Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1864-12-22
THE REPUBLICAN.
PLYMOUTH IND.
THURSDAY, DECEMBER 22, 1864.
Report Of the Comptroller OF Cur.
IenCy.

report, we learn that there are 0S4 Nation
al Banking Institutions ,orgsnized. with an
aggregate capital OF sl0S. .964. 597 2S. hav.
ing circulation of S65. SCI $50. There
are 81 of these Banks located in Indiana,
with an aggregate capital of 81 201. GIL
26. anil having circulation of S3,l4S.-
4G0. We give below a few extracts from
this able report. which all would DO wei
to read. as they impart valuable infoIma-
tiou and give some useful hints to all
classes WHO aresli~p0ssi to Speculate and
indulge IN extravaganza:
"A large proportion of the circulating
notes which have been furnished by the
Comptroller. was intended to take the
place. aud is taking the place o: the circu-
lation Of such State banks as have been
converted into National ones, or Of those
whose notes have tecn voluntarily retired,
or have been returned from those parts OF
The o.sntly in which the aotes of the Cn:-
ted. States and Of the Na'i0bal banks are
alone current; so hat The currency dcliv-
cred to the National banks is not, and
will not be altogeth9r an addition to the
paper money Of the country. but rather.
to a siierabla extent the substitution
of IL for that OF the State banks.
"It is, perhaps to be regretted that so
MANY new banks have been organized in
the States where. Lefoie the passage of the
act. there was 10 deficiency of banking
capital. There would have been less cause
FIR AZ preh, u>ion tlat banking capital in
any Of tie Staies waS heingtoo rapidly in
creas el if.by tnitaldc legislation OF the
States. State Banks had been sooner au-
thorized to avail themselves Of the bcne-
fits of the National Currency Act. and the
managers Of banks, where the necessary
legislation Lad been obtained. hal more
promptly l,cerncd the inc. liable tenden-
cy Of the public sentiment. and co-opera-
ted with the Government in its eiioits to
nationaliz. the hank note circulation Of the
country. 1t was not the intention of the
o,:ginstors and friends of the system, nor
has it lcen the leiicy Of the Comptroller.
To swell through the lnsirumentality of the
National Banks. the volume OF paper no.
nv. On the contrary, the system was
designed To check over-issues by requirirg
ample security for every dollar which
should be put in circulation. and it has
been the aim of the Comptroller so to adj
encouraging, an unhealthy and dangerous
expansion OF credits.
[Thc,C on, Iafol cr inti N aicsthat the ap-
prehcntirn of foa rsrhi Increase of Ma
rional Banks have been lcssened by the
recent action of State Banks, especially in
Massachusetts. .CoEnecticut and Pennsylva
ria. which have been allowed by the Le-
cislaturcs to reo,ganize under the Nation
al system and thinks that the time i not
FAR distant when unifoim National cur
rency will supersede the present, and this
without distu bing the business of tho
county
1T is also an interesting fact. that the
stock Of the State hanks Witch have been
changed Into national Associations. has not
been dep,eciatedN by the change: on Ia
contrary the shares Of .nost OF them have
been appreciated. and | know of no in
stance in which their real or market valne
has been i,jniiously affected by it. This
fact sufficiently refute> the charge, some
times urged against the system. that it
was heing forced upon the country to the
prejudice of the stockholders Of State in
stitutions.
..It may be proper for me to state ano-
Their fact in This connection, of interest to
the pnl,ic,& 2 which lis. that the National
banks are. without any known exceptions.
in safe, though some Of them are in mex
perienced hands. and that the fears that
the National banking system would lie the
means Of filing the country with banks Of
] Gcii,ious capitals, and be a reproduction
on large scale. of the Stcck banking
system Of States in which they hal pro-
we'd to he failure, if not a fraud. are,
from present Indications, without q real
noun,saiion-$ ~ 80 vsn ~
THE fact ttat such apprchensions were
entertained or were proiessel to be enter
tained BY the bankers OF State, in which
a system similar in some of its main fea-
lures was in practical operation. intimida-
ted. for awhile, the capitalists of other
States, and retarded the reorganization of
State Banks, but worked no permanent
injury to the National system. On the
contrary, the expression Of those fears has
leL to thorough examination of. the act,
and careinf observation ofs-its admins
tration, and the result has been favorable
to both. 1t has been discovered that in
many important particulars the National
system differs from. and is an improvement
upon, the State system, which it the most
closely resembles; that it restricts circula-
tion to ninety per cent of the bonds on de-
posit with the Treasurer, and prohibits
the hanks from issnipg notes to an amount
exceeding their.l4na tide paid mp capitals.
sworn to by their officers: that every inte-
rior National Bank, in addition to redeem
ing its notes at its own counter, is COM
PEELED to redeem at par at some CONNER
cial center, thereby tending to prevent
high rates of exchange between different
sections of the country and that. in the
case of the failure Of a bank TO redeem its
notes according to the provisions of the
act, these notes, instead of being deprecia-
tea. vonld, b - once -yedeewble ishw-
, ~ money AZ tAe -trss~ury.'ofAs United
States. 1t has been also aseertained that
the Comptroller is requiring the most sat
isfactory references or credentials in regard