New-York tribune., 1874-05-30
RANKING REORGANIZATION UNDER STATE


| LAWS.
| TENDENCY TO ABANDON THE NATIONAL BANKING
sYsTEM-coNGREssIoNAL TINkERtNG WITH riiE
CURRENCY.
TO the Editor Of The Tribune
SIR 1t is not to be disguised that in this State,
and relatively, doubt in all the states. there IL
disposition the part OF those National banks
TO which restrictive and compulsory laws are always
offensive and rksOme, to abandon the National system
and to under State laws, which are less re-
stricve supervisory and less conservative In their
operation and In their effects upon the community at
large The reasons alleged for making this change arc
various and may be traced to mans cupidity rather
than to his desire guard the public against his own
machnations With some IL is because In the superior
wisdom Of these bankers all laws defining or restricting
these immaculate institutions In the character OF their
business and cay those laws requiring them
to hold certain and liking the amount arbtra-
rily 10 be held by them at all tunes, are
unnecessary and oppressive exaction, and may
well be left to the Judgment integrity and good faith OF
the managers banks themselves Another reason Is
that expected that by organizing under the
banking law OF TINS stare no persona nanny ht m ,h
enactment in regard to banking IN this state conem.
plated banks OF Issue or crcu,ato, anu .ne personal M
bhOder more efectually, and that TINS provision or
clause being Ia aoeyance, and absolutely nSperat,ve
eton with little vital organic life In IT, and inviting the
covetous man. the sinful man ana ane
cial banQuetings that is foreshadowed even now
We are mperceptibiY but nevertheless surely depart
ing fundamental principles on this great question
of banks and banking and circulating currency, anu
under the delusive democratic dogma OF government OF
the people, drifting about at the mercy OF pop
uar claInOr which has for its mouthpiece given and
amount OF human folly and bad logic IN
fsse popular representation In our halls OF legislation
The National Currency act. not simply because II Is
the General Government, but because IL has
proved TO be aud sautary law even In Its mper
feet state against widespread disaster aud as furnish
ing a uniform medium OF exchange by which the vast
wheels OF interior commerce have been kept In notion
IA the nearest approach to a safe and UNIFORM and, IN
sense pronounced National system yet devised. IL II
falls into disuse with improved system TO supersede
H. our progress and prosperity will feel the ELECT
regard significant disposition on the part Of banks
and bankers in parts OF the country to dscon
tinue business under their Natopal Currency act organ
zati0n but not to discontinue the profits and priv
leges Of banking under other form. How much OF
this and discomfort Is due to futile attempts
OF Con gress to regulate the currency and how much
icent State laws, which seem to invite repet
ton Of old time banking, do not undertake to
But the citizens Of this State IL to their good
name TO that specious system Of banking Is
10 be foisted upon State through lapse OF former
laws or plict definition OF those now supposed
to be in force. {.
Watertor,i, ". T.. May &c, 1874