Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-03
MORNING HER A l. ID.
THURSDAY, AUGUST 3. 1897.
what viii Congress dot

the subject, and, by the time 'ha' So's '' !" "
probable that some general leading views VIII occupy
the thick heads of all the great men OF the natlon'
A. far "A we have discovered from the leakage Of
.o,ca FOOLS il appears that regard to the curren-
v three different views taken by three different
parties interests, cliques of men.
From the tone of the government prints, which are
generally conducted by lazy fellows, it would seem
that an entire separation of the public finances from
commercial baGAs is TO bs the of the session.
This party-generally called ocofoco radicals ring
tails or rascals, the may be-advocates the
organization of the Treasury a new and distinct
bass-making the custom houses the places of depo-
stand drafts from point to point the new ana
better currency" large portion Of the government
party in favor of this scheme-bu the business men
among them, though less noisy are decidedly IN Ia
vor of new national bank, constructed IKE lhose
fsruerly in existence. In favor Of new BANK, with
its head quarters located in New ! ork and New Or
leans, there is a numerous poruon o. the opposite
marty who care nothing for politics and party, if they
can get money and music. Indeed all the CONNER
ciai interests could be made sooner or later, toune
IN such scheme-ior merchants will always O. with
those that will act mercantile principles There
is indeed, an active portion of the opposition and
commercial interest in favor of readopung Mr.. Bid
dies broken bank, either IN the form of resolution
making the deposit bank, or by washing It's face,
giving il a petcoat, and granting II new char
Ter.
We do not believe, however, that this latter scheme
will ever succeed in the present state of partes mel
fher do VIC believe that entire separa ion lie
effected between the government and all banking in
stitutions. The resuscitaon of Mr. Bidde's bank,
the adoption of Mr. Sas Wrights plan to cast off all
banks the extreme points of opslon and possess
a I,,.,
yf a large capital, The one head quarters IN Neo
York, The other IN Nsw Orleans, is tie only plan hat
will ultimately carry the day. Possibly we must suf-
fer the evils of the present state of things little while
longer, but sooner later the country will come 10
that conclusion, 50 far regards the currency. We
may as well dream OF love without woman as of
good currency without nat onal bank.
But there is another question of even as great, il
not greater importance than that Of the currency
new bank. The Revision has already overwhelmed
thousands and thousands in bankruptcy and ruin.
Unless great care Is taken, shall have a similar
scene next fal-and probably many bankruptcies
and failures, in November and December, had
IN April and May. This large class Of men gener
ally active, intelligent and useful Their debts and
engagements, however, render all their intelligence
and all Their knowledge, comparatively useless TO their
friends 10 their families. At this moment, our for
cign creditors could immune in prison large portion
of the unfortunate merchants in New York The
laws Of state for the collection of debts, dife
rent from those of another and again the laws of the
United States vary from all
The evils growing of this OF things are now
probably will be soon greater III the naked evils
offaure and bankruptcy. The state Of the times
the pressure IN the money marke-the destruction Of
the exchanges, locked up merchants property in
different parts of the country but only locked up for
time. The want of general bankrupt law-and
The multiplicity and conflicting of state laws,
lock up his mnd-lock up his talens-lock up his en-.
ergy- lock up his knowedge-lock up his very intel
lcctual faculties "as tight as a merchant said the
other day. on change AS tight as be damned"
We want, therefore, general Bankrupt Law by
The acton Of Congress- in greater degree, than per-
haps we wan, National Bank.
The old obstacles TO such measure-a bankrupt
hw-may be brought up in formidable array, but it is
10 be hoped that the necessity of the times will de-
wise some system paatable to all On many occa-
SONS measure of this kind has been defeated by
bringing the prcjudces of The farmer in conflict with
the interests of the merchant. A compromise how
ever, nigh, be effected Let a general Bankrupt
Law be enacted for the large commercial cities and
Bfer little experience if any whole state require it,
its provisions be extended TO the extent of their
wishes.
We have for believing that this subject
"A Bankrupt Law-will form The great staple Of
President Van Burcns first dull Message to Congress
lie viii avoid as much as possible giving any distinct
opinion on banks currency because he is an arrant
coward in crisis, unless be a crisis among Kinder
hook kabbitches but he will enlarge a, considerable
length on the necessity Of general bankrupt Law as
the great healing measure-the very universal yepe-
table pilP-for the ties produced by the catas-
irophe of his Safety Fund SYSTEM and the entire dis
spion Of his valuable experiments on The currency
The author o. the Letter Shcrrod Williams per
Tuned with Cologne water and twrIing his red wkisk
ers has already this portion Of his Message nearly
concocted IL - true the sentences are not yet arran
ged-nor the grammar corrccted-nor the Commas
.em'coons coIons, and full stops put in, but we
hive the qualification to learn that the Reverend Ben
HmIn r. Butler, Attorney General of the United
states, as soon as he snail have finished his p,ous
prayers over the Regency will give these last finishing
ionches 10 the great "burster Of Message on Mon
Day preceding the meeting Of Congress. Amen.
PARTLr RIcHT-pAtrLy waoYo.-The PROCEEDINGS
o. ihe Eghth Ward republicans have be, n published
They are against the Suspension Law-aoa;ns, ,hs
@ssry Law-agoins, the Mortgage Law. In this thew