New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-12-06
There u no real strength or safety deriv.S -

There II no real strength or SAFETY de,,v.S -
the provision as 1t exists. When a banI w.
neither money nor reserve In any shane wo.is -
found on hand, and the sooner those ihM 49, ~
properly conducted or are organized ~ ~ N
than Legitimate banking business are cIn. 49,
the better will it be for the system and tho s.,h
by the 800 section OF the act 1t Is provided {. y
every association formed or existing ma. ~ =
provisions Of this act shall take and receive = @e
Tor any debt or liability TO said association. ~"
all notes or bills issued by any assOciatjos 49, ~
ing under and by virtue OF this acto 'A'A
The provision Is anomalous in its chs,,...-
TO compel bank to respond to the demanSs' !:
ts creditors In td,rfI money, and vet coss ne, y
to receive from Its debtors such currency a. ~.
may choose TO offer, does not seem TO be rs,,ssY
ed by equity or sound policy. II Is even o ass
TONED whether national bank Is compellsS1i Z
redeem ts circulation at all, In lawful ulonss y y
presented by an association organized md, q.
same act, NJ any "debt or liability nav hs ~.
charged by lis oon notes or notes of other n,i,oss,
banks, when that debt or liability belonca ~ -
other association" existing under and by yi,,rs !!
:" the National Currency act" The nteution -, "
scope OF the statute Is evidently against meh
construction OF It's provisions but ali ambivuis. :
reference u IL should be removed. All the NJ.
should be required TO redeem their notes ana -
their balances in lawful money, as well IN ~ ~
other as 10 the public.
Whatever hostilities the national banlan, a..
TEN may have encountered In Its first Ibsee,.s
IL IL no longer denied that 1t has iatrepcbsS ss.5
strongly In the feelings as 1t has c0mrnepdeS -
self TO the convenience and interests OF ina vho.
people Coming into conflict with Local nss'
udices, and assumed TO run counter 70 Ddsst.
Interests 1t was natural that It's practical ous,s'
tiops should have been regarded with jeajous ma
picions II Is not among the least of the tyslmnh.
of the system. that In period Of war, ana uon..
tary disturbances, caused by the gigantic feouir.
nents Of the government, IL has stood the tes n
practical experiment In the most satiSfaasy
manner, vindicating the parialties OF liz ftiepds
and overcoming by its beneficial effects the bOs,
Titles Of IFS most determined enemies.
In country already celebrated for ia eom.
mercial, manufacturing and agricultural sctvty
no want could be more sensibly felt than thai a
a homogeneous currency, OF equal vaiue n The
cIrcumference, as well as at the Commercial
centres of our extended country This could not
be obtained under the restricted Operations Al
State laws, nor could It be furnished b. Insitu-
tons necessarily circumscribed In their feds d
operation. diverse In the extent and character Of
their liabilities to the public, and without re-
cornized basis Of credit adequate 10 Insure the
public confidence In sections remote from the
locality where such liabilities We're payable. Il
IL not denied that the State banks have been II
great II not OF Indispensable service In the deve.
0pment Of the resources OF the country Il n0t
designed 10 underrate their usefulness, 70 question
their patriotism, or assail the integrity Of To
banking institutions Of the States but q htl
enlightened communities there will be prorw
and improvement, IL cannot be regarded Slnvi4
ious 10 claim for the national bai kIg sys,ens
superioriIy over the more limited s. stem II Sts,a
Institutions, inasmueh rs II furnishes ne IA
convenient paper circulation. based upon tk
natIoua credit. and which thus far has been. al
with a Slight amendment 10 the act MAY continu
10 be- of uniform value throughout the length eM
breadth of the land. Not only are the regulation
by which the national banks are governed
equal applicability not only are they hsied uPoa
actual capital and individual responsibility. care
| fully enforced but underlying these aiegua0
there Is foundation of unparalleled security
the government bonds which they are required
| hold A system thus anchored, In whch VI
whole community has a common Interest. eanfa
fail 20 subserye the highest object OF It's cfssnoA
nor cease to be regarded with favor by annS2
gent people.
While. in conclusion, 1t u allowed me y con
gralnlate Congress and the country on W pf
ulartty which the national banking system ~
achieved. would add the hope that these Qslt
tlons NAV never become subject to the scnems "
caprces OF political parties, but that In mem ~
through them the public faith and credit MAJ
upheld, and the prosperity of the country gs<v
FREEMAN CLARKE,
Comptroller OF the Currency
An .,a,.r,.rts and eomparis>ns In thh re1on u