The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-12-13

of the State tax, are issuing at the present mo-
ment much larger amount lif common re-
ports from various parts Of the State do not
lis) than they ever did under their State CHAR
ters and this without paying any State, OF l
presume, Government tax, on this enori se's.,
circulation, while the Banks yet unuer 9sae
charters pay large tax on every uoiiai VI '"0>'
circulatiOnw Nl&
Being myself quite satisfied that these az
Legations could not possibly be true, L had no
intention 70 take any notice of them But
some conversation about town for day or
two mast has made known to me, that there
.ro saveral very respectable persons, who real
~ heIeye that our surrendered state banks
q are. in fact, doing what "E'' alleges, and am
anxious, for the credit OF the State, to show
that this imputatlon cannot possibly be well
founded.
In the first place, it is very certain, that un-
der our State laws, If Bank, after surrender
ing its charter, should still go on to issue Its
bills as currency, mo matter under what pre-
tended new form or disguise--such issue
would be directly in violation of law. Now
the directors and officers of our surrendered
Banks are well known to be conscientious,
law-abiding persons, and 1t is evident tnae
they would not engage in any such illegalitles.
It is true there may be not much danger OF
personal penalties, but the force OF character
and principle is quite enough to deter these
persons from violating the law. hold-and
SO, I think, does every rejecting person-that
when the privileges of Bank charter are
granted by the State, they are accepted under
the most Imperative pledges ofhonor, that the
managers will conduct the Bank in strict com
pliance with the law; and especially that the
very important and hazardous privilege OF
making paper money shall not be abused. 1t
is clear that the directors of eur ten or twelve
Banks, that have lately surrendered their
charters, are too honorable men to be practis-
ing SO plain violation of the law, as your
correspondent alleges. +, ss..e.,. as-.v
{ Even il, by an unhappy possibility, these
persons were not so sensitive to their honora-
BILE duty, as believe them to be, yet, it must
be borne in mind, that the Governor of the
State is charged with the duty Of seeing that
the laws are observed. He has particular pow
ers to secure observance of the laws respect
ing bank circulation. The present Governor
is quite familiar with our banking system, and
| there are several OF these surrendered banks
in his neighborhood, on the Kennebec river.
It is plain that if these banks were engaged
10 unlawful issues of circulation, the Govern
or would know it, and would long since have
taken measures to stopit Upon his recovery
from mis- present long and severe sickness, he
will undoubtedly acquaint the public, in some
form, that this accusation against the highly
honorable and respected Bank Directors on
| the Kennebec is not we'll founded. ANss
| Then there are the Bank Commissioners
who have the particular duty of observing al
the Banks, and especially those that are wind
ing up. These officers are employed by th'
State, at handsome salaries, TO attend to jus
such matters as this, and they have been &C
lively engaged. for some months past. in ex
aiming all the Banks. They are sharp sight
\ ed men, and would certainly have found
out, if our surrendered Banks we're putting
out unlawful currency, as alleged. They hay
4 also, ample powers to put stop to such vic
A iati0ns of the Law. They can have, at al
times, the help Of able counsel, and are quit
too sensible men to be deceived by any sutl
! fimsy disguise, as that the officers of a sur
rendered State Bank, because they are al
officers OF the substituted National Bank, car
put out as much illegal paper moneysas they
1 choose. Certainly, the Bank Commissioner ii
would have quashed all such pfetsnces, ant
stopped allsuch Inequalities very summarily
4 If any such state of facts had existed. It il
very plain that the thing is not go.
Still further these National Banks, now in
the place of the surrendered State Banks, are
under the supervision of Mr.. McCulloch, the
Comptroller at Washington, and some, or all
OF them have been selected by Mr.. Spinner
the Treasurer Of the United States, as depos
itaries of public funds, now consisting OF ma
tionGl paper money. These two high officers
have a great responsibility to see that the
credit of the government shall not be impair
ed by any kind of improper and Illegal prac
tices on the part of the men who manage thu
National Banks. To both Of them, It is of thu
deepest Importance that the value of the IA
tionat paper money should be kept as high al
possible, and they certainly would have found
it out By this time, If any of the directors o.
our National Banks were competing against
the credit Of the national money by large IN.
lawful issues of their old State circulation
over the same counter. Mr.. Spinner would
not be keeping his money in such depositar-
les as these, and therefore it may safely Ia
concluded that these Bank officers are moi
doing what isjalleged against them.
The same conclusion must be reached If VIC
observe the recommendations now made BY
much higher officers of the government, and
the well known sympathy of all, or nearly al
our National Bank managers with the existing
administration. Mr.. Lincoln, in his message
says very plainly, ut is hoped that very soon
there will be in the United States, no banks
Of issue not authorized by Congress" And
again-"It seems quite clear that the Treas
ury cannot be satisfactorily conducted unless
the government can exercise restraining
power over the Bank note circulation of the
country" II N.~V 2T CaVzg cgFvs
Mr.. Lincoln is here making comparisons be-
tween national currency, and the lawfal
State currency,-that which is now actually
authorized By law. Most, il not all of our
surrendered Bank officers, are probably sup
poriers of Mr.. Lincoln; voted for him, nc
doubt, and hold the same views upon this sub
ject that he does Il is impossible therefore
to suppose that these same persons, are en-
gagged at this very time, in pushing into circu-
lation, an unla,cful State currency 10 alarge
amount. arr
Mr.. Fessenden's views and statements are
still more 10 the purpose, and it Is very in
teresting to compare what he advances with
what is now asserted respecting the honorable
ana loyal persons, who are officers of the sur
rendered Banks in the State of Maine, ma "
u lem MS political and personal friends. He
says, Ia very striking language: ia $3.50