The herald., 1837-04-24

before Thomas Bolton, Esq-and the most palpabe
in the catalogue, was that perperaed Tor bo-
nus Of eighty -four thousand dollars the Trades
mems Bank, which, in the language of Judge Ed
wards, was "a stupendous fraud and considered,
so long as brbed realners could induce the public to
believe that Mr. Barker was concerned in that nefa-
rious transaction; but as that gentleman
ferretted out the real parties, and published their
names to the world, all was hushed up, and the de-
formed monster was converted into the most beauti-
fu child imaginable, and christened by the name of
fair business transaction!
But to return 10 our sub ect-the present times
1t is said here that the United States Bank intend to
send two millions of specie to England. They had
better distribute IL among the people for their bills,
and thus make bank notes less and specie more pen
ty. The expedient of issuing bonds will afford tenn
porary relief but it will prove only palliative, not
corrective, for pay day will come-and BESIDES they
will not suit the wants of Eurpeans they III more
trouble than are for specle-and II the banks on
this side of the Atlantic do not discontinue issuing
and other liabilities for sight payments, the
vaults OF the Bank Of En- gland will be repensh
ed by the contents of the American banks.
The bank of England has been at work for many
months to change the current of specie. The gold
bill; the treasury order; and the panic, gave 1t
westerly direction which If continued will cause the
bank of England to discontinue specie payments.
Aware of this, all their measures have been taken
with view to depress the value Of cotton, tobacco,
and other foreign commodities, to the end that their
avails might be much reduced, to leave heavy
balances against the American debtors, TO be paid IN
specie This plan Will succeed if enormous impora-
tions are continued and the banks do not make mo-
Rey for it to be out Of the power of Bri-
tish creditors to get claims them for specie; er
Congress do not assemble and pass law reducing
the standard of gold and silver national calamity to
be avoided if possible, but decidedly preferable to
general suspension of specie payments. Withhold
ing orders for British goods countermanding those
already sent, together with good crop of bread
stus, may correct the evl-and these measures alone
will do il.
The want OF national currency, subject to the
pervison Of Congress, greatly augments the present
embarrassment; and we must have such lnsttu-
ton before be restored to soand and pros
perous state of trade 1t is vain to think Of substtu-
ting specie for the credit system There not specie
enough in the world TO carry on the commerce OF the
United States without credit, and nothing can be
more injurious than to substitute private credit and
state banks for national bank On this subject Sc
vera articles appeared within the last two years in the
N. Y. Commercial Advertiser, under the signature of
| Neckar," the merit of which may now be better
appreciated That writer admonshed the New
Workers in strong terms of the impolcy of loaning
their money, investing it in the stock of distant
| banks and railroads. Had they attended to his sug-
gestions, great part Of the evils which now afllct
them would have been avered. ALEXANDER.