Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-25

: nanonsi bank, join with those who doubt the az
ntenee OF sucn power, and amend the constitution
~ wa. Pasncuiar as 10 remove every doubt on the
Pm o. Mr nsmnton; and at the same time restrict
the sates severay a. to the amount of bank capital
they should sanction, according TO population but
not according 10 exports for this last mode of appor
nonDg would give TO some large agricultural and mn-
nufacturlng states no bank capital whatever Tb;a
restriction the amount Of bank can;,., al
lowed 10 be chartered by the states seyealiv wonlJ
60 far towards reconcilmg many moderate anti hank
men to small, and limited number of state banks
And this amendment to the constitution of The
United States being obtained
Thirdy establish national bank, either on the plan
of Mr.. Hamilton, or on better, If better can be dey
sed national bank should be the place of deposit of
all the revenue of the United States, and the several
states, far possible, and the place Of disburse-
ment Of such revenues lis paper should be legal
tender In payment of all taxes raised for city, town
ship, county, state and national purposes; and le-
ga tender in payment of all officers, city, town
SNIP county, state, or national and in payment
OF all contracts on city, township, county, state,
or national account, where the Office was accept
co. or the contract entered into, after the establish
ing OF the bank. With this reserve wrong,
or injustice would be done 10 any officer or con-
tractor. This provision would give the paper Of
the bank currency, uniform value, ard circulation
over the United States and perhaps do away with
the necessity OF restricting them the exchange they
should ask when dlawing on distant places; other
wise if it be possible, and feasible such restriction
should form part Of the charter.
small as five dollars fsr the conveniency of travel
ling and for the conveneney of paying small taxes;
and this provision more than any other arrangement
that can be made, would prevent the small notes of
state banks from wandering to distant places where
they are unknown, and dscredited (; and which, as
much as all other circumstances together has tended
to get up and increase the unpopularity of banks
If It We're possible every free white male citizen of
the United States should be interested by owning a
share-say about 2,OO0,o shares of $50 each
Sl00,00000O every citizen be privileged to take
share, and sell his right for the best price he could eb-
tam. This would do away with the idea of monopo-
y, or partiality, or tavoriiism. But more of this
when we come to obtaining a charter.
Another correct method would be 10 dis pose Of the
stock by action to each state proportion, accord
ing TO population.
But we want no bank; we can have no specie
paying bank, while, as nation owe abroad one
hundred, one hundred ar fifty or two hundred mil
lions Of dollars.
Nothing could have been more fatal to all our flu
hopes Of national bank and the advantages to
be derived from it, than for General Jackson to have
sanctioned the charter which he petoed That bank,
indebted as we were abroad must have gone the way
of all flesh. II could not have stood the storm any
more than gunboat No. could stand the attack of a
ship of the line. All concurring circumstances what
ever the government individuals could do or could
have DONE cause suffer TO be DONE was. with
the utmost industry and ingenuity DONE TO bring us
| to suspension of payments specie and paper, and
to that suspension we have come
Fourth Our remedy and only remedy is,
tariff such tariff as will absolutely protect home in
dustry We this year losing labor worth hundred
millions of dollars, in the suspension of manufacturing
industry. And we must purchase, or at any rate, pay
| for this amount less of raw cotton from the SOUTH
| Of manufactured cotton and other manufactures of
Europe, and the manufactures and products Of the
| Indies.
We tried tariff, increased in 1924 and again in
creased in 1928, and under these, fourshed for eight
ten years beyond any example recorded in history
We then have tried the experiment of lessenng those
tariffs, taking of part in 1884 and part in 1885,
and in 1887 we find ourselves in debt, beegared bank
rupied and ruined beyond any nation Of which the
records of past time gives account and this in
time when have neither l1ar, pestiicncc or ia
mine" to charge with suffenngs, and when we
| really have command all the elements and mate
rails Of national prosperity recommend, therefore,
putting back the tariff what it was in 1925 for
period Of ten years, but no longer Unless by that time
the whole body of the American people satisfied,
by tkis second experiment, that high tariff is our
course of safety and security, and willing
the act of congress for its continuance.
| An OLD MERCHANT RETIRED FROM BUSINESS.
| RahraU ~ j.; June, 1897.
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