The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-04-02
IMPORTANT FROM ALBANY.
~.>>c-~~o~~~c~~-~-cs~~~o-
The Contest Between State and
National Banks.
Attack Upon Secretary Chass's National
Banks and Financial System.
The Congressional Financial Policy
Dissected.
~S-~y-~~s~-~~~~~>----s--~-~~
State Banks Eulosizcd and National Asso-
Citations Declared Mediums for C0neen-
iratlng Power in Washington.
s-,>>4-~--,>-~,---~-~-~-->~
Rejection by the Committee Of the Bill
Authorizing State Banks to Or
game Under the Congress
ional Banking Law,
The Congressional Financial Policy
Dissected.
AlpANy. April ], 1864.


ALBANY. April j, 1906
sgAfF and NATIONAL RANKS.
one Of tno exciting OF the session was wit
messed 10 the Assembly this morning over report Of the
Committee sapks 10 opposition to the bill to authorize
bans banking ASSOCIATIONS individuals Incorporated
under the laws Of the state Of New York TO become
banking associations Under the laws Of the United states
Inc report being exceedingly severe upon Secretary
Chases financial policy, and speaking out in plain and
unmlstakable terms, u caused no little commotion among
the republican mcmbors An EFFORT was made not to have
printed motion made 10 refer Il 70 the Printing
Committee with instructions that II be not printed This
motion after considerable commotion and excitement,
was lost by vote Of thirty to sIxty.wo Tho report
then went the Printing Committee, and the large vote
against The motion not TO print equivalent to decided
instructlons ,hrt Il be printed notwithstanding the
sauirmng OF men who wish have the truth told
The following are the principal points OF
The present financial condtios u our state aud country
cannot iai to awaken IN every thoughtful breast the
most serious aprrehens!ons. While the patriotism OF
our citizens has ninrod them TO ond with tho most
praisew ohy aacfts every demand upon the ply steal
and pecuuary Of the loyal states s not 10 be
disguised that the sacrices already made and those stl
IN prospect are OF appalling magnitude aud as such de-
maud the serious consideration IL is no evidence
either u wisdom on virtue in an individual to ignore
danger which is really present. Ibe man who should
persisently close his cyes while walking along an IN
tried pain upon the edge OF dangerous precpce would
be regarded either fool mailman. So, in this
crisis pubic aaifs danger Is to be lessened and diff
cues arc to be surmouned, in the estimation o. your
committee, by that courage which dares TO stare them
IN the face, rather than by the pusilanimity viii Oh
eschews their presence.
u ID far from our intention coll question the
peuditures Of and means an extent adequate to
Inc suppression Of The unhoy rebellion Of the slave states
M strer ihe arns f leeitimae goyerpment that
It's blows may fall with crushing effect the head OF
treason less dictate OF patriotism than OF interest
The inheritance Of fee institutions won for us by the
blood and saGrlce OF the Revolutionary fathers Is trust
which hold rot for posterity alone. but for the
dowu.rold.p natives OF other clines. While the end TO
be obtained by The suppression OK the rebellion Is OF in
calculabe Importance 70 Ourselves ana mankind; WINE
would withhold no measure o! assistance ne.
cessary assure the dcsired result, there may
Justly exist vide diversity OF opinion as 10 the
methods in which The resources OF the country shall
be applied 10 the cSissneies o. the OCCASION II ex
dom with which those resources have been applied.
which the government ioui itself SO suddenly placed,
and sti Of charity is domau6ed. by the magnitude
the contest and tho practical difficulties surrounding
the political questions thrust rpon the administration for
instant solution. While, therefore, we extend to the &C.
ton ~ the general government all the tolerance which
lIbcraty demands, there be no improperly IN
timing proposed measures and warning Against the
adoption OF such shall calculated TO weaken IT'S
hold upon popular SYM aty materially lessen is a9i-
" 10 core with nnrelentng enemies, and conduct
happy issue the important questions oil state policy
that lie before in the future.
