Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-03
THE HERALD NEW YORK.
From our Evening Edition of eslerdny'l
From Washington.

measures at Washington All party lines appear to be
broken up-the wings in dsorder-the administration
in disorder and confusion from centre TO circumier-
.nce The consequence of such state Of things viii he
% break up all party lines and give the great masses
a,ce 70 bern on first principles dc In this city,
the great opposition VIII be 70 the Danks-the suspeh-
op mortgage and usury laws Of last session We must
oct rid Of shnplastersand nothing viii do that but de-
cided measures compelling the banks 70 resume ape.
Gle payments forfeit their charters.
from our Correspondent Rotssohild, No. XxxvILi
WAsHINGToE Sept. 30, 1887.
What is The true tendency of Mr. Calhouns PROPOSE.
ion Todestroy the banking system of the y States
By the very manner in which he has drawn up ms
amendment he has confessed that this will be the ult
mate operation of his policy II bank notes could car
culate in the States par with gold and the
general government does recognise them as money
why he careful TO put oil the golden age 70 S4
WHY not say at once that nothing but gold and silver
shall be received and disbursed by the Government
If bank paper circulate Independently OF the go
yernment in 1912 surely it do so III 1888 But no.
Mr. Calhoun wei knows that his policy utterly destroys
the banking system system OF money, and Tor fear
OF exciting the popular prcudices he proposes com
promise Will the banks submit to this compromise
If they do will be for the same reason mat drowning
men catch AZ straws They viii proone their existence
as monied institutions till 1912, but will be aeverish
existenccan existence during which chills and unna
tural heats will alternate
highly reprehensible He knows the true operation of
his policy and he conceals it from the knowledge OF the
public. Where is his frankness on this occasion! NO
no. sir YOU shall not escape Where is your frankness
SO much boosted Of? will not suppose for q moment
that you are ignorant Of the operation Of this long
cherished policy. You say that the endorsement
of government impar.s 10 bank notes as money their
principal attribute viz: currency Well, sir, fyou de-
prve them of this quality. what are bank retes7 No
more than other mems notes ,-good tor the sum they
promise to pay, according to the ability OF the promiser
with the interest o8 Then take off the interest and they
will pass in the transactions OF individuals The
very step of your policy TO deprive bank notes
corng your own showing OF their currency quality
and to bring banks down the footing of individuals.
Do YOU suppose that corporaors will continue TO Sustain
a bank invested with privileges than citizen,
and that they will risk their capital to make a GER
tain loss ? You well know sir that the great induce
rnent to capitalists engage in banking operations IS the
power OF money flying their promises TO pay IL the go
refuse to regard them as money that power IS
destroyed.
admit the truth Of your arguments in your late speech
All complain Of you did openly state that the true
effect your policy to break up the banking system
in the country i am friend TO the banking system,
for consider it nothing than remnant OF the old
feudal tyranny Yet is far preferable to your policy.
While banks modification of aristocratic usages,
your device Of returning to gold and silver as the only
currency by the constitution IS the instrument OF
pure despo,sm making the rich richer and the poor
poorer. Why not say so openly Mr.. Benton undis
gusedly processes his objects. He conceas nothing
He tells that go back the days OF the Ro
man auestors the model of the French government
under Buonapare, but you shelter yourself behind the
Constitution and sustain policy that strikes down at
blow all the banks o the Union and by consequence
DESTROYS the system Of credit which all past pros
pery is built Is this the conduct of patriotic states
mani
Your amendment tells the banks in so many words
that they must prepare close their doors that their
notes will not be regarded money by the general go
ment They will take the hint sir, and If your policy
prevails, you will find the corporators pressing their
creditors and winding up with all the speed possible
They never can discountthey can lend their
ney, while the general government treats their bills as
the bills Promisory notes OF individuals represen,a
tives Of money and money. Depend upon II, the
banks will disappear faster than they came into the
world under the operation ofyour amendment
This you well know. What then do you propose TO
gain by the destruction Of the banking system? Will
your constitutional scrupes and strict construction pro
vide better currency than bank notes Or do you in
tend to stop at gold and silver You tell not What
them await with anxiety for your proposition TO give
iRconrcrti5ie currency equal 70 gold and silver
have one word to say the banks Of the Union.
Their determination is decrecd by tho powers that be.
Let them their houses in order
O'Clock =. M.
What will the states do now They have been cheat
ed Of the last instalment. How many votes VIII
Mr. Van Buren, lose by this measure opine rather
than he would have lost II the Secretary OF the
Treasury had called upon the States Tor the repayment
of the surplus Present exigences have Influence
ON mems feelings than any future requirer. ens. But
conjecture is now useless The bill to postpone till the
1st Of January, 1892 mas become law, and its effects
will be In future elections. On the question to con-
cur Mr.. Upton and Mr. Pierce gave their votes in the
Negative. / GLAD the bill is through a month is
quite long enough TO have the thing rung IN ones
Wha,next7 MR. ambrelcng has called upthe treasury
bill and has been the committee oil the
whole. Now for another weeks display OF financial
lore. We shall have all the arguments, pro and conup-
government paper. This by the by, is an interest
ing subject and il the gnoramuses of the House would
only sit still and take lessons Of The very few
in the hall two days wosld be sufficient arrive at
correct judgement But they win not and il is no
10 lament
Mr. Preston outdid himself today Even they who
know him best were astonished WHY sir Calhoun's
speech was schoolbeys essay 10 that ef his col
league. / do not exaggerate. Nobody had dreamed
that Mr. Preston political economist Bat his dis
course today has undeceivcd even his friends lie
marched up to the subject with aearlessness that would
have made your heart leap within you had you heard
him 1 consider him. sir, practical hnancier He
took up the subjects ocurrency ofmoney of exchange
of manufactures Of buying and selling, OF credit in all
its forms, of banking, and handled them with all the
ease that master mechanic would his tools The rer.
feet command he has over language enables him to 10
others would not dare to attempt
The real political OBJECTS Of the dominant party in
ncddling with the money Of the country, he laid bare
with all the facility that skful surgeon would throw
back the show you the internal construction
or the chest. He used no mincing words Oh, how my
face burned at thought OF such corruption! There Il
not man in the Senate that will dare TO retutc him
Next came Mr.. P's defence of our institutions from
IN, foul breath Of causany and the ruthless hand OF The
Van Buren, invader. Here he did justice to the patriot.
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