New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-12

bank notes at the Suffolk Bank ard ma Raus A =
| Mutual Redemption III Boston, precisely the same
as hose notes were redeemed when the banks wss,
paying specie Most If the bauks Of ttis Safe To-
deem their circulating notes at ,te Metropolitan
Bank in w.YoTk, jd't as they OH before The sss-
pension. s .. .ll fN Itl L
Due returned circulation for tx months N 1864.
was nearly two millions ia cXccss Of lhat Tor Ike
period in 1861, although ihe aggresetc circulation u
lsG2 was MAI Tili0ns An s&c,,s II wnat'lt was 50
lS6l. Nobetter barometer whereby W Tieasurr tho
stae Of the currency can BE- found Than me rctrns
made TO this DepWtmeut EVERY soiea ana mutI-
lated MOLE capable o. aerv-ce, Gs brought into ice,
and the banks of thu Eas were literally bssieg9f for
currency wherewilh 81 move the crops OF the West.
Engagements we're node wecksin advancs by those
waDt<Sg currency, in CsJer To secure sntplyj aud
numerous facts NIGH be addoced TO Prove shat with
al the Issues OF GoTsrGmeut aad TAG banks, sns
volume # currency wac not 10 excess OF Gao wants
o. The country Adequate GROUNDS Tor this Unusual
demand may be found in TIE Tlthdi&wAl u all tbs
specie nom circulation; IN tho alb lAlyn oi me entire
bnk-nOto circulation in several Of she W stem
States, consequent ufcn The failure OF Local ii-iitu-
toDs; IN TIE vast sums required ior tho payment o!
bountes and wage" TO volunteers; IN the In enc
purchases OIL az cuitgral products by the Govern
ment in the enhanced prices OF those pFoducs. cali
ing for vast sums both In payment and for thsis
transportation: and by the iacc t1aI nearly The en-,
tire businebs of the community hue oaraS she pas
yeas been transacted upon cash bas's
CONGRESSIONAL LEGISLATION IN 2EFGRENcs
10 BANKS.
The Secretary Of tie treasury the Csited States,
in hs recent report urges upon Congress the Ircor.
puratou OF banking Institutions wlthIn tbe seVerat
States, with ceriain regulations, lmmunlIies ana
privileges. - ia -
WIN vice forecast for Tie interests of the State.
thr Legislature has provided that che stocks OF New
York shall 90 received Il security Tor tue pIomPt
redemption OF tie circulating notes Srled by osnk1
and bankers, and with great nberGhy Las pefmited
lle stocks III the JUed aes 10 DC dsPofei ior the
nj f.4tfH taFalNf HlYF. llllA
THIS pcoyiaion over $1,000 $50 0f New-iOrk stocks.
and oye si2 900 300 Of thofe OF the United states
are now ON deposit in this Department.. II the
amount Is not equal the cause 10 TO he IouId only IN
tie preference given by those deposlIing to tbs
securities OF New York III investment. It IS now
seriously proposed 10 deprive our citizens eogaged IN
the business OF banking OF thle privilege, AID by
CoUpnis ny measures ia the way VI axiI0n TO iorcs
Them 10 receive the securities OF INC UniLed STATES,
to The total disglseemonG OF the SOCKS OF our ova
state
Tie changes thus proposed srke wide a1d deep.
The power VI taxation, II oaul.d 10 prohloitory
extent, wI Tor, the biuk al t1is and other States
~ withdraw their present circuialion 4 NAY b
allowed u instance "a singc bank il. Il nelg Ioorng
village, which, with capital OF SlJO,VJJ, aaa Q
circulation $4,000, chiefly obtained Tor the pay.
ment Of bountles 10 u. ). yoiunteers), now Loidn
1880 600 ia securities OF the General GoveBment.
Facts If this arlceF patent ali over the State;
YET these aTe the Institutions which are to DO sub
Jected 10 hgrrasang Provisions and numberiess IN
convenicEces, in order ~ compel them 70 transfss
their gles lance fEon the ) ate 10 which they were
created 90 legislative and bureaucratic authOri-
ties al Washington.
An important consideration is found II the uttAs
lack oil constitutional power on the part OF Congress
to create corporations Within the States, without
the assent OF tue state Legislatures. practi.
cal question Tor the Legislature vi New-ick tosds-
eide Is, bow lar /; VIII suffer the abueg iton OF zoe
stocks vi NeW-Y5rk as basis for banking, and 20
what extent it viii allow The insIi!utioa OF ia
creation adure their 10 State authority,
and accept that OF lac te.eia al Congress-.
Without legislative instruction ~ the contrary. u
will be nay duty during my continuance in Office, 10
enforce this provision against all ass0ciaioLs W IN
dIyiGUg!s elning authority from any other source
Ii require, Slall not hesitate 10 tnng the
question 10 the test o. Judicial DECISION, that Me NAY
learn autLoritativey what powers oyer local institu-
Tons are still LEFT To the States.
Rs.yeella!iy suoa.il.ed, ii. Al. VAN DYCk. 5gpss.
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