Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-01
MORNING HERALD.
TUESDAY, AUGUST 4. 1887.

been uttered about the great importance Of "a'io"ai
bank in checking the exravagant management Oh
state or joint stock institutions. Experience SHOWS
that regular public statements and free press are
much more powerful instruments III Keeping pahhs
and bankers To the line of duty sense, ana sagacy
The Bank of England never prevented their private
or Joint stock banks INDUCING IN over ISSUES OF
currencv-neither did the Bank of the United States,
when il WINS in existence, the present shell of
i,s being now in Philadelphia. large bank cannot
Leen the small banks in order--it may crush them
when thew extend too fa- but it prevents Them
because they are both engaged in the same business
making money by issuing much currency as they
please.
What then is the check to the cxtravagant conduct
of state banks
free press is the only regulator When backs
publish their statements free press examines their
facts-removes their mystifcations-probes them 10
the quick and brings the majesty of public opinion"
10 control the otherwise uncomfortable insatiaeb bank
ers free press conducted the cash system
for that is necessary 10 give il lndependence-wlth
moral courage and philosophical knowledge, is the
greatest corrective and check TO the vices of the bank
ing system.
In proof of this position we have only TO point 10
the great and overwhelming moral, scientific, and f.
nancal influence produced in this community and
throughout the country, since the fearless Wall street
reports Of the Herald began 10 circulate and enghten
the world. The merit of devisng, beginning, and car
ryng into effect this great reformln civilized and COM
mercial society, claim 10 be our own-ours nhe-
rently-ours excusvely-ours par ercellence No pa
per this country attempted it, ill had forced
down all opposition, and made il triumph and VIC
tory. The public prints in London and Paris give re-
ports on the money market currency and other COM
mercal Subjects but will venture to say that no
daily report, heretofore attempted brought phi
osophy and science into the daily transactions of bust
ness, and gave moral tone, above all mere party
feelings TO the remarks and observations the mo-
ney markets aud movements general commerce.
During our administration as Editor Of this paper
we have unlocked the crets Of rade-dlved into the
dark recesses Of banks-dragged their secrets to the
light Of day-acknowledged their merits when they
possessed any-and administered the whip Of scor-
pon truth their naked backs when they deserved IT,
At first terrible oucry raised against in Wall
street. We were knocked down in public midday by
cowardy spectators who would not pay their debts
we were bullied and blackguarded by the paper gam
blers-we were execratcd by all the city newspapers
which the mere creatures Of bankers and specu-
lators-we were heoted and despsed in private socie-
ty as a vain means of checking public influence
ISLANDERS against spotess private character were
invented and circulated 10 destroy the effects Of
writings-penny prints established by convicts,
drunkards and vagabonds, TO put us down-and, as
last resort large and respectable auction house, in
stigated by the Infatuated mob of SPECTATORS were
fooshy persuaded indct US for blunder, before
Grand Jury-to employ Maxwell and an Ogden to
speak against us and thereby if possible, 10 afix
stigma on character that manln this any
other community-can impugn in the slight st
degree.
We now refer TO known incontroyertible fncts.-
The gross ISLANDERS OF the Courier and Enquirer, the
American, the Journal Of Commerce, and the whole
dirty penny press, together with the indictments Of
Two Grand Juries have been lived down by the fear
lessnesss equanmy, conscious virtue and moral cour
age of beng that they never understood nor ever
will The tide is now turned and when Watson
Webb, or Charles King, David Hale, any such
miserable pretenders TO decency, morals talent, and
genius, find that they cannot shake our indomla-
Bile courage or impair the onward character of our
course they fall into wake adopt our sentiments
ard try to ape those very attributes the study of years.
which they vanly attempted to depreciatc but which
they take hold of, merely as the monkey of the wood
apes the Apollo in attrude or motion.
The Courier and Enquirer has at length commenced
its Wall street rcport-has at length been forced into
the course il has so long repuda,ed and dscounIe-
nanced The jewellers Of that concern may initiate,
bui they cannot reach-they may ape but they
not rival. The extraordinary popularity Of our daily
reports, on all commercial subjects popularity long
since attained in the South-now spreading around
Europe the East Indies, and South America have
startled the miserable lazy newspaper drveers Of
New York, Boston and Philadelphia. During the last
two years we alone have waged against the
whole corrupt press, and corrupt banks and corrupt
spectators, in all those three cities. We have ui.
umphed over these infamous creatures al last-but
there more trumphs in store. We have compelled
them to bow TO truth and TO intelligence.
Let us not be misunderstood. He are no foe 10
banks lohen toeu conducted We are friendly 10 all
kinds ef banks, il they founded the principles
Of morals and Of science But during the last six
years there has existed corrupt conedcracy be.
the press Of the large cities and the banking
system, in order to cheat, deceive and begule the
community. Against this arocioss juggle we have
hurled the aven Of truth, for two years through the
Wall street reports Of the Herald. We have now a
prospect Of accomplishing the great work of reform
Those very prints have been compelled to follow in
our wake. The banks are curtailing their sxpan-