Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-10-14
From the New York Journal If Commerce.
Stiit Uu.u>wered

StiIi Unanswered.
The main question connected with the pro
posed change in the system of banking in this |
country are still unanswered by those who are
urging It, When the measure was at first nitro /
duced we discussed il. somewhat at length, upon
its merits. but objections met only eva>i,e /
replies. When asked it it were wise to bre k |
down the existing sound banks Tor the sake OF
building upon their ruins a series of new insttu |
tIon> orgtnzed in different manner aud subject |
to other CONTROL were told that no such sub
sttutIOn was intended The Administration
papers denied the truth of our assertion, when we
charged that the Government intended that the
new pets should super EIDE all existing organize
tons, and sneered at all arguments intended To
show the autagonSm foreShaduwed nv the action
ol the Treasury Department. The charges and
assertions thus denied are now officially estab
lished. Hon Hugh McCulluch, appointed by
Secretary Chase as the official head of the new
system. under the title of Comptroller OF the
Currency, has, in frank. manly document.
much To his credit, openly avOwed the intention
OF the Government TO establish the new system
entirely AT the exi enSe OF the old The two kinds
OF banks are not only not To share equally in the
favor OF u department.. but the old banks are
tod distinctly that they must wind up their affairs
and 20 GU OF existence
Ii is true that the prominent Republican papers
10 not utte 10 puUil>h OlHCldl uOcutneut, ana
let those friends and stockholders of the old
baI,k@ who read only their columns. know what
l. in store for them They attempt to drown all
discussion of the unpleasant theme by clamOr
about Opposition to the government and al
Jude IT, the proposed change when driven To
mention II, only IN those unmeaning generalites
intended To divert attention from the questions
AT issue Once in a while. however the dissati
faction with the new me isure crops out in place
a.. l..
cannot be safely used to cover it. In such cases
it would be amusing, if the subject not too
serious to see the desperate shifts resorted to for
the purpose of avoiding the main issue. 10y papers
which dare not be independent and treat the sub
ect upon its merits The New York Times At
lords "A good illustration of this st,le That
paper has not dared TO print the Comptroller
programme. or, so tar as We have seen, To call
public attention To its leading points Its only
reply 10 our argument Is in abusive eptbets
Blu: a circular address to the banks has been Is
sued and copied into the Merchants Magazine
This addres, is short, pIthy and uIl of antagon-
i'm between the systems announced at Wash
ingtOu. The author l. not comprehend
He cannot be calle,. "a malignant" He doesn't
edit ian anti government Journal The Times
states that he i the president OF large and infu
entail Wall street bauk, and the editor admits his
LOYALTY" Certainly, then. here Is an argument
u.
it possible. to refute Does it do sol Mo- IL
ntnates that the law. logic. and good taste"
of the document are questionable but it does not
venture To question" them after all. There is
one thing which 1t dareS DO, however. and I'll il
does 1t assails the Magazine for publishing the
circular and afixes "a scandal upon the reputa
ton" of that journal TOR venturing to publish a
carefully written document upon the most inter
e>ting financial question of the dayl
f,,lt 3D.: =.
small business The real questions must be met,
rnd neither Sneers nor abuse will serve in the
place OF argument l. it wise for the General
Government To inaugurate and enforce system
of banking designed aud intended to drive all ex
sting banks in all the States into Liquidation.
bntuug even their very names out at cxi>tenceI
This is the question which i startling sober and
thoughtful men in all the Middle and Z ,>tefn
States. ard which will vet ring through the IN
ton Ii has voice which must he heard be
cause il - not theoretical proposition, but a
question of momentous practical issues IL has
10 necessary connection with the progress OF the
war except AT single point, and that i more "A
question of expectancy than OF principle If il
were wise TO make such change a here bro
posed. there would still remain the question
whether hnan ,ial transfer of this maguitu ~
could be IN ,naged iudciousy in the face OF our
present trpuble>g But this inquiry ueei not he
touched, for the fundamental is ne h Is still to be
settled.
Il may be said that Congress has ordained the
new measure and therefore il l. too late To Que.
ton its wisdom But this is not wholly true
Congress never designed such a sweeping chan e
in the currency a i now proposed by the Treas
urv department. Ii was supposed by many that
the two kinds of banks would gO on lovingly 10
gether. without mutual interference II the policy
now officially announced a. Washington had been
stated at the outset, the measure could not have
been carried
This policy il is both the right and the in
tereSi oi the public 10 discuss The old banks
hive doubtless mant misieeds to answer for
tut Mr. Chase i the last person in the world
Who should turn To be their accuser In spie
OF their fultS thew bound IA affection and
interest to the euure business community ANY
change in their management. or any general
intern tiun of their ordinary business would
shake nnaueia credit and confidence thruu shuut
the States What effect then will result from
a blow ht their very existence What far
reaching tides will surge through the land when
thev winding ~. before their capital is Dis
trihu'ed and ah-o'bed by the institutions which
shall succeed themy
The question: regsrding the wisdom of a Ma
tional Banking Establishment. with it, Federal
control ut the peoples capital, its far re aching
political influence, It's liability 70 corruption.
fraud and loss of the public revenues are too
important 90 be treated in paragraph, and may
he reserved Tor further discussion. Ia the mean
time the inquiry which i brought pr mnently
beiure the public by the circular referred to, must
be heard aud answered The Times NAV think
IL strange that a banker who has stood zealou>ly
by the Administration for years. should st last
turn To question its course. when the existence
of the institution over which he presides Is
openly Threatened; bat the only mystery we can
in this connection - that he has faced the
danger 30 long in silence There are many
others throughout the country who will be
greved at the attitude of opposition which they
must assume. or consent To surrender their own
rights and beirty the interests committed TO
their trust