is one not easily remeiied. Ii is only
a superficial observer who confines his view OF
this measure 10 irs effect upon this Administra-
ton, o the one which Is Immediately TO succeed
H. |, il designed 20 attach The imporant inter
eS's connected with the financial Concerns of the
whole country To the political machine. and make
them share IN the excitements Of the campaign
There are many who do not see this. and who
honestly believe in the aattering assurances with