Litchfield enquirer., 1837-04-27

l lan0s H IS DellCVCuO WIFI SACCcO DY I0fe6 or four times the amount of all our funds which are now there, or on the way, to meet those bills. The consequence must be, either that il vast amount of our bills will come hack protested, or that our correspondents will sink down under the load we have imposed upon them.
 That these evils have resulted in no small degree from the interference of the General Government with the regular course of our fiscal operations, is not now to be questioned. And it is equally evident that if we obtain re- lief, it must come from the same source.- There must be regulating money po,cer in this counlry: and this power must be suStain- cd and cherished, but not exercised or controlled by the Government. It must be exercised 1 by a bank with large capital, large influ- ence, large privileges-aided by the depos- ties and patronage of the Government and whose notes shall be received for all public dues. Now, many of our State Banks are swinging their pendulums backwards and forwards, without skill, but with violence, and with a rapidly increasing vibration ; and it is clearly perceived, that without such a regulating money poecer-without balance wheel for this bank machinery-these cratic banks cannot for long time sustain their specie payments. We must hGUe National Ba,ak-or the present Bank of the U. s. must DG UldUC tue SOLS DEpOSHG DUILE O LUE UOUETUs mem, and be invested with the privileges, and subjected to the duties and obligations heretofore prescribed to it. The gold and silver accumulated in the Western States, where it lies inactive and useless, must be brought back to the Atlantic cities, and thence be sent to England. The Treasury Circular must be repealed; and the Treasu- rv Department must cease to exercise its CO., lossal power, by monopolising the specie, or by diverting it from the channels which the laws of trade prescribe. Thus, and thus on- lv, will our credit be re-established in Flu rope, our stocks and cottons be sold at prof. it, and our merchants and banks be rendered prosperous For every merchants clerk knows, that while the balance of our trade is in favor of England, we cannot make all safe and easy here, until we shall have made all safe and easy there.
 Whether Mr. Van Buren will be made to comprehend and observe these principles the most obvious in the whole science of po- ltical economy-ismoret than we should now dare to affirm. The best men of his party plainly desire him to lay down the weapons of this warfare; and he is daily importuned from all quarters to rescind the Treasury or der. The majority of this Cabinet would gladly do away these restrictions, and vari- ous propositions have been made for repeal ing, modifying, and suspending. But as yet, MT. Van Buren cannot deliver himself from bondage to Jackson, Benton and Kendall They are the Viceroys over him; and he dare not incur their displeasure. But the time will come, though it may be after much tribulation, when he will be compelled to re- scind. The consequences will soon reach every family, however humble and the pop uzar Viu-the great law of republics-will be expressed, and must be obeyed. Then he will give up the Specie Circulars, with the host of pet banks, and the absurd project for a constitutional currency erclusirely of gold mo matter where located-or the present Bank of the United States, which will be the efficient regulating money poacer of this coun- try.
 Nev- York, Thursday, P. M.
 There is no change in the public pulse to- day. Several failures took place yesterday. Indeed every day some are added to the list of the unfortunate These constant stoppa- ges add to the general feeling of distrust.- The great difficulty is, that confidence has vanished. Merchants who have their pock- ct books full of the best of paper are unable to raise money in any shape. The conse- quence is that those who have any large
 
 money in any shape or at any sacrifice.- The jobber has his paper from the South re- turned under protest; he Is therefore obliged to call on the importer, who is either compel led to withdraw his note coming to maturity III preference permitting 1t to be protested.
 NEw-YoRK, April 21.
 We wish it were in our power to say any thing cheering, but it is not. The failures yesterday, particularly of one house that has been in high credit for the last thirty years, has cast an additional damper over the feel ings of people. To see merchants fall thro', who have, as they deem good assests, of two and three hundred thousand dollars over and above all their liabilities, is enough to dis hearten and to discourage the strongest hearts. It has been put forth in all the ad- ministration papers that the cry of hard times, panic, &c. &1c. was made for effect, and that after the election things would be easier. Many lent willing ear to this opin- ion, and believed that this week would find money matters less severe, The hope, how ever, IS in no degree realised, for the pres sure is now as great as it has been at any one period.
 The wisest and most experienced heads are looking about to devise some plan of re- lief. It is now well understood that the state will not grant their credit. A deputation will leave this city to-day for the purpose of advising the legislature to pass law author- izing the banks to issue Post Notes. At pres ent none but the Manhattan Company, and perhaps one or two other banks, not subject to the Safety Fund Law, can put forth this description of paper. There can be no doubt but that move of this kind would have beneficial effect. The banks in this