Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1864-12-22

being administered. have resulted in the
entering up of popular judgment in ia
vor of the national banking system; a
judgment. not that the system is a perfect
one, nor free from danger Of abuse, but
that 1t is a safer system. better adapted to
the natureTof our political institutions and
to our commercial necessities, Civ ng NJ ore
strength to the Government. with less risk
Of its being used 10y the Government a
gainst tbs, Just rights of the States, or the
rights Of TIE people. than. any system
which has yet been devised. and that by
such amendments Of the aer as experience
may show to he needlul. it may be made
as little Objectionable. and as beneficial to
the Government and the people, as any
. paper money banking sy stem that wisdom
and experience are likely to invent. 1t
promises to give to the people that long
existing ,''desiheratnm. a national cur
rency without national bauk-a bank
note circulation of uniform value, without
the creation Of a moneyed power in few
hands over the politics and business Of the
country.
''Of course this system depends for it's
success upon the maintenance of the faith
and credit OF the nation, which, in their
turn depend npon the preservation of the
national integrity. IL these TAIL. the ma
tional banking system will fail; but il will
go down with all other important inter
ests, and will'be but a part of the general
wreck. That such calamity is not in
store for Us. is the confident hope and be-
lief Of all true men Of the loyal State-.--
The anxieties and apprehen .ions which
have existed heretofore on this point are
rapidly disappearing. as the loyal mind of
the United States has hardened to the in
exOrable resolution that the Union shall be
preserved. and the public credit shall be
maintained, no matter what sacrifices and
burdens the execution Of this resolution
may involve.
.'But while the National Currency Act is
restrictive in its general provisions, and is
expected, when generally adopted, 10 pre-
vent expansions. there is still danger that
too much capital will be invested under i,
during the suspension of specie payments.
AMI IN the existing unsettled condition OF
our political anc financial affairs. When
money Is plenty, and fortunes are being
rapidly acquired, the country is always in
ieverish aud unhealthy state This is
especially true at the present time. The
enormous expenditures the Government
anu the great advances IN prices since the
commencement OF the war, have made ma
ny persons suddenly rich. and upon for.
tunes suddenly acquired, have followed
reckless expenditures. extravaganza, waste.
Speculation is taking the place sf sober
and preserving industry. and rhonsahGs
are delu ed with the notion that the wealth
Of the nation is being increased by he
increase Of its indebtedness. The inangn.
ration Of a new system OF banking. nnler
such circumstances, is peculially hazard
ous, and | have been, from tie time of nv
appointment, more appiehensive that too
many banks would be organized. than that
the system would not he sufficiently at
tractive tn indhce capitalists to become
connected With it. The Government is the
great borrower. Its obligations com posc
a large portion of the discount line of the
banks, which are making large profits on
Cove, nmcnt securities at little apparent
ri>k and the dangeris that the national
banking system. with all it's restrictions.
may sdui ing the suspension Of specio pay
ments, and the continuance Of the war.
and to the plethora of paper money; and
that, when the war is over, the banks, de-
prived Of the existing means of the invest
mcnt in Government obligations, and find
ing no legitimate use for their CAPITALS.
may lie tempted to use them in encouray-
ing operations that will eventually prove
TO be- Improbable TO themselves, as they
will he Injurious to the country. For the
double purpose therefore. OF keeping down
the national circulation as for as it has
seemed possible to do it. consistently with
the establishment of the system through.
out the country, and preventing all in
crease OF banking capital. that might,
hereafter. be instrumental in keeping up
the imitation. and re,ardinr the resumption
OF specie payments, or prove Improbable
to Its owners, j have felt it my duty to
discourage. in many instance. the organi-
cation OF new banks. and in more instan.
ces 10 refuse my sanction to tie increase
OF the capital Of those already organized
In doing so, | may seem to have exercised
power not warranted by the act; but, if
not sustained Ly its letter, l have been by
its spirit, and am willing to let the fn
Iure decide rs to the correctness or incor-
rectness of MY course.
But while entertain the opinion that
the earrepc cy II the country is already too
mnch expanded. AMI that it wonld be a ca
lamity if the national banking system
should be the meas of materially increas-
ing it, must not be understood as sanc-
tioning the notion, 90 generally prevalent,
that the high price IF coin is to be alto
gether or chiefly attributed to it, or that
gold and silver are. at the present time.
the standard Of value in the United States.
When gold sold in Wall street, on the lst
Of July last. at 1S5 premium. many Of the
best stocks, as well as productive real es-
tate. were no higher than they have been
upon aacein basis 90
by referring to the gold market in New
York during the three past years. it will
be perceived that the value has been reg.
ulated bv other causes than thu ina ,;