Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-07
MORNING HERALD


Late last evening, the packet ship francois ISL
Captain Pell was announced bslow-her DAY Oh san
ing Is the 24,h Of April consequently she wiz not
bring more than two days later intelligence tnan was
received per Pennsylvania, from Liverpool Wsshail
however receive our papos - time Tor TINS evening
Chronicle.
ScoroH BAwKING.-A great deal OF nonsense IS
uttered about ahe Scotch banking system. Because
no revulsons pressuces, or expansions are known IN
she history Of banking in Scotland, many shallow
persons suppose that there rs principle inherent in
the system that like salt in fsh, preserves from the
effects Of decay. Nosuch thing. The Scotch bank
ing system not very different from that of the En-
glish joint stock sytem. The principle of per-
sonai responsibility, to The whole extent ofone for
tune, preval-but does such principle prevail in
she Rhode lslauA banks.
The great prinople ofthe Scotch banking system is
moral, not financial Or legislative principle. The
Scotch bankers and traders COOL cautious prSdent
men. They seldom ndulgein those expansions or con-
1rscons hat cause revulsens in England or the Unit
ed States Speculation does not exist in that country
% any thing like the extent does here. full deve-
Iopesnent Of the Scotch banking system would de-
scribe the moral habits of apeople If the mere Scotch
banking system were adopted here tomorrow, it would
not be BIT better than our present system We
would not use it SO coolly as the Scotch do. We
would put on steam-issue too many credits-and get
round it's checks in some way.
All the fanfarronad< about the Scotch banking sys
tenn comes from G. G. Cambrcleng. He has had
vision and dreamed dream. Late in life our friend
Cam got married. and took to studying Adam Smith
on political economy. Every principle measure and
fact of this system, though known for hundred
years appeared to Cam perfect novelties. He fon-
died over them as an old rascally bachelor does
a young girl So it is with the Scotch banking sys-
tenn and all the nonsense uttered on that subject
We never will have regular or judlcous paper cur
1ency in this country. II is not in our nature. No
system will prevent us from trying to rich in few
months or years, or of cheating each as often as we
can. The banks cheat the public, and we cheat each
other That's all the difference. The greatest cheat
is the greatest man.
PAru. MosEy.-We shall have splendid times for
a year or eighteen months 70 come We have now
begun the age of paper money, and whatever the END
may be- the beginning and part of the progress Will
De splendid. There are six hundred banks through
out the country. They have issued one hundred and
twenty millions, but in few months Their issues can
be increased to three hundred millions The effects
Of this new issue can easily be calculated The as
signats in France lasted for few years, and furnish
ed the means to that people to create armies, fight
battles, and extend the limits of the republic. In
England the paper money period, from 1877 up to
1870 similar effects followed The issue ofrredeen-
able Bank Of England paper stimulated war, trade,
and all sorts of gsntee extravaganza. No matter how
dishenorable il may be to cheat the public-f one
succeeds what's the matter If the banks and the
government will only issue much paper meney as
we can swallow, we shall be able to finish rail roads
complete our new towns-put the roofs on the
palaces at New Bnghton-ride again in barouches-
drive tandem-trot fast horses-kick up rows-and
enjoy ourselves for another year At least. The peni-
ien,iary for small rogues-paaces for the great ones
PoLrrIcs AND BANxIHs.-TEsT QUESTION. No
election has yet been held in part of the country,
since the banks declared the suspension ofspecie pay
mens II is therefore, yet, mere matter Of spec
lation what effect that coup etat has produced on
the public mind. The first trial will be closely con-
tested, and this trial will take place in the county of
Philadelphia, for member Of Congress. In the
third Congressona district of Pennsylvania, Mr..
Charles J. Ingerso locofoco, specie or hard
meney man is up for election to seat in Congress.
This district has been sometimes on one side, and
Try place. within the influence of the u 5. Bank, as
well as the real ocofoco principles. We shall wait
for the result with im?atience. We shall then know
the probable effect of the suspension of specie pay
meats on the political feelings of the country.
ANEW BusrNEss-AR old fellow at Albany who
has been doing crack business in the specie lneever
since the SUSPENSION gave little account OF his
business the other day. As soon as II was known
that bank paper had deprecated, as the brokers
say that silver was at premium, he made his pre-
partitions to buy all he could lay his hands on. Hav-
ing laid in large stock of New York, Albany Safety
Fund and Eastern bank paper, he advertised II for
sale-cheap for cash. The hint took. The old Dutch
men, Dutch women, and Dutch girls who had been
LAYING up five and ten cent pieces, in old stockings
brought forth their treasures to the money changer
and brought the pretty pictured promises to pay He
could accommodate them with any kind they chose
and then all he had do to send here for new
stock, which he got still cheaper-some very cheap
indeed, TO keep his stock good, and pockeed hand
some profit Our informant in this way had sold, most
ly in small sums over thousand dollars worth Of
bank paper in fortnight and still drives brisk busI-
ness at this novel species Of trade.
Tar FAsHIoSArLE SEAsoN.-Thcg aiety and splen-
, M the apnroachiuy season will depend entirely on