The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-26
SPECIAL CORRESPONDENCE Of TINE HERALD.
The National Currency.

Tne NATIONAL currency.
WASHINGTON Dec. "a. 1896
The Comptroller Of the Currency thinks "the power
Of issuing circulate money too dangerous to
be placed at the mercy Of political parties In govern
ment IKE ours" and therefore he 10 opposed to the
United States notes the currency Of the country and
he thinks that the national banks In direct sympathy
with trade and therefore their currency will and
expand a. trade requires In other words he thinks that
the bank currency will be amepabls to the laws OF trade
while the government issues will not But what laws
OF trade have controlled the OF national bank
paper for the last two years What has governed tho
mode and manner Of thor issues but the supposed
terest and greed OF their proprietorss or the 16l7
banks. wah an aggregate paid 10 capital OF 000
or the banks Is inrusted less than 900
persons or TO about six persons average each
osn. ana o. ,nsss as, one OF two 10 each bank VIII
there not some danger Of those few men BY combination
with one smother welding 2 power which shall make
by concert OF action In their policy OF
contraction and expansion, without regard to
anect the values OF ali properly in the country. and
make and uLmake the fortunes OF thousandsY And IL
there not some danger to the community in having such
an immense machine subject 10 the supervision OF bat
one man. the Comptroller OF the Currencyf May not
the caprice the ambition, or the avace OF be
controlled by influences detrimental TO the public goodf
With the power 10 appoint receiver whenever In the
discretion OF the Comptroller he may think the bank has
over them ana through them over inc pecunary inter
es.s Of the country which few men over neld
Now, " this gentleman not subject the ordinary
lnnrmi,es OF human nature; if he had no friends to
reward nor enemies TO punish he connected with
no IMy and not subject 10 the influence OF anything
Du, Tue demands 81 strict and impartial justice under
me Jaw y ne had no ambition to become rich or weld
ns power 70 tue advantage Of his friends 10 the detr
men, OF ns enemies, there might be little or no danger
10 vac system, But, constituted as human nature IT,
tne,e nus oc some provision for watching the Comp
uoef WINE NC = watching the banks With the United
ses notc' currency the power increase diminish
the volume isresuated by law openly made and known
70 ali, and while one party is engaged In cnactng the
law another party Can sve notice or the Contemplated
act and warn ihe public OF the impending danger n
there 10 any But continuation OF national bank direc
tors, with Comptroller Of the Currency favorable 10
their plans, devise and their expansons and
coDtractons IN secret and the execution OF them NAV
he made 10 surprise the public like clan of tbund or
from coudess sky. Many sound houses NAV thus no
wrecked while, with little skilful manipulation OF tho
stock and gold markets through the agency OF the bro
kers there the fortunes Of the bank directors and tho
Comptroller might In the meantime be almost miracul
ousy built up We think. therefore, the United States
notes issued directly by the government, regulated by
law and openly reported 10 the public Of all times Is the
better currency Of the two There manlfesy many
dmcutes IN the way OF getting rid OF the national bank
currency when u has been put In circulation Il
becomes scattered 10 all parts Of tho country and II s
found by experience that In rarely returned 10 the
bank Of issue and u VIII take correc. tho
evil.