Year: 1863

| uyink W maho great noise about the ndtlouai
banking system now in course Of formation
under the late law of Congress. They pretend
to have discovered q wonderful mares nest
In the idea that the banks thus formed are to
report to bank superintendent at Washington.
In this they see all manner of hobgoblins,
ghosts and other supernatural objects. The
most prominent of these visions that float before
their narrow financial view is the idea that the
system will be an enormous political machine.
They are harping upon that cry, and endeavor-
ing to prejudice the public mind against that
class Of banks. This silly idea can have no
weight or influence with those who view the
subject in comprehensive light We have had
for several years past banking superintendents
at every State capital. They have not been
able to make that department in single State
| political power, nor can 1t be made such by .
superintendent at Washington for the whole
| country.
In the first place, those who engage In
banking under the system established by the
law OF Congress, or any other, cannot convert
their banks into political machines If they DESIRE
nor Is at all probable that any such desire will





banking have other subjects TO consider. They
have to deal with the financial interests Of the
country and its internal and foreign commerce.
When set of mon associate themselves together
In the business Of banking they do it to mako
money, the same as Q merchant enters the dry
goods or any other trade. To do this they are
compelled to watch closely and study the In
terests Of their own locality, and its commercial
relations with other sections Of the country.
The moment that they travel outside Of this
limit they arc swamped. Ruin and disaster
will as surely follow as night follows day.
This fact is not only true with the present sys-
tenn of State banks, but it will also prove true
with the system now being established by the
Secretary of the.Treasury. The fate Of Biddle's
National Bank is proof positive on this point
General Jackson was never 80 strong before
the people as he was when he put his foot upon
the attempt to make that institution political
power and throttled it at the outset. With that
result before the public no set of politicians or
financiers will dare to venture upon any such
experiment with the banks under the new sys-
tenn. They know beforehand that political





or set of men who undertake it. Under the
system now proposed all banks have to make
regular reports to the Banking Superintendent
at Washington, the same as now to the saper-
intendents at the capitals of their respec-
tive States. These reports are on file,
subject to the examination OF the public.
Any move Of political character will very
ho Iscon hr nhnr nf
gress and be spread before the country. 1t could
not be long kept from the public. No official
conniving at or aiding in creating political
power through the banks could stand before
the storm Of public indignation.


The trainers Of ~ constitution left the duty
Of regRlsting the currency Of the country to
Congress. They did not delegate that power
to the respective States, but to the law making
branch of the general government. Heretofore
| Congress has allowed the several States to
establish their own forms Of banking. They
have wnked at this Interpretation and tole-
rated 1t, for the reason that in the rapid pro-
| gress and development Of the country they had
other subjects to absorb their attention. But this
! system of State regulation has proved failure,
and has worked disastrously in many respects.
| The bank notes in one State were almost worth
less" in another, and became a drawback, in
| fact almost blocked the wheels Of our internal
commerce. To obviate this difficulty Congress
| has now taken the matter In hand, and has
| provided for system under national super
vision that will insure US q uniform currency
the country over. Every business man must
see that this will be great blessing, and facili-
tate trade with every section Of the republic.
1t is further said by the opponents of the
| system that this is no time to make so i'm
portant change in our financial policy. This
assertion amounts to nothing. We believe IL to
be just the time Everything is now under
going a revolution, and there is no better
| time than this to make this needed and
necessary reform in banking. II will
meet with less opposition now than in time Of
peace, and be felt less by the country at large.
| When the time comes for the affairs OF the
country to settle down into their natural chan
mel It will assimilate itself to the new order Of
things. and enable us to push forward with
/ greater strides than ever before. With il
| organized we can start off with the return Of
peace, without being compelled to await long
months to prepare currency suited to the
demands Of the country. We do not like many
things that Secretary Chase has done. No
person has denounced some Of his acts more
than we have; but we support this reform in
our system, because it is an excellent move,
and is, in fact, not only necessity, but de-
manded by the best interests Of the country
BY all means let it be pushed forward as rapidly
as possible. Now Is the time :
| SUBMISSION OR REuSoN.--The Daily Ne,cs
says" We distinctly deny the HERALp's state
ment that the people are for crushing out the
rebellion by force Of arms" Well, every
election which has been held since the war
began Is proof that we are right aud the