Delaware State journal and statesman., 1866-03-02
COZ. cox,s INrnnv1Ew.

Gov Cox, Of Ohio, has been trying to talk
the President into shape again, and gives the
public the benefit of his labor of love in n
letter 10 the chairman Of the Union State
Central Committee Of his State, The Presi-
dent he says, told him that, as Congress
had not laid down any definite plan OF re-
construction he deemed il advisable to de-
wise one for himself That was all well
enough. The President has a perfect rieht
TO devise and even suggest measures upon
which Congress might reasonably be sup.
posed to act but it does not follow, in the
event of a difference of opinion between him
and Congress, that lie should feel called upon,
in violation Of all dignity and selfrespect, to
make open and abusive war upon those who
may differ with him, to the great joy of the
enemies of the government and the disgrace
of the Republic
We still think the President made merry.
Andreu of himself, Gov Cox's explanations
to the contrary Notwithstanding,
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NATIONAL BANK NOTES.-The following
important circular in relation to mulilated
notes Of National Banks, has been issued by
tie Comptroller Of the Treasury. 1t is Of
deep interest to every one, and should re-
ceiye careful perusa
TREASURY DEPARTMENT. OFFICE OF THE
COMPTROLLER OF THE CURRENCY, WASH
ISGToH, d. c., February 10, lsGG.-An i'm
preston seems to prevail in the public mind
that the same rigid rules and regulations
prescribed by the Treasurer of the United
states for the redemption Of mutlatcd 1rea-
sury and United States notes are applicable
10 the redemption Of mutilated bank notes.
This is mistake Although circular
issued 10 national banks from this office,
containing suggestions on this subject,
recognized the proprietyi in some instances,
OF redeeming mutilated notes at less than
theil face value, the intention was to leave
tho matter mainly to the discretion Of the
officers Of the banks.
IN order, however, TO make the matter
perfectly clear, and 10 obviate for the future
all necessity for explanatory letters, | nov
propose briefly 10 state that experience ha-
demonstrated the ineXpediency, if not the
lllegality, ot allowing fractional valuation,
Of lnltilated notes, besides which it confuse,
and complicates our accounts TO such dc
gree is 10 render the plan impractica bio
a bank is bound to redeem its notes oI
f htilhhhs At lhIl llut d poItlDu Ol g ~ q
its prOmssory notes is torn OFT or l.issine
docs not cancel this obligation so long a
there is no reason to believe that Inc missing
portions Of the note can or will be used t,
defraud Section rs of the currency &C
will always justify an inquiry "a the caus
or manner Of mutilaton.
lihe explanation is satisfactory the moi,
should be redeemed in full but if the in
quiry should lead to the belieIth fraud wa
intended, lhc bank would be justified IN re
fusing to redeem il.
Nolhing will justify deduction from tin
face value OF Il mole except fraudulent in
tent and evidence OF a fraudulent ipten
would justify the bank in refusing to redeem
The noie therefore, the note should be re
deemed In full or not at all.
The full face value will be allowed for al
mutilated notes returned to this office, whe
such value was allowed by the bank whc
redeemed them
The officers Of tho banks are the onl
competent judges as to the properties or nc
cessilies of the case, and al questions aris
ing upon the mgtilated notes presented 70
redemption are left to their judgment an
discretion. FREEMAN CLARKE,
COMPTROLLER of the Currency