New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-01-09
THE BANKING EEPORT.

That part Ol Mr. fal DyCk report WnlcD
will attract most attention is its criticism on the
Natioual Currency act. Whether such crti-
csm is properly any part of his official duty, the
Superintendent himself seems to doubt. He
confesses that the Legislature, to which his Re-
port is addressed, has no power to act on its sug-
gestions. We may presume therefore that they
can have no other object-as they certainly, Il
credited. can have no other rcsult-than to I'M
pair the public confidence in the national bank
ing system. In that view they must stand or
fall on their merits, and not on any official
character which Mr.. Van Dyck, writing as Bank
Superintendent, may seek to give them.
Underlying all Mr.. Van Dycks obec-
tons to tho details Of the Currency act
is his onyiction--undoubtedl well grounded
that New-York has already q good bank
ing system, and stands i'll no need Of
change. in other words, whatever might be
I the merits of Mr.. ChaSe's project, New-York is
well enough oil, and only wants to be let alone.
But that is half view, and surely not a
patriotic one. Now-York is one of the thirty
four States. Because she needs no change or
I Improvement, shall she deny il to the rest
Ought she not rather to rejoice that national
legislation may confer on Others the benefits she
has hitherto exclusively enjoycd' And can it
be doubted that in the end it will be for the in
terest Of Now-York also that system as sound
and welIbaanced as hers should be extended
all over the country
1t is objected that the result Of the National sys-
TEN must DO the inordinate multiplication Of
bank ofsmall capitals throughout the country, not
established in accordance with the requirements
Of Legitimate business. What is "legiti-
mate businessl ?" Thsrc are fnanciers who do
not reckon the issue Of currency among the
proper functions Of a bank, but Mr.. Van Dyek
cannot be one Of them, for be il solicitous TO
retain this very power for the banks as at
present organized. The National banks are %
be the channels through which the National
currency shall flow to the people. They are to
be the repositories Of public funds. They are
to do such other regular banking business as is
offered them. If they become more numerous
than the public wants require, they will go
down, but the bills they have issued will be
redeemed. Their creation does not in
volyc the dissolution Of existing institutions,
and there is accordingly no ground for the fear
expressed that the specie reserve now locked up
In the vaults of the banks will be dispersed by
distribution u their assets, and that tho re-
sumption Of specie payments will be postponed
in consequence. We may remark in passing
that rot few bankers may be found who be-
lieyo the suspension of specie payments might
easily have been deferred till a much greater
amount of the specie reserve had been drawn
ont and that if such counsels had prevailed il
is even doubtful whether it would ever have
been necessary 20 suspend at all. But it h
sufficiently clear that change in the orgsniza-
ton Of the banks from State to National--end
that Is one chief object ana probable result of
Mr.. Chase's plan-does not involve a dstribu-
ton Of their assets or any disturbance Of their
specie reserves.
Uniformity Of valne in the notes of widely
distant banks has been often urged as an i'm
portant advantage TO be secured by national
system. Perhaps no one element of this scheme
has gone 20 far to conciIate public favor, espe-
pecially in the West and in localities remote
from commercial enteD. Mr.. Van Dyck adj /
mits that during the suspension Of specie pay |
ments il is probable the notes can DO kept at
par, but considers that when redemption il coin
shall again DO the rule, the bills OF distant
cities and towns must be subject to the
unalterabe laws of cxchange--to the same
discount, that is, ss other bank notes. If
there be any ground for such an ap-
prehenson, o remedy is at hand, rs Mr.. Van
Dyck himself suggests, by establishing redemp-
ton agencies at the principal business cSnters
on the seaboard. SO in regard to that portion
Of the law which aceumulatos both the capital
and machinery for its management ut Washing
ton. If it is found or j. feared to be practically
departments may be organized att
Boston, at New-York, at Philadelphia, and at
other points as convenience suggests.
Mr. Chase proposes that tho national cur
rency shall be uniform in appearance, and so
we'll engraved es to make coun'erieitng impos-
sbe. Mr.. Van Dyck replies that the expert
ment of uniformity has been tried and abandoned
as failure, both in NewEngand andNew York,
and that no notes have ever yet been skiliully
enough executed to prevent imitation. And he
with much force that il the notes are uniform
all over the country and good counterfeit is
once produced, it will be dangerous just in pro-
portion TO the general diffusion VI The genuine.