Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-12

Il National Bank-Oplnions OF the Regency.
The visit recently made by Governor Marcy to our
city has created some excitement, and much specula
ton in certain quarters. In ordinary times, should
not have thought it strange, would the presence
of his Excellency have given rise to more than COM
mon place inquiries, which usually follow the sudden
appearance of public functionaries in cities such as
this Bat this is not the at present. our country
is oppressed and her people, suffering under the
heaviest of Affections look forward to every msve-
ment general or local, with anxiety and hope Of
immediate relief
II has been thought by some, that Gov Marcy
would call an extra session of the Legislature, to lay
before il tie necessity of repeating in part the law OF
1885, which prohibits the issuing of notes of less
denomination than five dollars. This rumor appears
to have no foundation in TRUTH whatever nor has the
Governor for a moment entertained the thought, how
ever cach otherwise his feelings might approve ofits
object The question as to small bills, was finally
decided al the closing Of the late session. and is not
probable, that much if any change, has taken place
in public sentiment since that period
The law of '35 while it affects the convenience and
interest ofour own people, with its restraints, offers
10 the surrounding states, inducements for specua-
ton, and immense profits, which have already been
seized upon 1t now becomes questionable, whether
law so loose in its character and 50 partial in It's
operations can be binding upon the citizens All
countries have agreed upon this point OF economy,
thatlaws should have favorable bearing toward their
own people, and their interest is the first and only, TO
be consulted. Have Legislature by their past acts,
benefited or impaired the condition Gifts constituents?
The answer is obvious, they have driven from use the
bills Of our own Banks, and for what purpose2 To
make room for others, which come flooding in upon
US from all quarters Of the Union. The impolicy and
injustice of this is at apparent and
fleets bu, little credit upon the honesty, and
gacty Of its trainers.
The imperfect and helpless condition of our Banks,
their inability meet successfully financial Difficult
ties and revusisns have turned the serious attention
ola large and influential class of citizens to the
creation OF a National Bank or some other insttu
ton which will be capable of regulating and managing
the currency of the country. To this project objec
lions have been found and discussed with great ability,
showing the unconstltutonalty of connecting govern
ment in any shape, with large monied institution;
while on the other hand with equal ZEAL and talent,
the advocates of Bank contend that the creation OF
such an institution, is legal, and comes within the
true letter of the constitution.
However this may be- whether one or both parties
are night in thcrdeductons ihisimportant question,
we have evidence sufficient satisfy this point,
that large majority Of the American people in
fapor Of Bank; this fact viii shew itself nj the
meeting Of The Congress, where the subject will
be pressed with more vigor and energy than any
measure that has ever come before National Legs.
ature Our reasoning would be futile and fallacious,
we 10 compare public feeling Of this year upon
the policy Of a Bank, with that of 81 Opinions aud
sentiments have undergone rapid change in favor of
such institution since that period; those who knew
not at that time the advantages Of a National Bank,
SINCE us destruction have found them out Expcr
cnce has taught the people that repeated losses from
a deprecated and broken down currency never will
enrch nation, however much il may benefit the
few
Late events shew that our local Banks are ncom-
petent the Of the people Not the Safety
Fund with all it, boosted supernatural powers,
able to brcas, the severity of the tempest "The
rain came and the winds blew and beat upon that
house, and FELL and great was the fall thereof"
Thns we see that our State Banks are incapable of
performing the offices or which they were created
The FIRST breath OF resulsion has payzcd their eacr
gles and destroyed Their powers of action. The pco-
pie have nav the right to demand repeal Of their
already violated charters. Let II he attended TO forth
wits, and rs a substitute for these pettoggng cen
Germs gIveus insttuton that can be relied upon
give us a National Bank
AtAlbany, our friends, (God save the mark y the Re-
gency, find 4 necessary that step should be Ia
ken immediately towards establishing Bank, and IL
was 10 ascertain how democratic Ioh ohll sentiment
would 90 to the support Of this procci, that brought
his excclIency or late visit TO this city So long as
the Safety Fund remained solvent, National Bank
would not have met with Regency support. The ere.
dit Of these gentlemen were unlimited and unbounded
while the Safety Fund was in existence Is !, then
to be wondered that strong spirit OF opposition in
Albany should have sustained itself in 1894 against
the rcchartorsg Of the United States Bank7 The
Regency wetc well provided FOR by their own pets,
and II became matter Of interest, not as many sup
pose Of principle to those soulless institutions de
feat the rocharer,ng Of that Bank Their perceptions
not 80 faint but that was easy 10 foresee the
advantages this would give them No longer would
they be snder is penetrating and searching glance,
and their exravagant issues would bel free from check
Aggrsndizemcnt and cup.dity were acknowledged as
The leading principles in the Albany creed, and TO
carry them QUITO the full extent was the ambition Of
this precious irnio.
The Albany hnancers with majority Of the Re
uoogy af,~r the ountshmcnt az their ot,cr, 10