, 1866-01-01

paouopon,n Of the ERat. and dro1e ont Of existence
the old State Bank8. which were N e5eeotc to tbs
county. In this senSe The National Banks haTa
been beneficial, and, under wise management. haJ
viii prove blessing. But there Is no military
necessity eHshng 1t present, and there Is no
reasonable e1cuse Tor increasing the Issues beyond
the limits Of the prssert Law. The rebellion has
been subdued, and 1t Is the n.st duty OF Congress
to lghtan rather than to Increase the burdens Of Tux
atlou.
Furthermore, e50G 900 600 OF paper money Is quits
as much The country Will require under spcciopay
ments, and to increase that sum to SI0o, 090, ,001
syon1d be TO peEpetrally iufae the Currency; for II
the government grants charter to bank II cannot
be Withdrawn, unless BY refusal neglect to eou1-
ply with lhe provisions Of tho Banking Act. On
The other hand, u the National Debt becomes less
burdensome, the government can gradually draw in
and destroy the Treasury Notes. md thus contract
the currency and bring u nearer specie basis.
In this connection We are pleased to know that
Secretay McCuiIoch opposes any further tsua Of
Eatiouat Bunk Notes, aud ne trust Congress will
pay more attenion 10 the counsels Of the chief Of
the Tteagury Department than to those OF one OF
his aids.
cETRAL HEDExPT1on.
A system Of Central Redemption hAs been adyo-
Gated foE several months past By eastern bankers,
and filling to ruaure plan which would be geneK-
ally acceptable, they hare brought the Comptroller
OF the Currency to their aid, and In his report he
recommends that Congress will pass Law compelt-
ng ali the banks in the country 10 redeem IN New
York, Boston OF Philadelphia.
Should Congress pass any such lay as Ia asked,
great tnJuatiee will be done to tho West It viii
virtually rob the entire country Of money Tor the
purpose Of feeding eastern speculstors. Every
banke. In tho country will be compelled to deposit
largely in either Of the three eastern cities named
and the money would be henped up thera and foan-
ed 'on CALI TO stock gamblers and spectators,
whilc 1t was wanted to develop the resources Of tho
country In the Interior.
II We ure to haye syscna Of Central Redemption,
then there ought to be tvo Ok three points In the
Nesk where western bankets might reacem-say
Cincinnati, ct. Louis and Chicago, and one point
In the South, where southern bankers might IT,
deem. But re protest asainst impovertshins the
entire country for the purpose OF pampering the
oYcr-fed bxnkeIa Of eastern cities. It ID In The
highest senee Of tho word unjust.
Thbt the system Of redemption proposed would
h1vc the effect OF weakening the banks. where they
arc located, the Comptroller enntaases BY further
recommending that the banks be not requirrd as ut
present, to Keep Is per cent Of their circulation and
deposits On handt Think Of the cootncss OF thia
propoeitionl What comfort 1t would be to 4 de-
posltor, during panic when he calls at bank for
his Noney, 10 be assured that It wns IN another
bank at the East, which vas as likely to close it,
doors 10 any In the Wcstt
We aincerely trust thcre Is too much honesty ind
good eense In Congress- to permit any such recon-
mendationa to become Law. It woutd be gross
Outrage on tho people
The National Banking system may not be perftc-
on but 1t requires no such legislation as Il
meuded BY tho Comptroller to improve 1t. II Con-
gresH desires to alienate tho people from It they
cannot do anything which Will more thoroughly do
this thau BY hampertng up the present law with OBJ
nosiou, amendments, euch as arc recommended.
Our alytee 1s-'1 well enough a1one." The peo-
pie are eatis1ed and II the Eastern spectators and
capitalists arc not, they must reeolect that banks
were organized and established for the people, md
not the people for the banks.