Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-04
MORNING HERALD.
From Warrington.

latest accounts are up to o'clock ON Saturday AL
lis confusion and excitement at Washington. Tive
mcn have been detected stealing the famous message
from the Office of the Globe. There is terrible up
roar in the White House-the Kitchen is also boiling
over.
The Message and accompanying Reports will re-
commend and suggest the following measures. Isl.
contingent and ultimate separation of the govern
mcnt from the state banks I'd. The reorganization
of Treasury system. Sd. Tke extension of the
suspended bonds, amounting to $l000O000 for 3 4,
and months. 4th. The Repeal of the Distribution
Law. 9th. The issuing of 100000 of Treasury
notes, bearing interest," for one two and three years.
6th The enac tment of General Bankrupt Law.
7th. The restoration of specie payments by the
deposit banks, till the Treasury system be orga-
nized. 9Th An elaborate defence of the last admin
stration from the charge efhaving produced thecom-
mercal crisis and the ascrpion of that catastrophe
in great measure, to the Distribution Lar and the
efasal of the opposition to modify the Tariff.
We expect highly important matters today. In the
Treasury there is SIS 100000 of unavailable funds.
IFrom our Correspondent Taltgana- No XXI
WASHINGTON, Sept. I'd, 2 =. M.
The greatest excitement has been produced this
morning, from the report that the Washington Bank
had resumed her specie payments. The desperation
Of the party IS such in their determination elect
through the suggestion of the President as one every
way calculated to to them the carrying of this
point
The Washington Bank commenced paying out spe
cc this morning at ten o'clock, in exchange for their
bills.
This movement a preconcerted one with the
President and his Cabinet. The resumption of the
payment Of specie by this bank, must seriously
Affect the interest and condition Of all the others
throughout the Union. The Philadelphia u States
Bank will feel the severity OF this shock more than
can be at present imagined Its zeal to supercede the
government institutions by early return to specie
payments, was anticipated by the Cabinet, and watch
ed with the most scrutlnlZlng jealousy.
What is TO be the result of this movement? WHY
was il kept by the bank and its friends close a
secret THAT nothing Of it was known to the public
but few moEaents before the bank opened doors?
Mr.. Van Buren,, in SO silently playing this game has
exhibited at least in this instance greater tact in
financial skill than has usually been accredited to
him. The sagacity of the New York magician has
proven to be too much for Mr.. Bddle. The Kinder
hook DHtchman has outwitted the great American FL
nancier-by striking more sure and certain blow
upon the head of this hydra monster, than could be
given by his great and glorious predecessor.
Unless the United States Bank follows the exam
pie thus set before her by this government institution
her reputation must dwlndle down to a mere sound,
and Mr. Biddes superior skill and Judgment pass for
nought.
For the past month or two, the United States Bank
has been purchasing, under the orcfence Of imme-
diafe use, all the specie that within her reach.
But the real motive in securing the metal was to en-
able that institution 10 resume before the middle of
September, believing that from the fact of being the
only specie paying bank, the government deposites
would fall into her possession. The motive was
seen through, and the object Of the bank defeated.
This movement has evidently thrown Mr. Bddle in
very precarious situation. His non-agreeng with
the banks Of New York In their proposals for re-
turn to specie payments until such time the go
vernment set the example, has left him no alter
native but to resume at once, prove himself by
not complying with his agreement, unable 10 meet
the crisis.
The opposition members of congress in this city, at
TRIBUTE the proper motive of The cabinet the step they
have thus early taken, to have been designed with
hope of influencing and securing their candidate as
speaker.
This certainly was the most important point to be
gained by the administration from the return of then
bank TO specie payments. But there other points
Of equally as great Importance, which this is to ac-
complsh, namely, to bring into disrepute the credit
and standing OF the Philadelphia United States bank
The general opinion and belief that this institution
was the most solvent in the Union, and in point of re-
sumption, better prepared to commence than any
other will be shaken by the convection that such not
the case and that after all the pompous parade and
hustle, the United States bank IL as far in the back
ground, and little prepaedlte meet such an emer-
gcncy, ~ 10 your famous Commercial bank Of New
The friends OF n National bank must from policy
drop the old institution, and propose favor Of some
other. This will be the only step thar can with any
certainty be taken by the opposition
The excitement for speaker increases with the hour;
this step of the party will have doubt great effect
IN their favor, when the question up before the
House.
The members have nearly all arrived and selected
their places. On Monday the congress will OPEN and
on Tuesday the Executive Message will be sent TO
both houses. The departments exceedingly active
IN preparing their reports. The Secretary Of the
Treasury will make sad appeal relative TO the state
Of his department. and show The small amount of reve-
nue. which il draws from the foreign trade as being
wholly insufIicienifo meet the public expenses. Much
confidence is expressed by the Van Buren, members,
and at this moment their seems TO them
matter of certainty. Let them not deceive them
selves The battle is vet be fsught-aftcr that con-
nict they be able with certainty 10 count upon
their gam
tFrom correspondent RotlschiLd-No. Xxi
wAsnscroS. Sept ID 1897, 2 P. M.
Party tactics destined TO a strange and powerful
shock They have ruled the nation with iron
hand tor the past twelve years. They are daily and
hourly resolving themselves into elements, and
when Congress shall have got under way, they will
entirely have disappeared, and the question will be-
shall honesty and virtue be tho pole stars Of this re-
public; or shall we continue to be tossed without
ssils rudder, and compass, upon the stormy sen of
political dishonesty and bank frauds
DO you want proof Of this new araanpemant of
things Look at the equal division Of nar,,es in The
House of Representatives Look al Inc unonim;tv
which il now said 10 prevail in The Cabine, rpon the
great questions before tho country Look al The lac
Bankers Circular from London. See how the man
nfacurers Of England dread the shutting up of this
A. Of, hr Am