, 1873-11-21

We have had + good many strong Indications
lately Of tho general breaking up Of tho old po-
litical parties In the Wcat. Now ono-porhaps
tho strongest Of all-comos from Now England.
The municipal campaign In Boston ahows tho
now direction that politics Ia apt to take. There
arc various Independent and Citizons' moyo-
monta In that city, which may or may mol DO
ablo to form . condition In timo to elect tho
Mayor. But, in tho meantime, tho Republican
and Democratic partleH arc trying to make IN
alliance Offensive and defensive. n1r. Cobb yas
nominated for Mayor by tho Democrats, and 1t
Is thought that he will likewise bo nominated by
tho Republicans. This Ia a recognition by both
parties Of tho ncconaty for combining, in order to
defont the pooplo who have grown voa1y Of
party domination On both siden. 4 year or two
ago, this would havo boon regarded as thing
impossible of accomplishment. Now tho tWo
old parties have buried tho hatches In tho
prosonco Of q common foe-tho poople-thoy
can strike hanls eyon in Now England, whoro
partisan anlmosity has beon Ut itH, ,horcest. It
IL the most hopeful political sign Of tho times.
It is tho ono thing necessary to tho formation
Of m entirely now political party, that tho two
old concerns should bo harmonized by joint
purpose OF securing tho spoils, and common
foar that neither eau got them alone. Nothing
could bc butter calculated to open the oyes Of
tho people. Tho Republican and Democratic
parsieB long sinco found Becrct bond Of union
in corruption. THIS sooner they mike On open
declaration Of coalition, tho sooner can the OLE
monts Of opposition join together in d force
sufficiently strong to wipe them both out.
Tho chIof objection to tho adoption Of tho
banking reforms recently recommended By tho
Committee Of tho New York Clearing House is
stated to be on account of the proposed abol1-
sion Of the practice Of certifying checks when
there arc no funds on deposit. This means, II
it moans anything, that tho Now York National
Banks hayo habitunlly violated tho National
Bank law, and propose to continue 10 to do. An
additional act Of Congress on National Banking,
approved March 8, 1860, makes it unlawful TO,
"any officer, clerk, or ngent Of any National
Bank to certify any check drawn upon said bunk
unless the porson or company drawing saiG
check ehnll have On deposit in said bank, at tht
timo such check is certified, IN amount o.
| money equal to tho amount specified II
such check" Any check thus certified with
out corresponding amount Of money Or
doposit is sufficient ground for winding up thu
| businoss Of tho bank certifying It, In spite o1
tho law, and the severity Of tho penalty attached
! to IN Infringement, 1t has boon tho custom oi
the New York banks to certify checks for stock
| jobbing purposes; and now, when it is proposed
to abandon tho practice, somo ct then
have tho effrontery to oppose the reform
This is certainly an indication tha
many of tho Now York bankers do not evon pro
tend to mango their business under the lay
mado by Congress- expressly for tho government
Of the National BankH. II, after this, tho prac
tice Of certifying checks without funds is con
tinued, tho ponalty should 10 enforced agains
one or two Of tho principal Offenders. Thi
might bring others to reason. :