New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-06

MI be ,s rsotlj', engraed by Consressoas, acton Y
10 also desirable thai TINS should De donH IS telJ
prao.icaho before diverse interests sha rave
ato toa and TIN render enondat'on cu1cu' Vi
attainment ,u,5.ct
e,.rdng tire National system ss So tsisIshed iae'
what should BE- action IN view ef SIC ~
To I've il seeus OBVIOUSLY proper tat t1e it"' u
Et.t, s,oil be 40 amended 20 rCCCsrse ond Ict''
re c,slciat!.s ORGANIZED 1rdar IN. sot Il CnFfcs''
bat there NAV esis no srpeirs,.. 60 os :"
present 40 barking orrsTlza' yns efe 'Weu vi w."
the State except as formed AMI Regulated ga esiN
tive authority. VILE ar ~ o, cue % .h.l cow
Conqross hes no constitutions power 10 estansh cr
nor Cns VT ia tie ses there are ctfrs lar nete
c,psbie Of ju5 ,ing and bSacr IN ro.tIon. VINO IA"
supi3 warrant in Tie Oof'uu'ioh 'L w Ac,,O 49,
in AUTHORIZING banking tsuca'lJns IAN our poIuv y
With tie ucsr,sr ferJng strongly IN favor Of 'he !s
TEN and vi \ On hGndred institutions n operation
n der tLr 0ph law, IL IS aihcrt I" perceive
nnx n.sc..c,l GOOD that can result Eon ant0col.sin
vii Ia is cnntii psDoe he productive Of uuaeccs
snrv itscta In this spIit II seems 10 ne ttat poly
rs well n 80 ureSy call for tie abolition 81 such paris
ef e,is,i, .'utes render tie establishment ~ ny
tonal ~. fisG;ions Tor banking purposes uniaViu'
Wit E. g. S'ot'
rt,esn hanlirc association, have given notice OF
III, intention 10 close lie business If banking ubIcr
4 S9te laws Tie most Of these have dove 80 rs
;an toward rcoi salziug under TO law of
Congress lfGpy Others rr0 known q he p-Ifeeung
arcrucuts f similar trons ton There ere tnSEY
considerations which render L 1csraDic NM tcl'
touled change Ehoula be rendered as esloh',I W.
wits es Ht" disturbance ;ooXi6ttHc husirfF' frtof
- rract cable Tie only method how open Is through
The tsalrrs process of winding up tlo STATE HtCtoh
Gvilirs IL assets among tao si'eaA'Ie's .na Or
corizir- an Institution =. II mast D. qit' on
ynus even to casul rejection, thot ra hfnE crl.'
carry over u the syfion IL entire nefus, YIN
e.tai liahel relations INT .ct IL would ada tfFcag.A
rrd stab.ty 10 taat system which It coud not derive
from a rirre addition Of rev ,aptl ~ tbc Lbs u
10 h. denuGel Of their Gccuau"td pr lS tltii sce
Iis-uated hy .Gle ard consequent CgIeun "iA OF tI
tag es Yc utiLg from liquidation, II ~ te
community rather thea Che stocka0'de "hn "oa'u
suffer nom such weakening OF thc o'.A!Is
notion Tint il is within tie por or u the Lecis are ~
force ar individual stockton sr iutp new ciITae.h0t
subscritod 10 W himself NJ der jurisdiction nnI WI.
hgbit,s diverse from those into which he oiiEIty
enter O. I;ut tie Legislature may CuqncstgusOs pr"
vide fr tie transfer a. existing property ara ,lho.iS
70 the uev orgaD lation. he consent OF inc st"ch'
lo1f-s cf be oTgI1l ffsocioA ana !cr tsceT'hiphS
the valne OF recnniry Interests (with view 70 ar eq'
table ed NJ, q with those Who p ~ 90 sett WIZ
OFT resort H. actual liquidation. upon 70 p't - the
state Consultation more Authoritative ana eN 'li 'AIh
mon IL Is 4 lc Lex aatCTe % lr2ydr 4'i lie -
aSaption of bank votes IN arece. under tie specun.
tive price Which pertains t. that yep! Sc 1--WE 81
voui there "a the strongest tompation for banks tC
sci tleir coin end trust e. fornOus ofcHu7t IN
tie fueaIs FOX he nesus Of meeting the ob"sAtoh'' "a
The progress Of tsi, depletion viii he best ammo
egtcd w VI serving tae amount Of specie Acld Oi Tie
! banks u Ills STATE ut the following peiiJ'', w;
epeWOrr, ltt2.-.----.---...- 1899 -,
Sci,'Un e.. iot3.-...-...-.--.---.-.. 1i'w,'.S
& ntcrNhcr, 1864 ~ 80 ~ .
Ttus SLOWING a loss Of more tban t.r aide haJ miI'
! liens Of io'la-s ia sy>cis y han the i1s' Fe.r
The rational currency act requires The associations
f,rrrod under il 20 Keep o. band cert0in 'IN, W
"lsv III money Of The United St7t.'" nut el lIdef.
