New-York tribune., 1866-12-04

ua % refl sOvd not Affect any rights secured under The
n y sci proposed 10 enter into any elaborate argument
ouCss 0n bat merely 20 suggest the doubts which m' ac
m foraccon with any legislation looking to equafe' on
hsyo secured The right IN strict conformity with law.
Tao second objection this that granting me right OF
imrracicabo a present relief owing W tle i'm
Io bty of securing the rcurn Of sufficient amor nt OF c
a. Ia ,,,,ens and fcn ,he 81 Lawrence 10 the Gulf
No looks by What banks ihe ne tes are issued
Hg established system Of redeV pons they are
loi and u reformed the bank Of rc until they @
conc 20 mltilaicd as 20 them difficult a. circulate
The second plan suggested Is by nerc Sc Of he amount
circulation b. sssed This plan met by me assertion
ts ,ld tend directly further aAf on OF thc currency
~, tbs objection may bc obiated by per in ADJUST
ea,e,d TIE amolnt by Vhch legal endcr notes are diminished
n TIE proper o cr tenders ere fully understood AID
fbe efsgity of placinE currency permanent basis
tt f soie or legal tenders en stand the substitute
m srce-werc proPery appreetassL there would t no WIN
ca tenders 20 room tor very moderate increase
e Eatond cnvy and yet secure pci redoouon it the
te Inoua vcv,s OF rB Secretary Of thu Treasury on
v oy ocei 20 BE- seconded ind carried ont y Congress
ofaci 70 make tse plan suggtd entirely safe and feasible
-rt the OF SO00OOp per month provided by law
in,-enc Of ntoho cuusey not % exceed s50000 TO be
totaty an she wants Of all tbe States ior years 20
Ashs The ony practicable method for The
end rspcculy recommended b. the favorable oondera
q Colrross q eventually the naonal currency thus
%, syseu Of rodempons reconmendoa viii unenngl cor
rect tn aDd E'matoy bring ahou that equalization Of
soH rnuot be effected y immediate end arbitrary measures
AMENDMEN1S
me- ore maHy requirements hnt lilcoIs cu y.
ut DuouI csrryacy act strict compliance WIN Nlyn IN
sfcnta The stfcty and a. The system Inc
q iS law an oioroed bnt IN majority of ustanre i' len
wbo.f H. power 10 compel Obedience OF persistent
ssfiet villa Disregard Of the luv on the part OF me oanAs
10 remedy tH'deiect certain amcUtmcnis are suggsteu
Er An section lt authorizing ne nppoiu
Of
tLat ssClaon ~ not carrying on The proper cuisines q"
fse or frasiaict that tl fsis have been wiuuy mssp
gned y The officers directeTs in violation Of law or THAI
Eccad = aedrnent % section 70 extending the provi.
contained therein thathe limitation 20 one tenth o
she capital sha apply all liabilities for money loaned OF De
possd except balances due national banking aoca
on e $50 eI Large amounts are s1uealy % placed ys ~ t o
asaess na really IN majority Of instance because p'sc @
hte "a Ger greater inducements ioi lht use 1l ] W - y
meg ucuy the private bankers having secured
tsnknr and lsc them n speculation sc Every National
tars ttJ has ed NAV tqce s Tgin 70 eAeessiye deposits
f scl amendment toection - a. VIII pfohot lis rfuc
Tl..i An unendmeu, 90 secon "a doing away with quar-
tcTy iatemeas and requiring monthly statements te
condition OF euoh bank n detail The present menihf state
ents aC nUC vague and general Go be OF practical nhe
WtIc te quarterly rJots now required eoms al conpai
suvsy cr intervals snd upon CERTAIN sitelh'a uay ene
tanps prepare rcod exhibit upon those particular d
Iio,aod required monthly the preparation on
cs,at and tsc Cont,or Of ibe currency woud be enabled
a. tscrs' fnuch rrt7ref vigilance lh carrying ou' wv P"
PROVISION should a-obe made for collection Of penalties
gted fur drhnquucc n making reports ana lof INC os
,or made o the funds as.-'og IRON suoh penalties when
ttuectd
fcrr, An amendment 70 section ~ providing that wher
ne earta bas become impaired b. es
o. 30 ohou~e shn BE- the dayoi the directors ornoe
carial and the circulation Of she bank 10 such an
may readered ~ 90 represent he &C
taa capri Of the assocaton - provided m section S o the
ao 0l the Stockholders owning tWoflds OF the
t .to,,o. ion s aaoai ssihcicat 70 make mp The Ios
sUsantd aud OF nro 20 90 the other wfln 81
.,s t, t norn, o the Joss asceituucd the Controller
81 t Clcucy ms appoint receiver 70 wlud up he ana oi
ssI An amendment 70 section makes IL penal ofense
rcsoa have n hs possession with intent 70 pass o
otter iq ass t0red counterfeit national hank note aud
requiring evcy national banking association TO cause every
ue Hos tnt may be- h. presented a. iis counter 10 e
ttauped ~ word counterfeit"
Is w or and for suoh changes n the
YaE fv r r fbe cifics of New York Boston and phladc
pb nav doe most uXpsient and 10 provide ioi me
tsu cf circulating notes banks that may bc eixeu Do
t@s gusappI NtA aanAlng iees aIt not Itpofteu Dgl
us vrut a. pressed psn those points submitted Tor such
aesH H Judged best adapted % secure u' cNu' pio
,onsor have only 20 state ihat the naona nankirg
system fh'N Iaied aud in successful operation
fte trs halk vs orll4ed a. lne l. IAei, 's hoE m y,
seuve c,aen isEs vIh ~ sgEIegatc paidin caPal oi
tls 90 go wtich b. p. .ed nl Wy - E - ~
FUuly Vallc in an parts az tht country IL has su
Iertsdc a cstng STATE haalng systems and places lle en-
ore cuueucy Of fhc country u the hands o it
Fera tsoteumeut 10 has proved during M three years ui
us4sitIet most important auxiliary the financial opera
1tus of o., Treasury Department.
system that hs grown into such magnitude in so hfcl
involving interests 10 vast and 30 vital % every Poi3
10 may be perfect for was devised by men
tut embraces an the tes provisions and safeguards i me
tukg ssteu 0f f several states ana experience ana care
Deputy oud Acting Controller of the Currency.
IAf llOu. Husm MCtuLLOCH secretary OF the treasury
Lsl 90 CLfKKs, MEssESGiAs &C. hsPLOikD IN III b.
KEAU o. C0yTKoLLEE oF THE cuEEkNcY, AND lhER
CoEIFysA1lON.