Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1867-11-15


+. dered cat and charged soeordlaKly.
dence aceumulsstdro ensble lsa impartisl
I jury to give verdict against fhem.--
! We Observe, how ss enc thn Sips b ftxk q
falls into the errer whiras Fvvv~vsviws~se
quarters OF supppsing ,tAstdhe banks are
the lee pieHts 1t 4 char ef from. the ma :
Ition.n winch IN roihe way lsecsifes THE
privileges they eojoy sadapsohsis,ssrusl
tsilmei't for sssibdsihj'e si,se isithe is'pse.
To set this,qnerii0n AZ ,rsft. ~ \ oty
necessary 10 refer 10 the closing seciisn II
the Nationaf currency Acf. winch .tspeci-
ally prosides tlat say prJgitions ini'tkA
law may ibd.ehaaeed orr cznesicd nstiishs
Iaeasure ofvsipngfessq lrs this lNslIess)
currency law a. the charter NJ che, bsntS
and SO far Ms thai instrnpient l. concerned,
II Il clear thatthc claim set up Ia btdnnf
OF these inssndtivas D = soilNgor se.tff
friends falls TO the grspn6. ;fsa1ia1is
lt.ls- veil kas~rfp - our readers il.sl
this Journal has steadily ndseesfed IS.
solo interests Of the National Banks. Ia
common with a large rsri Of tie haiidn
We did not approve Of Tie system ';sf Al
its parts before il WIS adopted, bat .vas
arguments, that now the bapks ara cstsf>,
i.ssa nss ,ss Ne are Re sGG5% S; 4 sgs I'M
machinery Of the country Thtly af6 fds
dispensable aids 10 business, end, bsslbs
inrned out to be a naeh ulans siablesasd
efficient Organization than masy even, of
their friends yenthred TO aniicipafe, wd
shalt give tllcnl a'hearty. zeal6hs' Adppdt
as lengas they secm ~ usa TO deserve ~
In giving this support We wall not knsws
ingly adopt ipyalid argnmspls;, aud JAi4
we think Is the character Of SUCH rs. ars
/ founded on the claim that Congress has
conferred frahchise Ia dis ieagt., wfiehqt
cannot revoke at any. uiou.eat wien, si.ei
recall is clearly for tbs good of tho o,shT
try Bat we 20 one. step beyond lbis, ,ard
We nnhesitsiingly claim for The Naiidnsl
Barks that, Ia the existing slaie o. our
commerce. and oar ;fade, the hi: :l.t~t'inI
terests Of the country rrqsiie lthstnthess
institutions shall be sustained. aud tlssir
efficiency as far ss possible augmented. H.
We support the ca, s. of the banks then
not because as private irlAtituii0hE they
have receiveda valuable franchise whislF
confers vested rights that cannot bepsuicds
died with, but because they have important
public fupciions intrusted TO them hy tig
nation, and because. on the whole, tllay
execute their functions 80 rs 10 Justify
confdeEce aud to merit proiectiopgil ldm
this opinion we are ut one, vo believe, with
Congress. During the last session an pt-
tempt was made TO invoke the privileges
10 question, aud several bills jntroduetd
for that purpose failed aud were rsjgctcdy
Ii will be remembered that the complaints,
then brought against the banks, were "A,
rious, aud were founded partly on the fact
that these institutions have the privilege ~
issuing notes. for which the credit or ffs
Treasury is pledged, aud which tho 6evs
erpment, ihereloie. might just, as, we'll
derive the peeuniary benefit Of, 70 ss 70
relieve the county from the pressure ot
taxation. To this the obvious reply was
that this is not u new complsintg Ia had
been discussed aud oscnnled Lefore the
sysiem was established la his letter.
Mr.. Cooke argues,very justly, that ILe hene-
fits which the Nati0Dal system has coifer-
red on the country are we'll worth nll'ikey
have cost by the grants made aud the priw-
ilege conceded. Among fhese brne6ls he
reckons the upilieatiyu of, lhe bank, curf
rency in every State of the Union. aud the
destrlction OF the issuing powof- OF a
multitude of iIrespOnsb &, ilI regulated
banks all over the couairy., vhsse dubsAfe
curreury, had itnoi b,ep destroyed, would
have brought on Us during the. past three
years, panics aud financial DISASTERS ex;
enpiion from which is chiefly purchased
by the franchises eouterroi. lie also
claims that this exemptions. wiihvntl,sLr
establishment Of new banks, would haye
been impossible.
Another argument against tie baiksn,
that IL allowed To issue currency mt aafg,
they should not be permitted 10 draw from
the National Treasury eighteen millions
OF the bonds deposited as security fyr. .eircu.
hilton. 10 this Mr.. Cooke replies by Mt
tempting to show that these Is millions
aud more are paid back again 10 the Cav
ernmeui In various why's, aud chiefly by
taxation Of several kinds. This is decidedly
the weakest part 81 Mr.. tooke's Ingenious
paper, aud his slaiements will DO sharply
, criticised IT, as sc suppose, il l. 'intcft
ded that the iet,er shda;d l,e eihsblished
lin punphlet ioim iur The inipn aiiop .ol
Members of Copeiess aud Of tide people
generally. ve would urge lha. this part of
il undergo CAREFUL revision. The hfev!l
ment as TO The superiority of babk notes
for greenbncks should also be pfancd away
M Irrelevant aud unspupd- A bupk, aoie
can nevcr be worth more than what IL u
, redeemed IN aud the bonds deposited st
Washington src placed there. iui u, secnri.
~ TO the public no take the notes, but
10 the Governments, whiehlndopes them.
Another poih, which Mr. rooke viii do
we'll 10 enlarge ppou j.. the. imroyemerts =
which he admis are IegniseJ 10 Tie
/ National Dnuking law Aud foremost
among those rrcrossd amen6mcHts,i wn
presume he will Iiabt the murc li.icpt
, provision for the redempiion &C lapE
notes; for by this alone can We give our
currency The requisite elasticity ard feTer
OF edapfing is Volume responsiseIy 10 The
! legitimate deinsntls Of business. And n
; is conceded that mi. rlas,eiiy u ore vg
tho special udva ntages IN whirh Dark
currency claims TO he Fnieiiorto . ctf-
! rency issued by the Govcrnucnt 'aif'e
. - --------------~.,-------a---- .H fpA 70
, A Prenchman, bcing about % remove
his shop, his landlord inquired his resi-
D a0n s.atina nj the snme time, that 10 was