Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-17


States getting the track 10 secure the support OF
the entire democracy of numbers" by ccaslng 10
have any control 0yeg or connection with, tne crea-
ton OF standard Of value paper currency leaving iol
that purpose the coinage of money in the hands OF he
United States Mint II can become more valuable
institution society and its share holders by lending
It's credit, expressed as such in the document TO the
underiakers OF judicious enterprises at home and
abroad Whatever shinplastcr system may be toe-
rated other states havenow the prospect OF res
toraon of permanent specie currency, thanks to the
maturing genius of her accomplished son, Nicholas
Blddlc. BY his agency the laborng classes will re-
ceve in exchange for their daily labor fifty per cent
food, raimcnt and shelter than heretofore put
ting INTO practice the invaluable sentence of the phi
an,hropls, = the greatest good 10 the large st num-
ber."
The great reform in this institution will consist in
the good example she will all the banks Of this
Union.
lst Whatever cash bank notes she issues, to circu-
late as money, will be de acto the representative of
coins she holds.
" I'd. Refusing deposite as cash, money, every
cash bank note whose sgners do not prove specie on
hand, equal IN amount TO such issues.
Sd. Her credit notes, post notes, payable after
fixed date IN gold or silver (being but bills OF ex-
change,) will be paid in the coins of the country
where they fall DUE
4th Her shipments of cotton will be in the cha
of agent for the agrculturls to hquidate her
bonds falling due in Europe.
Under such rules of action the prejudice and camor
Ofpocians against the operations OF this bank, which
ceases TO be bank of ISSUE is totally met and de-
feated. Hereafter whoever has possession of Penn
sylvana United States Bank note payable on demand,
will be satisfied there is coin dollar in the bank TO
pay it. Hence the credit of this bank will be beyond
precedent in the history of banks-its stockholders,
no matter where residing, in Europe Asia, Africa or
America will be certain their funds are safe from
any interference with the contract accepted from the
legislature
We consider the long contest is over in our State
between the advocates Of the circulation ofega coias
and the advocates of the exclusive right and practice
of joint stock traders to circulate cash bank notes
their discretion representing the houses lands and
speculatons of other raders by the voluntary deter
minaon Of the Pennsylvania United States bank, to
withdraw from the obnoxious practice of thus debas
ing the United States mint coins by mercy issuing
representative only equivalent to the rest of the State
banks will have to come under this honest practice,
or see their notes cease to be money currency
by falling to rs per cent discount Nicholas Blddle
no doubt wishes appear the page Of history, not
merely money lender, but an American statesman.
As we State of great intelligence we are deter
mined to prove it by our wise and honorable habits
Our State is rich require her citizens to abolish
the great fundamental truth taught by arithmetic,
that there mast be national standard of value, TO
distribute that wealth among the people This nven-
ton known gold and silver coins-or their exact
representative requested IN bank notes payable on
demand by the owner of the coins Poor miserable
banks with no capital or intelligence have for years
combined 10 patrenize each other IN issuing bank
notes as money, without having specie thus robbing
all classes of interest," and producing the same action
on prices as would result from counterfeits.
1t appears the Pennsylvania bank now stands alone,
regeneracd and dsinhraed, from its sycophants and
false friends stock obbers, welcoming to its patron
age every prudent citizen whose temperance indus
try and profession require facility in moderation.
1t is admitted it has been environei for seven years
by clustre of vultures whose motives were known
to be purely selfish, whose avarice was only equaed
by their cupdity. To restore the character for sin
cen'y of the chief manager Of this bank at the next
election we shall have constellation OF men of tai
ents fer its drectors-ants stock jobbers of course.
Yours truly, }. HANCOCK.
transacted last evening the postponement of the
sale of property advertised be sold the Goth Of
October for of taxes the sale was postponed
TO the first Monday in March.
report was adopted for building pier 30 feet
wide and 200 feet long at the foot Of Manhattan
street.
The National Guard pettoned to have hall built,
in which they could exercise and manecvre. Their
petition was referred to the Committee on Arts and
Sciences
petition to increase the salaries of the Inspectors
Clerks was laid en- the table.
Several reports from the Street Committee for paw
ing certain places, were then adopted.
paid fer labor done for the Common Council was then
adopted; but here a scene ensued that we shall not
soon forget and which shall describe in this even
ing's paper.
BOARD OF ASSISTANT ALpEaMEN-A considerable
debate was caused in the Board of Assistants rela-
tive to the passage Of the bill last Monday to create
tive additional collectors for arrears of taxes 1t was
asserted by Mr.. Williams that the Board had omitted
to pass the enacting clause. He therefore moved an
amendment to the minutes which stated that the
law was concurred in" with the exception of the
enactng clause" The President Messrs. Hoffman
and Holly, took part.
Ii was admitted by Mr.. Hoffman, tina, if the enact
ing clause not read, might cause question ms
to the legality of the law. The President however,
maintained that the enacting clause was matter Of
inconsequence in regard to the validity of the law
The amendment was lost
The Board of Assistant Aldermen have concurred
with the Board of Aldermen in the postponement OF
the sale of lands advertised for delinquent assess
ments until the first Monday in March, and that the
Street Commissioners give the necessary notice.
Morrison McDavidson was appointed assistant
clerk to the Board.
petition from the inhabitants of the fourth ward,
for appointing a day watch, was eoncurred in and
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