Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1869-02-23
mo Congress with good advice.

proportion of banking facilities. He
admitted that equality under the law
was a just principle-it sounded we'll.
The blessings of the government
should be equally distributed; but he
asked whether God made men equal
or unequal. If he had, it was quite
certain that from some cause or 9TH
er the equilibrium had become dam
aged. Man himself had changed the
good work, and so it was with the
laws governing banking, finance and
the currency. Whenever commerce
or trade required money money would
90. Business wants would be sup
piled provided business was remuner-
ative, and those sections or localities
which had most advantages would,
under the general law, very soon OBJ
tain them. Of what advantage would
it be to the territory Of Wyoming, for
instance, for Congress to give ten mil
lions of banking capital? None,
whatever, because it could not be per-
fectly used. On the other hand, eve
ry part of the United States could be
supplied Immediately with all the cur
rency required for legitimate purposes
by simply telegraphing to the great
money center Of the country, New
York. The law of supply and de-
mand, of commerce and trade, regu-
lating itself without the interference
of Congress, therefore be was opposed
to disturbing the distribution OF the
currency as already existing. He be-
lieved it would prove a dangerous
experiment and be followed by the
most severe monetary pressure that
had been seen in this country for years.
He desired to force the banks on to a
recognition of the necessity of resump-
ton, and he knew no better way to
do than to require central point Of
redemption. The obligations of these
institutions to the government and to
the people should not be released
This sense of obligation must be
awakened. He thought that the
amendment he proposed would do it.
That amendment was as follows: DIV
cry association authorized under this
act, and the act to which this is sup
Elementary, shall provide for the re-
n Of of IF 10
cipal money centers Of the United
States to be selected by the comptrol-
Ter of the currency; and it shall be
the duty of the secretary Of the treas
ury to assert and send up under the
government seal all national bank
notes received for the payment Of tax
es and send them for redemption in
legal tender notes to the redemption
agency"
Mr.. Griswold Of New York having
five minutes allowed him, expressed
himself in favor of Mr.. POland's amend.
ment. He was inclined to adhere in
preference to the bill before the house
The national banking law was essen,
TALLY copied from the banking law Of
the state of New York. But there
was some provisions in the preSen
law to which men of business, iudg
ment and intelligence objected. He
oeneveu UuaU the provision Tor tying
up from Is to % per cent of the cir
culation and deposits was an unneces
Sary provision. He believed that ii
the government protected billholders
the other business of the banks SHOULD
rest upon the same law as any othe
business. As between banks and de
positOrS it was a simple business trans
action, because it was the business o.
depOSitOr to consider whether or no
he was safe in the transaction. Tn
locking up Of from fifteen to twenty
} five per cent was looked upon as or
: erous, Improbable and unnecessary
There was another point in the lay
to which objection was made-tha
r was the somewhat inquisitorial char
5 acter of bank examinations. Their
were gentlemen in this state contro
5 ling bank institutions who believe
r that their own Judgment was bette
S as to the management Of their bus
Y ness, as to whether they should loa
e ten per cent or twenty-five per Ger
t of their capital to any one individual
D than any bank examiners could be-
s There were other features in the banl
f, ing law to which objection was mad
+ Mr.. Ingersoll Of Illinois proceeded
a five minutes speech to explain h
; amendment.
Mr.. Pomeroy of New York concl
=, ded the debate. He favored tt
II amendment Of Mr.. Butler so far as
> applied to insolvent banks, but not &
Il it applied to solvent banks. He e.
i pressed his belief that the free banl
u ing law of New York was the be-
} law that the wisdom of man had eve
. made, but he said that when Congress
: declared that not only the free banI
y ing law of the state of New York, bu
all other state banking laws shoul
d be swept away by the board and ne
Z national system established, he fl
u one had accepted the situation al
had endeavored to be true and fait
E. full to that banking system. He b
a lieved, however, that it was in tt
T. wisdom of Congress to make this n
N tional system as perfect and compile
a. as it was possible for any legislativ
m system to be. If he was asked why tt
1t committee on banking and currenC
N had not devoted itself to such perfe
IN ton of this bill, his answer would
that there had not yet been a tin
v since the national banking law W;
e. passed when he believed it to be wis
lie or discreet in the American Congre
le to undertake to adjust fully its ban
n ing system, to fund its debt or to NAL
ot any other permanent arrangement
h reference to its financial matters.
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