Every patriotic heart responds TO the desire that The
rebellion should 10 subdued and the authority OF the
ornment DO rcestobsled upon impregnabc grounds
throughout The extent OF tho republic. To attain this
end unexamped acquisitions for men AMI money have
been unfmchiugly met by orr citizens. Whatever
sux,ares 10 urtherance Of the desired ect have
been freely conceded almost without cavii question.
lnca ana ~ ~ oa VI "a,
been held abey by the general desire o. all classes
to strengthen the government against It's fratrcidal
ssilan,s. II all has not beep mpliehed that
could be desired, the failure cannot be attributed
TO any unwiilingncss 90 the part Of the people
n respond TO all requisitions made upon tbom
Their means or their generous confidence. they havs
ooked with seeming Indifference upon inraciions OF the
strict letter OF lay Il the end 10 be obtained
" ipno
IRON constitutional requirements which undGn ordinary
circumstances would have consigned the party enacing
them 10 popular odium, not impeachment, have been
passed as mere incidents 10 the exgencv OF the
times. The assumption Of power by executive officers,
have failed 10 arouse any remonstranccs rom either
legislative or popular assembages And. lrcsumng upon
cot 10 whatever seemed desirable towards tie sup
preston Of the rebellion, the line Of demafcstion
between national and state authority has been fer
botted out by the action OF Congress 10 leave quite
prob ematca whether that body exists by the primitive
az the states whether States continue TO
with all these favoring circumstances or popular
heraty aud sacrifices we find ourselves this time in
The presence Of public debt whose magnitude 10 ap
worth only thirty cents on the dollar in comparison with
the universal standard Of vaue, with national state and
county taxes accelesng Ia amount with fearful rapdty,
with the necessaries OF lie augmented In price beyod
precedent and with speculation and extravaganza more
rampant than 10 the dSys Of pamiest prosperity. These
facts which we csnno, ignore; and we neither
render them harmless by shutting eyes to their exist
consequences
10 consider their origin or end Even IL we are without
the power OF removing the burdens which this wicked
rebellion has Imposed upon the industry Of the nation
crease we may prevent their aggregation upon particular
classes and property 70 an extent that shall be runons
and re may Az ~ 70 spportioning them AZ TO prevent
popular dscontsnt that win ultimately destroy the pub
lie credit
II cannot be denied that the country now suffering
the sad consequences or rsdundant redesmable paper
currency The evils resulting tnercirom are mutfa
rious s TO forbid enumeration u Is needless TO specu
late how vastly our public debt has been increased
through this course or what would have been lie present
had all the transactions OF the government been
conducted on specie basis. But Il s . pertinent IN.
curry whether The fsae Of currency BY the government
duetve Of the present redundancy. and whether
m me .esr are nos now IN progress under
st further imitation Of the currency During tho
pending Of the six per Ont han ttnown AZ the i've.
twenty oonds the receipts Of che government from
versions INTO IDS stock wore quite equal " tho daily
pendiiures The currency issued BY The government, 10
the shape OF legal tender notes was thus for
this stock 20 the extent Of more than 81 per day
and the banks 81 New York literally drained Of
government notes to meet The demand for
so great and rapid was this process OF Absorption this
deniediy short period I'VE HUNDRED millions Of dollars
sponsed up By the operation There are cocent rea
sons for believing that this absorption might been
continued W the present time had the Secretary Of the
Treasury not been bitten with rage canine for borrow
Ing AZ less tnan Elk per cent Hence Il was that the
market was kept dcnuded OF stock, while the expendl.
tnued issue OF currency certificates Of Indebtedness ana
such other temporary expedents as lay within The
Of voc iressusy; but the currency brino yet
hence followed The infusion Of "a 900 ccc rsssryed LEGAL
tender The addition q one AID ysars interest bear
adopted and paid out BY The eoyernmopt IL n strsnee
that under such manpulaons with no outlet by way Of
conversion, the currency should be suceny Inflated 10
noat I've per cent stocR What matters II that tho
price OF all commodities should he enhanced and tho gov
erumout ana people lose ten nos in cost what they