The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-16
The Great National Bank.


nur r.adcr, are aware that scheme has
Ian introduced into Congress for The incor-
p0ra;iou Of "thc governor and managers OF
lie cXchc1ler of the United Etatcs of Anc-
r!ca." Its attracting some attention hui
there Is no sign yet to show the inclination
Of Congress upon the subject.
The scheme resembles somewhat the Bank
o. England, und is intended to regulate the
circulation and restrain irregularities and
corners that produce lnnics and IrcSsures III
finance and trade. The proposed capital Is
100000, 900. in shares Of $1,000 cach-sub-
ecriI,.ions payable threc-fourths in legal
tender notes and the remainder IN gold coin;
nu: less than three-tourths OF the capital to
10 ut I'LL times held by citizens OF the United
States. TO insure the formation OF the cor
po!uiion it is provided that if after given
tine the whole capital be not subscribed any
national bank III existence may subscribe,
upon the same terms, the whole OF any part of
II, capital, and consolidatea and become merged
into thi, corporation, provided 1t abandonsits
existing organization; the central Office to BIZ
in New York, aud brunch offices to he
established in the fifteen largest cities IN the
country; the proprietOrS to choose mana
gers Tor all these offices; the corporation to
be divided into two departments-one for
banking, and the other to consist OF three
commissioners for each Office, appointed re-
spcctively by the President, the Governor of
the State, and the managers of the offices !;
these commissioners to have authority to
issue notes to the banking department, for
which gold coin will DO required US security
10 one-fourth the amount of the first $500, :
00O,CQo.
The New York Tribune, through its re-
porter, questioned a number Of leading CAPT.
1a!ists in Wall street on the subject Of this
hank. The answers were in the main I'M.
favorable to it. Messrs. JOHN THOMPSON,
AUGUSTUS SoaELL, aud A. CAMPBELL treated
tie scheme US without father or a known
adyocate--as one that could not pass Con-
Gress, having more power than the old Mt
ionaI Bank, aud modelled utter the Bauk Of
England. In short, they treated it with
Ill!cue.
Henry CLgws was more favorable to it.
lie said its sponsors and friends would be
known in good time. Its object was the re.
dcnption of national bank bills--its agency
resembling that Of the Suffolk Bank, Of Bos-
ton, or the clearinghouse in New York. 1t
would be clearinghouse for the whole
country. 1t would regulate the circulating
medium and lend money to the people. Now
it was easy for few capitalists or moneyed
institutions to make money artiicially stliu.
gen! by locking up several millions. Will,
the proposed institution, possessing SO large
Il capital, this state Of things would not con,
liuuc. Mr. CLEws admitted that under
present laws this institution could not be
established, but he said that the needed L.
gis,atiou would be asked for and obtained.
We know nothing Of the bill in question
and do not propose TO discuss 1t. 1t should
hc remembered, however, that the Federal
Government has DOW entire control of the
currency OF the country, and that II is very
lgohnblc that i'll the effort TO perfect the bauk.
ing system, born Of the war, il may be
deemed Decessary to establish q governing
bank 10 promote the order of the system and
guard the country from the dread conse.
queEccs Of Irregularities occasioned by ex.
cess or artful devices Of rings that command
a large amount of money.