Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-01-01


and see n. or falIs
cious.
IL must have u
applications for banks
numerous are for small an.
$4,000 or 10000 capital
know Of very few which Al e designe,.
gitimlte banking business There may be
bat from the small amount of capital of M.
thin a hundred OF them, aud the localities of
several. your Committee strongly suspect them
Of being intended for banks Of circulation only,
not regular business banks for deposits and dis
counts, but what are known in our " eSteru States
BIZ the expressive term wild Cat Bluks" It
will be borne in mind that the bills of ihe-e
banks are not releemlble at an agencv like the
country ban&s OF New \ orS State. but only 'at
TIE office 81 the association There the Bills
must be preserved Tor payment, IN lawful money
of The United States. ant il not paid. protested;
then taken to the Comptroller OF the Treasury
in Washington who after thirty days ia bound to
redeem them.
Bat how are the people to make such presenta
ton? Or how can even any institution if i;
were disposed. afford 10 Go Il! All the bids we
are told, IRE 20 be printed from the same plate,
having only the locality and number to distn
gu;sh one IRON another Now, Is it 20 be pre-
sumed that any person will be able to discrtm
nate between them when all look - nearly alike?
4
having their legitimate homes in Minnesota. Ne
vada or California, but their places of issue
among the brokers in Wall street. from beng
circulated in New York or any neighboring city?
Suppose eight or ten millions. belonging Bom-
nallv in n many different States, 10 be pat af0nt
in New York how can the city get rid Of them?
By what process procure redemption OF this un-
current money2 Whose business will II be TO
save A hundred dollars OF this hank and "A thou
sand of thar. and send them 20 Wisconsin or D.
kata, Oaiy 70 be protested, returned 10 New
York then sent 80 Washington, and after thirty
DAYS redeemed there at pirl
o., suppose the man IN business has taken
these bills. and has note 20 pay at bank: the
bank cannot receive his national currency +" be
cause il has 20 easie righ,to paw il Out 70 either
,iepositor or bill holder What then can he q. ?
he has but enc source Of relief; he must take
the bills 10 the uncurrent money broker-pefhaps
the very man who issued them-aud submit to
DISCOUNT OF from one TO Eve per cent
according to the distance of The place where the
bank i supposed 70 have "a local habitation"
ana number. The man VINO thought ne had a
currency OF uniform value all over the United
States, hnds, when he leaves the brOk er's Office
that he has Que or two hundred dollars less chan
when he entered there. But Il i not merely the
business man who i 70 suffer THIS deprecated
currency will Become the general medium OF
trade rhe lah0ung man and POOR woman. when
they make their small purchases, Will find tive or
ten per cent. added q the price they would b e
required TO pay. provided they could offer legal
tender notes i il fair - throw this unnecessary
burden on he poor and ignofan,g Who is bele-
ffedy Oaiy the man who perverts the legitimate
use OF banking law q the United States, which,
however, by is own imperiecsions. has Stimulated
has cuFldity and instiSaIed uasoGni banking
II more currency IS required for the Legitimate
- l. "a
ernpent avail itsef of the opportunity to issue
fur)her amount OF legal tender hottest They 80
Eish currency of unborn value-less Ina
expense Of transportstion-in every part of thxs
pion. Whereas the National Bank currency ia
lawful money. and. being payable IN different