Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-01-23

counterfeit on bsn No 3 nav make their AZ
pearauce bY theme the public attention has
been directed - 81 fraud the rusue- ate quietly
pas-ingo OF countents oa bank No. I, aud 20 on
throughout the list Another regulation adopted
by The Secretary ofhe Treasury Though a va
rance With the etts OF the law } j. that the banks
shall be organized Nd known by numerals. and
not by any dissinctle appcaton Thus. Nhere
several banks are eablished IN one CITY, though
the hrst may be wtst.and the second The same,
The third must con 10 at the foot Of The class
although IT. capitsinav be reckoned by millions.
and its usefulness hutled IL 90 the highest 20
sliion. But the chef objection % this requlsltun
he- 10 The fact that, will deprive existing insii-
tutions' u reoiganird under the law OF Congress,
OF that which the Justly regarded as OF great i
value-the name b ~hich they have always been 1
known 70 the community, and under With they
have built up a replation Tor financial soundness
aud corporate integrity character thus e.
tablishedby long vsrs Of careful administration,
l. not only SQUIRE of just pride 10 officers aud
stockholders. but u OF Intrinsic value 10 the an
sutution itself 70 not only i the name OF an old
and wel-establishei bank held. IN estimation as a
distinguishing attribute. but there may also be
natural reluctance 20 being sandwiched be-
tween an insolyeu No. and kuavish No y,
which no distinction for the intermediate bank,
save one that maybe more tangible 10 a keeper
NJ large. The Lessons OF experience. as we'll as
the principles OF sound reasoning are also repug-
nant to the theory that the currency 70 be issued
by the banks scattered throughout the country
can be kept nc par al the commercial centres by
the mere fact that they are received for public
dues Even within the limited area OF this State
II - known that before the system OF fixed re
demptions was adopted, the issue OF country
banks ranged nc various rates of discount, al
I'll nj g.. .f.al foil nd 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 IT
redeemabie paper. Ii sent home for payment,
nothing could be extorted i'm return save illegal
tender notes Of the government But wher me
touchstOne o. redemption in coin sbe.i again
come in vogue. the notes of bars located in
inaccessible places will be leit 20 the tender mer
cies OF brokers' while the e OF distant cities and
towns will be subjec' 80 the unaIterable laws OF
exchange. exemption at the prncipal bust
ness centre on the board enforced by act oi
Congress. may mitigate these results, but with
oIt acton 0i this nature IL Is quite certain that
uniformity oil value will never be predicated
of the 50 called national currency" Time and
experience will also demonstrate the inutility
OF attempting 10 make Washington the focus
for the business incident TO furnishing curren-
cy 10 the banks OF the whole country, with the
attendant receipt aud transfer of securities
which state OF continual financial change re-
quires. With almost equal propriety might the
merchants OF New York, Boston and Philadei
phia be required 70 pay their duties on import:
at " Washington. a. fOt the banks of those c:tes
and those of the whole Union To DC made tribu-
tfry to tue National Capital in business which
OF all others, requires accessibility. accurac,
and dispatch. y department at Boston for the
convenience OF New England. and at New York
or Albany for this State, and at other points foi
the South and West, will be found indispensable
to the satisfactory working of the system, if il l.
to become the settled policy Of the nation Thl
it Is TO be urged forward with all the appliance,
OF governmental power aud patronage Is suti-
GENTLY obvious Largesses III the shape Of gov
eminent loans ana deposits without interest. ex
emptions from Stale and local taxation, the gra
tutOus OestOwal 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 q
system which requires such bOlstering for It's i'm
auguratlon. will viudcate in it, results the sacr
flee AT which IL l. 10 be primarily purchased,
we'll be questioned Whether. on the other hand
the utmost circumspertiOn should not be exercis
Ell IN dealing with interests so vast and import
ant ~ aie concentrated in the existing banking
Institutions OF the States--whether = burdenSomt
upon them, not as legitimate source of revenue
but rs a coercye measure of public policy. are
questions worthy OF the profound consideration
OF the national representatives So perfect is the
devotion OF citizens to the support of the
Government IN This crisis. that almost any sacri
fee vii be patiently endured that promises Ia
conduce to this end But the financial difficult
les OF the Government. far from being sur
amounted. certain TO require all the
skHs lne patriotism.--.nd the sell sacrificing
devotion of loyal hearts, to carry il
safelf, 'tbrsugh the trials yet before the
country w'tha large aud rapidly accommodating
debt-with huge fabric of credit in the shape OF
irredeemable bt. X notes-with an accelerrting
rise in the prices OF all the necessarie Of ife AND
with a taxation rapidly augmehting. an iuterier-
with public confidence becomes hazardous
in the extreme. Any measure which should
have The effect of disturbing the condition of our
banks and forcing them TO ar unnatural conirtc
ton, would Hot only operate diSastrousiy upon
private interests but would in turn. seriously eff
feet exertions to extend the government credit
Not only would the ability OF our hanks ant
bankers 10 hold public securities be material,
abridged, but they would also he compelled u
part with investments already made for the pur
pose of retiring the obligations which, unGe
additional burdens, they could not longer AFFORD
To circulate. Let US assume, however. that
the ACT Oh OOllEreS> lh feittlfi 10 Dhlk- ant
currency is TO be carried into full effect anc
that under its operation the local institution.
of this and other States are either to b,
wholly discontinued or merged int the national
system Under such circumstances the o5vi
Gus duty and interest of the General Govern
ment would seem TO be TO render the transition
ms easy, and with as little disturbance to none
tary interests a. possible The staid and stable
Institutions already in existence, which have
withsto0d the storms OF past years unbroken, il
not unscaIhe-wh0se roots are interlaced viii
all the RAM tications OF business interests-mus
prove "A more efficient support To the sys
TEN than all the eleemo>ynary associations wncl
my be matched into existence under t. Wi'h
disposition on the part of Congress To- make tn
nssi0nas currency act acceptable possible
and to further the amalgamaton of STAGE inter
ests under 1t. what can or ought to be done by th
Legislature 10 facilitate the change proposed
The question involves great interests, and de
mlnds the most serious consideration. L nde
existing laws il Is within the power of two third
OF the stockholders of any banking association
10 give notice 81 dis conlnuance OF business
and thereafter To proceed IN the winding up OF il
affairs But the process i lingering one. ant
requires the lapse OF wears before reaching the Ii
nal cOnsunlmation. proceeding Of this krd
entered TITO the same time by all the insfitu
tons of the State, would be destructive OF bus
mess interests. and attended with dire consequen
ces u The whole community. In the case unde