Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-09-27
me National Bans..


The national banking system has far more
fear from the Dladcloas action OF some OF It's
professed friends than from the opposition OF
those who did not favor its adoption The for
mer appear TO have been governed chiefly by a
zeal for their own personal interests. They have
struggled TO establish a system by which they
could attain certain certain selfish ends; and bsv-
ing succeeded by various methods in inducing a
urge amount OF capital TO organize on the new
basis, they now wish to turn the whole current OF
action toward the mill where their grist is in
waiting. On the other hand. the early oppo
nents of the system are disposed 10 accept its
establishments as q fixed fact, and to turn il TO
the best advantage for the common good The
various propositions brought forward by the con-
sefvstve bankers OF this city for promoting the
healthiul working Of the institutions have
commended themselves to the judgment of all
thoughtful minds, and have been opposed simply
by Misrepresentation aud clamor.
Take, for instance, the idea of providing for
the ready conversion of the national bank notes
into legal tenders at the principal centres of f.
nance. This Is no. az attack on the new system
BY an outside influence. Ii part of the
original plan when the scheme was at first reco n
mended by its author IL i. provided for under
very stringent penalties Ia the act as it now
stands. Those who propose to facilitate the
carrying out OF these provisions OF the law in the
principal cities the most independent CAPT
tili5ts and the soundest bankers, who have them
selves gone into the system and are inseparably
connected with its prosperity Ii the system
thryes and aitsins permanent existence and
popularity, il must be owing in large measure
- their capital, influence AID good judgment. Ii
II fail, upon trial, they have mere az stake than
any others, aud therefore they are entitled to
special consideration.
Nd hat h..
so far recognized by the present Administrations
at w Washington, that the Secretary OF the Trea.
Jury has addressed the leaders in the movement
here, expressing his hearty concurrence Ia theil
action; woile Hon Freeman Clarke, the Comp
troller Of the Currency, WHO IL placed by Law al
the head OF the Banking Bureau, has written Il
length urging the measures proposed in the
strongest possible terms.
How absurd. then to represent this benefcen
| attempt 10 facilitate the proper outworking Of
the system. as a raid uDou the country banks
| Tie Comptroller, who urgently fayors IT, ii
cot only an experienced banker, but has &C.
quired that experience IN an interior bank, ano
Is far more Identified therefore with the country
institutions than with those which are located in
the city. We do not wonder tia, the writer:
whose speculative engagements in the stock
market lead them TO oppose these useful move
ments, are afraid 10 allow their readers 10 see tht
| truth. The New York Times has not only sup
pressed the Official letter of the Comptroller ap-
proving OF the plan Of redemption, although &
| proof of the document sent TO its editor but
has denied to its readers all knowledge
OF the fact that the plan in QUESTION originated
in the councils OF the Administration. That pa
per has been guilty of double dishonesty /,
has withheld the truth, while persistently mis-
representing the action and impu gning the mo
tises OF those who were earnestly striving to at-
tain the highest prosperity OF system in which
they have embarked their fortunes. The temper
OF the editors OF that journal may be learned
from a malignant attack on the Fourth National
Bank OF this city. which recently appeared in its
columns. This bank is one Of the best fruits OF
the new syetem. Ii was organized by capit4 lists
tor the express purpose of aiding the Admins
traliOn 10 rs efforts 10 make the scheme popular
and il has been managed with decided ability
Like all new banks, is has had some things II
learn. but il has never erred through any want of
lsberality. and il il perhaps the least liable to
this charge OF any bank Of the country. To
single ont an institution of this character simply
because it has large list of country bank ac-
counts and is therefore considered especially
vulnerable to suppress the fact tha,
the bank is merely trying to aid the
Comptroller in bis efforts to secure the
prosperity of the new system to represent is rs
engaged in raid on interior institutions and
seeking their destruction. and then 10 call on all
these country correspondents to withdraw their
accounts and 10 transfer them 10 another bank
all this. OF which the Times has been guilty, will
serve to show the character of that opposition
which any effort AZ sound blnking is sure TO en-
counter at. the hands of mere spectators
who are reckless of everything but their own
present Interests.
Our readers will be glad 10 learn that the sys-
of redemption thus attacked has alread y
been endorsed 10 mutual agreement BY the &C
tual signatures Of more than half of the Clear
ing House Banks OF this city, and will receive
the approval OF most of the remainder as soon
as they have an opportunity TO affiI their names
N Jour of Com