Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1864-01-15


passed an act to expire in year, exemp
ing the banks thereof from tac sever
penalty impose by th"ir charters, for fai
ure IN this respect, not, however, rclievin
them from the duty Of faithful perform
unce OF their obligation. This act wa
renewed in 1868, tine Government Of tn
United States having in the meantime issue
ifs own circulation notes, aud sanctlone,
thc same a. a legal tender. As the rclso
originally existing for this legislation, Still
sbides, enforced by the Consideration, tina
the LEGAL tender notes OF the Unite
States, will dischar all the pecuniary oh
legations rs well Of banks a. individuals.
recommend the further extensions Of til
same.
In consequence of the imposition by Con
gress. of tax upon the circulation AM
deposits Of the local banks. the LHgisl,
ture Of 1868 conditionally RENTED ons
half Of the State tax. imposed upon our
hanks BY their charters. This was clear
aud only an act of justice, inasmuch a
rational legislation. by tho tax, and thu
creation Of banks, inIringel largely upon thu
special and heretofore exclusive prigil 'scs of
The State mutations. for ths concession Of
which the State tax was tho ,nsIderition
1t is now proposed to add still further to
tao national burden, upon the circulation
and deposit of the Institutions. Such ad
,lltionai duty is recommended by the comp
troller of the currency, AMI has the sanction
Of the Secretary OF the Treasury oi the
Unit i States Under the weight Of such
additional tax. it is clear that the State
banks at an early day must retire from bus
mess the remission OF the remaining halt
of the State tax, will nc insufficient to
enable them TO continue in operation. The
uati.nal tax on circulation and deposits cx-
ceedinc two ref cent. &c luctei rom dSt-
bends for internal rcyenuc, TO all which ad-
4 nc the expenses of managing the institu
ri,ns. leave 50 small resldunm itr &c use
of the CAPITAL. that 1T will be withdraw for
some more profitable employment.
That an increase OF takes under the inter
nal reyenue act, il demanded to realize from
chat sourc, supplies equal to the necessity oil
thu government, is not to be doubtod but
without further imposition, no class OF sc.
curi,ies is subjected to 81 heavy burden as
hank stocks. | assume, however. that the
object Of this proposed additional levy, on
tho circulation and deposit, Of the local
banks, is in cJnforinity with its pro5Ible ef.
feet. viz to cause them 10 give place to the
natl nal banks, btscd on the securities of the
United States. The design OF these banks
il first to provide uniform currency through
the nited State. and secondly, by their
ABSORPTION Of the bonds of the government
for the basis Of ther circulation, TO Euralsa
supplies to its treasury.
The circulating notes of the banks in New
England have enjoyed such credit As to
acaye little u be desired in that particular
The bank. of Maine have well answered tbs
s,biects OF their creation, the per centage oil
i,ss by failure has been Insignificant, the
community understand their character and
confde in the integrity Of their mAnag rs.
With one or two exceptions, the banks now
in operation in this State, have been doing
lbusiness from ten t. fifty years, in which
elmo they have earned the reputation the,
eni,y. But il the occasion dem.n the sur
render of tho charter of the local banks. to
the end that the government may obtain ID
necdful supplies, their stockholders W ayal
themselves of the right conferred by the
Legislature Ct 1868, to close their seyera
institutions
That the creation an general employ
ment of these natl ma. banks, will tand dc
cidedly to strengthen tao national credit
and, by Consequence, the national govern
Inent. by interesting peeuniarily every eitI
zen in its stability, is unqucstionabic. iht
diffusion Of the national stocks has largel
produced that effect, while ths circulation
of bills, rcposing thereon Tor security, b,
the newt bic law, Of scliintcrest, will
comm md the aid of every man who hollis a
five dollar note, in upholdins tic govern
ment
The finance, Of the United States hay,
been managed by the Secretary Of the Treas
ury with surprising ability during peri
cd more trying, than 1t WAS, perhaps, ever
the lot of any other people 50 pass throag''
Tho credit Of our Country stInds peerless
commandn. its daily millions for the ma
tional supply, and the genius which devised
the evst.m by which this result has beer
wrought, commands universal homage. Bu
there is still another element, 'werins abov'
all financial genius OF wisdom, which, CO.
operating with the illuttrious Gaancier, ha
placed the national clc 1T on rock. II /
the uncalculation pltrlotism ul tho Amer
can re ,ple pouring into the NATIONAL cot
Irrs their glrn red wealth, which they hat
stored beyond the computation OF the sta
tistican, with pro!usipn which amaze
mankind, trusting their country as a chill
Ms father, with IL confidence which will nj
he shaken, while that country nee Is a dollar
for it's defence, aud they have the dollar
contribute.
MILITIA.
At the foundation Of our National Gov
ernmcnt, dcsp seated hostility to ,saodin;
armies existed among our people, ami tina
sentiment was truly represented by the me
who framed the Federal Constitution
British regulars had been employed for the
COMPRESSION, and our fathers took good Cal
TINT no such effectual instrument OF tyral
nv should cx list under the government thu
created. That sentiment descended to the
children, and the standing army OF Il
un;t.d States Was never large enough
nickel the shortest boundary line Of Il
Nation.
But with all this feeling, these wise m
were not blind to the necessity IN every VT
ordered government, of a competent militia
establishment for national defence, ana
arm the magistrate with the power OF e
forcing the laws. Accordingly the Cons'
tuition OF tie United States authorize %
prc.s to provide for organizing. arml'
and dieiplining the militia, .sreservipg
the States, respectively, the appointment
the officers and tho authority OF training {
militia. According e. the discipline pr
scribe,i nv cm.ress" Article two OF q
amendments to the constitution declare
:. that we'll regulated militia, being n
cessary to the security Of a free State, t
r;.xht tho neople l., keep and bear arr