Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-16
VOLT ME III.
From our Evening Edition OF yesteIday'I
Free aSlAg.

From our Eveaing Edition o; yesteInay.l
Free Banking.
There is a large party in this favorable to free
banking What is free banking? Is it the right to as
soeate capital pleasure and to lend that capital as
NAV best eomport with the interests OF the associated
No II is the right company OF capitalists and
speculators for some avowed purpose, 10 pay INTO
common treasury much money as IL may SUIT the 70
to collect and upon this egg TO issue at pleasure
bits of paper claiming represent coin and purpohs
10 be convertible into coin at the will OF the holder.
The unrestrained right do tas, is free banking Ii
is ad vocaed by party because II grants ts nmuni-
ty and another because such al
right in their notion Of things would interfere WITH and
ruin those institutions already in exstance, and vested
with this identical privilege.
With opinions variant, the public interests would
be equally jeopardzed, no which party got into
power The Wing section has gained the top OF the
ladder in the State From that portion Of the sovereign
people through their delegates al Albany we cannot
expect to obtain the right Of free Banking The Wings
would rather asten upon the people more securely tue
Safety Fund system and its train Of affiliated incopora-
tons enjoying aordinary rnnuuites al the expense
IS the many. But even such scheme is better than
Open uirestrained Banking II is repressive Of those
fine energies for which people distinguished,
Lut give Conservatism OF old before anarchy
in any portion Of society Here We approach moo'ed
question the very question that now divides the coun
try. III, .,:
tended country this to be engaged in all the fero
city Of dispae upon question which contains two sides
equally fatal to the peoples interests, if either be
red to its full The supporters OF chartered in
corporations with power coin money for specih ed
perod de- not appear see that their favorite system
must degenerate into odious moned oigarchy ruin
Gus alike 10 freedom and national prosperity. The ene-
mics Of banks do to be aware, that their no
tions tend the widest anarchy and agrarianis that
it possible to attain. OF the extremes If we are
to have either give the former But IS there not
middle course that the antbank party is sufficiently
powerful in the state Of New York, compel the next
Wing Assembly TO adopt? ltappears to US thcreis
The Senate of New York is antagonist the prsva-
ience of special ypoatons the majority claiming
be Van Buren, men, sincere in their profession
The interests Of the State demand immediate repeal
of the Safety Fund law No good has resulted
from it, as experience has shown. II is an admitted
principle that the Legislature cannot touch the charters
of the Banks already in existence long they con-
,inuc 10 fulfil the provisions Of the laws creating them
bank enjoys vested right that is equally sacred with
p,opertis right What is then to be done! law
should be passed authorizing any six adivdu.
ais associate themselves together for Banking 9TH
er purposes the performance Of certain obligations
to the State securing the public against injury by their
operations. To this extent Banking might safely be
thrown open, but no further.
The rights OF those in existence uld not be in
vaded. Their profits would probably be lessened by
the competition incident the establishment OF such
Joint Stock Associations bat Of that they have right
20 complain. II the public be secured from injury.
banks should expect higher profits than other trades
Look at England. There see the utmost compe'i-
ton in banking and industry and enterprise, grooming
under heavy government taxes flourish to an extent
scarcely dreamed of in the United States. The Wing
Assembly OF New York have in their power TO effect
great good if the representatives be pure and incor-
rupdble. They viii have trying time OF IT, 1. re-
mains TO be seen whether they Withstand the enpta-
ton to err with more than the late Jackson par
IT, free banking law similar to that existing in Eng
land would establish their claims representatives OF
the Democracy on m immovable foundation. IL would
disarm the opposite facton-satsiy the more moderate
ef their own pariyreease capital from the chains now
thrown around i,-put state once mCre on the top
wave-and be tie Of wholesome and desirable
change in the whole banking system Of the country II
would lie the death blow empty specuations Under
such Law the money affairs Of New York would be-
come the envy Of other states Will the wing party do
their duty ~
TtrLFs-The editor of the New Orleans True