under this system, during this stupendous rebellion, involving the
existence of the Government, with armies and expenditures unexampled in
history, the Secretary (as, with the aid of Congress and the banks, I
believe he can) should secure us a sound and uniform currency, and
negotiate vast loans, running twenty years, at par, the Government
paying only four per cent. interest per annum, he will have accomplished
a financial miracle, and deserved a fame nearest to that of the first
and greatest of his predecessors, the peerless Hamilton.

The bill organizing the new system, presented in Congress by Mr. Hooper
last summer, is drawn with great ability, and it is much to be deplored,
that (with some amendments) it had not then become a law, when it could
have been much more easily put in operation, and would have saved
hundreds of millions of dollars to the Government.

But the fifty-fifth section of that bill provides that all the banks
organized under it are to become 'depositaries of the public moneys,'
excepting those in 'the city of Washington.' Why this discrimination? If
there be any place where banks, organized under a national charter,
issuing a national currency, and receiving national deposits, should be
encouraged, it is here. With no discrimination against them, such banks
would be established here with considerable capital. And why not? It
cannot be intended to discourage the establishment of such banks here,
and thus defeat, to that extent, the success of the system. It is here,
if anywhere, that such banks should receive the public deposits, where
they could be constantly secured from day to day under the immediate
supervision of the Government. Besides, the only effect of such a
discrimination would be to drive such banks to Georgetown, Alexandria,
or some other speculative site outside the city or District. This city
has just been consecrated to freedom by Congress, and it is hoped that,
in commencing its new career, no discrimination will be made against it.
Indeed, I think it would be wise, in order to insure the success here of
the new system, to allow the district banks organized under this law to
receive the same rate of interest as is permitted in New York.

I have contended, during the last fourth of a century, that all State
bank currency is unconstitutional. This rebellion will demonstrate the
truth of that proposition, and the question ultimately be so decided by
the Supreme Court of the United