The New York herald., 1864-06-06
FINANCIAL AND COMMERCE

SUNDAY, June 5, 1864
The National Bank Currency bill having now become
law we would deem II the height Of folly the part Of
ths old State banks TO further continue the the
which may be made TO them to interfere with
their legitimate business extent that would be In
the least damaging 10 their interests must reco upon
the parties that institute the undertaking The nnanea
business OF the country is largely on the increase ana
additional banking institutions are needed 10 mesi Inc
requirements OF trade; aud II the old banks cannot
stand against the rivalry Of the new ones, or
are incapable Of meeting honest and honorable
competition, they win receive no sympathy
from the people circumstances force them % succnmb
The argument relation TO the State corporations being
taxed o. existence by the Internal Revenue law has
lost it's force and there longer any power in the
abatement that unjust discrimination likely to be made
ey the laws or Congress Of the institutions
The people have demanded this National Currency act.
They saw without it, after the retirement Of the
legal tender gTeenbacks they would be forced again
deal with las es OF almost worthless institutions and
wildcat promises, and be compelled. when a bill of
this description should come before them, to oc.
cupy ten or fifteen minutes of time over an
unreliable "Bank Note List" without, in the end,
satisfying themselves OF the commences or the
note that daily reports regard to such issues generally
had taught them suspect In the absencs OF gold
silver and even after those articles OF merchandise as
they at presently restored to the currency the
people forcsaw that circulating medium would be re
Quired for which In shape the government must
responsible and nothing ess than that would be accepta
BILE The new law as oil by this time aware, author
zes the description OF currency which the people OF all
sections win be likely to greet with satisfaction and
Institutes the only paper money which could their
confidence after the Treasury notes are withdrawn.
In connection with this subject will take the occa
sion that were somewhat amused by reading
the remarks which were made by Mr.. Thomas A. Hen
dricks of Indiana the United states Senate ON Monday
last The Internal Revenue bill under consideration
and the Indiana seized the opportunity to endorse
the circulation the Western banks being sound be.
yond suspicion. He stated that he was opposed 70
driving the channels OF trade currency the issues
the mixing institutions Of the Vest in which the
people had confidence, and substituting currency in
which they had less confidence, meaning by the latter
the bills OF the national banks. These remarks
not only amused, but surprised us, particularly
the action OF the Board OF Irado OF Chicago,
and the recent movements OF the merchants
in nearly all the principal cities OF the Northwest in
gard 10 the currency Of which Mr.. ndricks spoke
being desirable fresh before The stand
by bankers aud business In that section OF the
country adverse TO the issues OF large majority OF
the banks only Of Illinois, Michigan and Iowa, but
the bills Of of the institutions OF the state which
"greasy dirty-iaced and worthless was at the
time declared that '.ncthiug but Treasury notes
bills would henceforth be received aud paid
ou,.r
The following new national banks have been authorized