The herald., 1837-04-04

July. The panic, bankruptcy and ruin which are
spreading, like the cholera from end OF the eoun-
try to the other, beyond the reach OF few millions
additional bank currency specie from the west, OF
even the expansion of post notes by the banks. We
debts abroad and they must be paid by the use OF
capital or by credit that will command capital.
There is probably deficiency of $50 millions
throughout the country, in the foreign and domestic
trade. We have contracted engagements for that a.
mouat beyond our means pay. Part Of these large
sums TO foreign natons-probably twenty
four millions. The debts among ourselves may be
postponed, or extended, or paid by composition from
cents to so on the dolar--but our foreign debts
ought TO be paid to the uttermost cent.
The whole commercial credit of the country IS at
stake and unless financial measure equal to the cri-
SIS be adopted once the business Of the country will
be more deranged in the next ten months than ten
years can retrieve. arrangement of our foreign ex-
changes at this time would be worse than foreign
war The debts and credits and individual paper is
sued on the high prices Of cotton of -FOUR of land, Of
lots, of any of those speculative articles which
have been affected in value, may and perhaps ought
10, be broken to pieces, and turned into bankruptcy.
Not with our foreign debt=-not SO with our foreign
creditors. The merchandise which have formed the
bulk Of our imports have never been known beyond
their natural prices. They were fairly sold to US a,
fair prices. They form legitimate business They
ought to be paid and unless they are paid revulSon
may be produced IN England similar 10 that of 1925,
the effects Of which us will destroy in five years
one half the cotton trade Of the south.
There can be no mistake in this calculation. II
took place in 1926 27 caused by the revulson ofl925
and will be reproduced by the present one if no re-
,nedy be soon applied
We want capital, or credit in the shape Of capital
and must have it, The legislature of the country
which, by its laws has caused the crisis in great
measure, ought to furnish the relief We have looked
to Washington for action in the executive, but
we have seen or heard nothing definite from that
quarter but ridiculous consultations of the cabinet
about treasury order that cannot affect the NATTER
one way or the Other to the extent of two millions,
while the country y deficient $50 millions Congress
ought to be callr togeher-but he gives no signs of
the moment
In this dilemma what is to be done? whittier are
We to look for aid who in authority will make an
eot TO save the credit and honor of the country in
its commercial securtes2
The state legislature is now in session, and from the
state Legislature we ought expect immediate relief In
the distress of 1884, Governor Marcy projected an is
alone from the supposed impending crisis Of that day.
The crisis and alarm now is ten-fold more terrible
Will Governor Marcy not move? Will he not
come forward with some plan of relief to save the
commercial relations of the whole country?
What would be that best remedy?
At this momen, no measure can be useful that is
not equivalent to thirty or forty millions of capital or
credit equal to that amount Let a great Bank, to
n 49, egy.
millions &c :nmeaiateiy created by The legislature
and established in Wall street. and its bonds guaran
tced by the state Of Neu York. measure of this
kind would at once the commerce of the whole
country from impending ruin The credit of this
state higher in Europe than that of any of the 9th
er twenty-six, or the United States Bank in the bar
gain. In London, Amsterdam, Paris, the stock, scrip
or bonds of such an institution would command rea-
dy purchasers At once would the whole commercial
foreign debt be provided for-at once exchanges pla
ccd durable footing-and at once would til,
commercial action of the whole country from south tc
east be put into harmony and in good condition. TIL,
spectators in lands, in lots, and other articles who
have advanced prices, may 20 to perditon but the le
gtmate commerce of the nation ought to be saved
from destruction and ruin.
Why will not the legislature take this measure into
consideration! lney are, ana nave been, dellberatne
all winter banks usury, restraining laws, paper
money, pilots locofocos, loaiers, every thing. They
have been only wasting tlme-et them take up such
MEASURE we have proposed, and they would b,
giving some evidence of providing 4 remedy for tn,
terrible evils that we must yet face New York ough
TO be the centre of the great commercial machine O
Europe and America. This emporium can be made
50 and by the creation Of institution such as w,
have described, New York would save the whole
country from commercial ruin, and lay the foundation
ofa power TO prevent similar scenes hereafter New
Orleans, Mobile, Boston, every great capita-every
leading merchant, every commanding section of the
country look to {, Empire State for safety and sal
vation in the hurricane sweeping over the com.
merce of the country,
Let this great state move at once and il is done
III not we have not seen the worst
Since the above was written, the following took
place in the Common Council
Resolution by Mr. Bruen-
That Il be referred TO Joint Committee on Finance
10 inquire into, and repsr without delay upon the eS-
pedlency Of obtaining authority from the Legislature
at It's present to loan the credit of the CITY,
the amount Of five millions Of dollars upon
bonds and mortgages upon unncumbered real
estate in the SAID city, 10 be valsed by
commissioners TO be appointed by the Common Coun-
cl nj not less than fifty per cent upon the amount 10
be loaned thereon. SAID credit 10 be issued in s,ock