Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-01-23

ton than any IN which they have found them /
selves Not content with forcing them back into /
the Union. the determination now seems To be to
extermlnate Ihe-.i They have no longer "A choice
betsee" ne Southern Confeieracy aud conquest. /
s,etween liberty and slavery, between life and
death
The triumph of the Radicals and the more de
cided attitude of the Democrats destroys tn. last
hope entertained by the friends OF peace that the
American Revolution could be brought to a
peaceful termination. The Felerals irritated
by the resistance whcn they meet with, and
blinded by the bloGd which they have she'd. rush
like drunken men upou the South aud precipitate
themselves cen masse upon the palptaling aud
herrie body OF the COnfederacy, while all the
world looks on at the MURDER and n0ta voice Is
raised in their behllf-not one in Amerca or
Europe. HENRI NiGNAUD.
The Nationni ssStump-taii" Banking
Scheme-A searching Exposition al
its Unsoundness and of its Perni-
cious Effects upon Public and Pri-
waite snrercsts-xepOrt OF Is. II. Van
wyck, Superintendent OF the Bank
Department i'm the state Govern
meut of New York.
We su1joim those portions of the late report
OF Il II. VAN WICK, Superintendent OF the Bank
Department in the State Government of New
York, relating to the new National Bank scheme
only promising that Mr. VAN WICK is Il Re
publican in politics. and Is in his present position
by appointment OF the Republican party
The people aud banks of New York cannot
but look with apprehension at the palpable ind
cations from Washington of design, on the part
OF the Secretary of the Treasury and his subor-
diuae officers. foster oppressive legislation by
HnnorpSs fow,r1 rho instifnfinns of tbi. Sfata
with the Apparent purpose of compelling
abandonment of their present organizations and
an adoption OF the national system. IL is earn
esty 10 be hope1 that no seeming advantage in
this direction will cause the National Legisla-
ture to adopt policy that must resort in serious
arrangement OF the business interests of the
country, well as in evoking more determined
hostility toward system which ought to win
its WY to success through other mediums than
largesses on the one hand and punitive taxations
on the other. We already have "A currency as
amply secured as that proposed under the act of
Congress Our banks hold United States stock
tar more than commensurate To secure their en-
tire circulation, aud no further absorption of
these securities could be obtained by an enforce
ment of the national system sufficient mum
Der of government banks will be organized To
furnish repositories for the public revenues. if
the State Institutions are not regarded as safe in
this respect. Hence there would seem ID be 10
apology for driving the institutions OF this State
into nm unnecessary contraction of their accom-
m0datiOnS to the community and the govern
ment, a must be the case under coercive and
discriminating legislation The first obvious eff
feet OF the .,ational system must be the NOR
dinate multiplication of banks of small capitals
throughout the country. The slightest familiar
itv with the locations OF those institutions must
enforce the conclusion that they not estib
lished in accordance with the requirements OF
legitimate business. adequate to the support OF
bank. but that they designed merely
dults through which the circulation received
from Washington is To flow out upon the commu-
nifty. Men high in authority have iucucated the
idea that the notes thus sent forth by petty cor
poratious are TO possess all the aEIibutes OF
currency issued by the nation itseli-that they
are ~ maintain limitable round of circula.
tiOu--be of equal par value at home and thous
auds of miles from the paint OF redemption-and
that their curative fathers will never be called
upon ~ fulfill the promise of payment until
7 columbus discovers another continent, or
De Soto" calls at the bank on his way up the
Mississippi. Uuder these seductive Influences.
aided by the hope of becoming repositories Of
the public funds. il is not improbable that the
number OF National Banks will he rapidly multi
piled: and that large accession 10 tie ire
deemable currency already ahoat will
further TO illustrate the problem of rising prop
critics OF gold aud the sinking propensities of
paper Who that remembers the lamentations
OF the Secretary of the Treasury over the ia
hating influences OF bank issues, will not wonder
at the avidity now manifested for the ere ,ton of
associations whose influence must be 10 postpone,
to still more indefinite PERIOD the resumption
of specie payments For the inevitable effect OF
engendering brood OF banks. at u time when
gold GO tlands premium i'm paper of fifty per
cent. anu OF dispensing the specie reserve now
locked W IN the vaults OF existing banks by the
distribution OF their assets can only operate in
this direction. Besides. truly national cuETen
cy. 10 the amount OF $500 00O 600 has been al
ready issued by the government To this extent
II i loan without interest on the part OF the
people, satisfactory a. me ilum oil exchange.
aud within the control OF public authority
= 10 10 dmfnution or increase. ne econO mic
considerations involved IN substituting FOR this
currency an equal amount OF government bonds
bearing SIX per cent interest. and giving To
banking institutions the benefit of a circulation
Equivalent 20 an interest o. Sis 600 600 per an
NUN. Is far from being apparent. One of the
diSting uishing attributes of the .nationa curren
cy, IrOa Which great benefits are anticipated il
uniformity OF appearance. That Is TO SAY. all
the ffoles Of eacl, ceno animation furnished 10 he
various banks are 10 he printed from the same
plate. the only variation beng IN the designation
OF tue number and location OF the tstIk by which
such note Is issued r- claimed thar this aui
form:ty all soon render the notes 80 familiar 10
the eve that even inexperienced persons will be
able 20 determine their cenaineness. and that the
artistic skin expsr,ied on the engraving will prove
al inSuperable barrier 10 cOunterfsiis The ex-
pertinent of uniformity in bank notes has been
tried both IN New England and in this State; aud
vas abandoned in each, because the beneficial ct
iects hoped Tor were not attained Tue success
IA! and persevering ingenuity displayed in caNl
terfeitIng has never vet been wholly defeated H.
by concentration of skill, good counterfeit of
the national currency shall be produced, the es;l
effects must be wde spread IA proportion 20 the
area covered bs the circulation aud the number
of Institutions 10 be effected thereby The oliy
alteration required Ia adapt such imitation to ev-
ery National Btnk IN existence : the number and