, 1866-09-18
The National Bank Convention,

Editors Chicago Tribune: o.,
The representatives of several hundred
Western Sationa; Banks have assembled In
Your city, and passing emphatic resolutions
disappearing of certain proposed amend
1nents 10 the National Banking Law haze al-
journcd again. after thc usual feast Of reason
and low Of soul.
Willie these gentlemen undoubtedly know
their Mnlntercsts best, md arc not slow to
speak accordingly, that is not altogether the
question involved. 1t Is pretty well Under
stood that these hanks are not the nntl0n, by
good deal, anl that their interests and
tlio+c OF the public at large, arc to great
extent antagonistic. It seems TO me to have
}een the duly Of SO much assembled wisdom,
In addition TO disappearing of what Is pro-
posed, to offer some plausible or feasible sub
stitntc for the original proposition for it is
pretty certain that there arc detects In the
law as It stands which cannot and ought not
to he continued.
An invaFiablc. irrepcalable result Of the
laws of trade and currency, Is for the bad to
dr' ~ out the good. Where people are good
rency as, equivalent to specie, they will he
very certain never to sec or handle Nny Of
the latter, Us VIC Of the West, In times past,
vcry we'll remember; and the rule is equally
iuvariablc as to other substitutes for specie.
At the present time, tho New York banks
AHA luuAA El&DiAAAeoGA WAN
the Hood Of irrclce1nable National Bank
money from the country. which has over.
!" whclmcti them. As it is not quite as good
rs legal tender grccnbacks by what 1t costs
to send it home. of course the latter has
House vii not recognize il In its exchanges,
and our accommodating Johnsonfan Secrcta
y Of the Treasury has worry ob1Egingly left
my millions Of temporary loan certificates
!, over the difficulty with, and while u.ing
them as money, to draw two millions a yca'
interest out Of the National Treasury at tht
same. time, one of the few instances ID
: which shrcwd men are able to be &C
commodated, and make money BY It, intf
; The bargain. Tho Government. loses abon
$3.50 day or more than slCo. 90 month
! By the operation, which only results In dc
:: preciatipg National Bank money in Ncp
J York; but as It is only Uncle Sam who sui
I fer*, It probably don't make much diGcrcnc
!. matter anyhow, Of two millions Of dollars
: It Is plain that aomc ulcaus Of ccntra1 re
j de1nntion must bc agreed on bY Congress. O
the National Bunk gentlemen themselves, q
than old fashioned stump-tail. We Of Oh
cagn and the West arc Just as 'mnch into.
y ested in this as the New York baQkers, an
= If 1t Is not done VIC shall sec no money at a
u after the resumption of specie payment
10 tnow not vcry lar distant,) except the Rock
~
g 1dsho, or some other Inaccessible localtt
Y Y This result may safely be predicted as sure
\. conc.
Il The New England country banks ha'
m managed, for many years by means Of the
- Suffolk Bank system, to keep their cIrcul
III tion ut par in Boston, and consequently q
ey over the country, on surprisingly sma
~ 'n. amount Of srecic-mnch less than those
iii New York or any State where no such 81
tenn has existed. This plnn Is simply for
Ii. ! the New England banks to constantly kc
IS. ba lance at the Suffolk Bank large enou
'ss to protect that institution. which In tn
or agrees to receive the bills Of the co-opcratl
rnl banks ut par, sort and send them home tn
At for redemption. The rcdecm3ng banks ha
~ thc option of paying by dran On boston
the Suffolk instead IF the specie aud lel
lew tender. OF course airy hank which did /
ne keep m account With the suffolk Hank, !,tt
;nyy ! its bills Immediately at discount
nss over New England. and If solvent al ali, '
mn obliged in selGrrotecttou TO entts Into
Far A better plan than this, hut *hc.
h,- course. Western bankers nrvcr would ~
~ TO, would bc to forbid any Sal!onat Ia
a"- ever paying ont hny ratrr money c>c'
.rn- g1cenbacks or their own paper. which vi,
then stay at ho,nc, AMI always in scrt
an par. This, tho best course Of ali, Ii
- much In opposition ioAll tl,rir tradttInns
"a customs, ever to b. listcued to by West
"p. ! bankers.
mud Another question Of great smpor.nr
'ent which cannot hl STAYED oh much longer
ma the national taxation BY Congress-, IN e
4o5 tlal gentlemen onght TO have met IL
''co great su1iects in different spirit from "
they seem TO have done. What was tho
;hnt ject Of their meeting at all? Only 10
Scw rcso'utlons ana nave 'sprceT
lent oesio.s