Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-02-01

able TO determine their genuineness. and that the
artistic skill expended on the engraving viii prove
an insuperable barrier to counterfeits. The ex--
pertinent of uniformity in bank notes has been
tried both in New England and in this State; and
was abandoned in each, because the beneficial eff
fleets hoped for were not attained. The success
ful and persevering ingenuity displayed in coun
terfeiting has never yet been wholly defeated. IL,
by a concentration of skill, good counterfeit of
the national currency shall be produced, the evil
effects must be wide spread in proportion to the
area covered by the circulation and the number
Of Institutions to be effected thereby. The only
alteration required to adapt such imitation to ev-
cry National Bank in existence is the number and
location of the institution. Thus. where several
associations have their existence in one city.
counterfeit on bank No. may make their ap-
pearance. By the time the public attention has
been directed to the fraud the rogues are quietly
passing off counterfeits on bank No 7, and so
throughout the list. Another regulation adopted
by the Secretary Of the Treasury Though at va
rance with the letter of the law is that the banks
shall be organized and known by numerals. and
not by any distinctive appellation Thus. where
several banks are established in one city, though
the First may be worst,and the second the same"
the third must come in at the foot of the class,
although its capital may be reckoned by millions,
and its usefulness entitled il to the highest po-
siti0n- But the chief objection to this reauistion
/
tutions il recognized under the law of Congress,
of that which they justly regarded of great
value-the name by which they have always been
known to the community, and under which they
have built up reputation for financial soundness
and corporate integrity. A character thus es-
tabshed by long years of careful administration,
is not only source of just pride to officers and
stockholders, but it is Of intrinsic value to the in
stitutiOn itself For not only is the name Of an old
| all isho al hau hell
distinguishing attribute, but there may also be
a natural reluctance to being sandwched be-
tween an insolvent No. 7 and a knavish No. 9,
which distinction for the intermediate bank
save one that may be more tangible to a keeper
of accounts than to the minds of the community
at large. The lessons of experience. as well as
the principles of sound reasoning, are also repug-
nant to the theory that the currency to be issued
by the banks scattered throughout the country
can be kept at par at the commercial centres by
the mere fact that they are received for public
dues. Even within The limited area of this State
il is known that before the system of fixed re-
demptons was adopted, the issue of country
banks ranged at various rates OF discount, al
though received for taxes canal tolls and all
dues TO the State. So long as the present sus-
pension Of specie payment continues. it is not
| improbable that the notes of the National Banks
may circulate upon the same terms as other ir-
redeemable paper. Ii sent home for payment
nothing could be extorted in return save illegal
| tender notes OF the government. But when the
tOuchstOne OF redemption in coin shall again
come in vogue the notes of banks located In
inaccessible places will be lett to the tender mer
cies of brokers, while those of distant cities and
towns will be subject to the unalterable laws of
| exchange. redemption at the principal busi-
ness centres on the seabOard enforced BY act of
Congress, may mitigate these results, but with
out action OF this nature it is quite certain that
uniformity Of value will never be predicated
of the so called national currency" Time and
experience will also demonstrate the inutility
of attempting to make Washington the focus
for the business incident to furnishing curren-
cy to the banks of the whole country with the
attendant receipt aud transfer of securities
which state Of continual fnancial change re-
quires. With almost equal propriety might the
merchants of New York, Boston and Philadel
phia be required to pay their duties on imports
at Washington. as for the banks of those cities
and those of the whole Union, TO be made tribu-
tary to the National Capital in business which,
OF all Others, requires accessibility. accuracy
and dispatch. a department mt Boston for the
convenience of New England and at New York
or Albany for this State, and at other points for
the South and West. will be found indispensable
to the satisfactory working of the system if it is
to becoWe the setIled policy of the nation That
it is TO be urged forward with all the appliances
OF governmental power and patronage is suffi-
GENTLY obvious. Largesses in the shape of gov
eminent loans and deposits without interest, ex-
emptions from State and local taxation, the era
tuitous bestOwal of notes, with all incidental ex-
penses made charge upon the public treasury
are potent elements towards the accomplishment
of the end sought to be attained. Whether a
system which requires such bolstering for its in
auguratiOn will vndicate in its results the sacri-
nee at which it is to be primarily purchased, may
well be questioned Whether on the other hand,
the utmost circumspection should not be oxercis
ed in dealing with interests so vast and import
ant as are concentrated in the existing banking
institutions Of the States-whether a burdensome
and discriminating taxation should be inflicted
upon them, not as legitimate source of revenue,
but "a II coercive measure Of public policy are
questions worthy OF the profound consideration
of the national representatives So perfect is the
devotion OF our citizens TO the support of the
Government IN this crisis, that almost any sacri
fee will be patiently endured that promises to
conduce to this end. But the financial difficult
les OF the Government, so far from being sur
mounted. are certain TO require all the
SKILL the patriotism. and the self sacrificing
devotion of loyal hearts, to carry il
safely through the trials yet before the
country. With a large ami rapidly accommodating
debt-with huge fabric Of credit in the shape Of
irreieemable bank notes-wiih an acceerating
rise in the prices Of all the necessares of life and
! WIN L" lnterfer-
ance with public confidence becomes b ,zardous
in the extreme Any measure which should
have the effect of disturbing the condition of our
banks and forcing them to an unnatural contrac-
ton, would not only operate disasironsy upon
private Interest," but would. in turn. seriously eff
feet exertons to extend the government credit.
Not only would the ability OF our banks aud
bankers 60 hold public securities be materially
abridged, but they would alsD be compelled TO
part with investments alreldy made, for the pur
pose of retiring the obligations which, under
additional burdens. they could not longer afford
TO circulate. Let assume, however that
the act of Congress in relation to banks and
currency is to be carried into full effect, and
that under its operation the local institutions
Of this and other States are either to be
wholly discontinued merged inte the national
system. Under such circumstances the obv-
Gus duty ard interest of the General Govern
ment would seem to be to render the transition
as easy, and with as little disturbance 10 none
! tary Interests as possible. The snid and stable
institutions already in existence, which have
wthstood the storms Of past years unbroken, IL
not unsciihed-whose roots are interaced with
all the ram 6cations Of business irteress-must
prove more efficient support TO the new sys-
TEN than all the eleemosynary associations which
may be Matched into existence under H. With n
disposition on the p,rt of Congress 90 make Oh 3
, national currency act acceptable as possible,
and to further the amaigamation or State inter.
ests under Il, what can ought To be done by the
Legislature TO facilitate the change proposed
The question involves great interests, and de-
inands the most serious consideration. Under
existing laws it Is within the power OF two thirds