81 "a g' ~ der 81 inc NV this de .atuu app cs
runcb b. a tender r,t.s e. specie BE CO II -
30 lie feared tal Instead of carving over ~ iae l"N
e stem the spscc 'ow IN The vaults oi ~ 70 u"st'Irs
and thus prcparirg for the earliest p'sJ- rcsuuItpn
of speoe pay aeuts, theg hc forced ~ mcro'farT
irdvidra,s Into dcrLdirg Zen ,eses Tho ouJ rec's
seem 70 BE tie dictate Of sourd pcy in tic Le laorc
u ob7iatc such rssat faT ~ II ca1 h9 done con
ss.nty with the ne Is o. iCyidar's "Nd re interests
Of the VhU.e cJIurG1ty. An enabling ACT htFlhy Tor
n, Object thc transfer II banks State 10 national
jurisdiction was pa cod NJ the lst season Of the cri
l,tuye IL seemed IT, me defective II scope p. wei 81
d uai,s bit tIvuc long f'ncc leof"d thf " un'skcd
advice i9. uU"'!y, NV 'co@r advice "a not ire'
rr,of rr cr.Cd 20 intrufr ry Vows ~ lie 80 'Ises
Tie bill flcd Ia 90 into effect through ilck al f1ccu
! tive approval Tine having more fully dcuoEstrltcl
the ens o. the case dInLt not ar boJcrn lc
body VIII so oil that is requisite tc sufsrg" the p1t1ic
rtcrrsts while rotinr should be allowed 20 Impair
no s3Ntv OF the hil-fdider, provision might
be mace tx TIE substitution - cash dJposi aIi tie
witusn'cc Of socur'ies g',er cert M proportion 81
TIRE outstanding eIe-IatiSn sL"n nave p'a Ie.
and str.ysd. Til, cen le doae nov a'ie' The rttuTl
If Eilty cr cont % The circulation odstsnAS ~ be
tine a I've notice to the npeTnienGs' OF mi 'E 70
close business q state bank. In many cross tie or
c1-ti Or has boon already rcd, - uiOt 20 ndc'
hat IL VIII b. quito lisp. S.ihc ." .ctll tie .fiiet
nrcty Per cent. mad yet ul ubs Pl j. ttiiae.' ar
eUoiyaleit amount in stocks must he held ~ tue M pTt
riegt Whe a deposit of each wOaId be equally Available
IN The reder uiion Of tc notes. AID ""ld allow re
I hn- n
preferable Think that - or 30 per cent of redemption
n ght be adopted the point at which the salilulon
OF cash deposit Uieht BE- lloEed witnoGf detrnehr "
the puthc Experience has demonsfsied that sH ycsrs
!. - 70 long pcfioi Whcrcia 20 allow toe return 81
no,cs nrr fE1 redemption. Even b'n cor'id'. soIa
~ ercsrnl, left anredeemed; md II TIC period wfs
.iSncd. tie loss 10 Tie community would be much
more serious.
While the Legislature may IN propriety smooth TIE
wnv for tire transition Of such institutions a. mf' desie
20 change from state ~ National hehks mere v stu
remain Dany Of the mort ueiU and stable banks " 10
urerr 20 maintain their allegiance % tue state STEM
Whatever may be their nteIor cOu &C. they prefer iOr
the present to remain "h,fe they gi"oeihg ,aIs'l'3
witt their PRIV eges and dcsTous Cf seit the Nn'onnl
system tested by the faaneal crisis Eiic looms ny ~
the future before committing themselves rro'Ocaby 70
its urcten, and PROSPEROUS couGi i"is IL u Wtin te
row or Ok Congress thVar thes9 reasonable Wines Ny
oluressve legislation which SHAH leave n state hahAs
no alternative but 20 go Ogt Of existence altogether or
MERE themselves In tire National ~ stcin. Already the
taxes rposd are exceedingly ouerodq but long ~
they are ai discriminating character IA between ne
two ~ stems they viii be chcerfuy b'Fne rs eon'ri
button 10 the necessities Il TIE country. But, while
Congress favOrs tie National banks by giving cTeei
/ and circulation TO their notes anil While the Gov
ernmert bestOws largess.s upon then In the shape
Of gratuitous engraving. pruning aud PAPER. as
well as deposits without interrst-lt woLiG seem
equally tue duiy Of the State Legislature 10 pro
tect and foster the institutions that have come into
existence uLdef its mandate and that have 30 well
sustained the interests o! the bushes, community and
the commercial reputation " the state II would Ia
some measure relieve the State banks II the present
restriction upon the deposit Of securities IN this depart
ment were removed. BY the existing law onethird Of
III, aggregate amount ~ stock held for the redemption
OF circulation issued must be- in Newly State stock
Now this stock bearing for the most part an interest OF
five and per cent has for long tue borne high
premium and has thus neted 20 tho purchaser very
small Of interest Its continued elimination hhs
made II difficult Of attainment 80 that when any por-
ton OF the loan has reached maturtv snd the STOCK has
been Withdrawn from the department for payment the
banks have found 1t difficult aud expensive 10 obtain
more kcwYork stock to replace that which