The herald., 1837-04-10

That the limited credit Of duties on imports, has
contributed greatly to the present embarrassment of
the country.
That large amount of the loans authorised by the
southern and western states and OF the stocks the
various rail roads, canals and banks, and Of many of
Inc e commercial companies, are owned in this city
me course pursued by the Treasury Department,
mas had the most powerful influence in producing the
present crisis.
The extensive speculatiens and high prices paid for
alaIge amount OF lands and lots, in many extreme
York ''''' ''' N''
The want of incorporated banks, or other moned
nstlidtons IN tins city, by which adequate capital
couu pe concentrated aad safely managed to an ex-
tent commensurate with the vast amount and impor-
tance OF It's commercial transactions
That the limited amount of our msnied ncorpora-
hons compels as to seek in a humble and degrading
manner Pecunlary aid of other cities, possessing less
capital and commercial importance, but less tram
meled by Legislative restrictions.
whether such have or have not been the causes Of
the present embarrassments, is not question TO be
now cOnsldered-what we want is to know the re-
medy and adopt it promptly. Extreme cases require
extreme remedies II has been the policy of the bank
OF England IN certain exgencles TO stop the payment
of SPECIE and yet the medium Of her notes were sfi
cien for all purposes of prosperous business and
enabled her to carry successful almost against
the whole world.
On similar but much less embarrassing occasion
than the present. the banks Of this city, and nearly
payments, and yet continued regular and extensive
business during several years OF an embarrassing and
expensive war, during which the business Of the
country was very prosperous and the evils OF the war
We're much lessened by the facilities which the bank
ing nsntutions then extended with safety and conve
nience when the cause of stopping specie payments
ceased 10 exist the resumption of payments by the
banks was easily and almost simultaneously effected
throughout the nation During the time Of the sus-
pension many extensive enterprises undertaken
Money was very plenty and easily commanded Wa
ges high, and all classes OF persons fully empoyed-
Bank notes were adopted as a good currency in the
country when known, and were rated at a value of
ten TO twenty per centess than specie. The prices of
all articles bought and sold fixed in reference 10
the value of the medIum-hence specie was want
ed in the ordinary course of busnessit was there
fore retained in the country.
The present emergency and embarrassments are
much greater than those caused by the late war, and
much greater losses must be experienced, unless pre-
vented by the immediate acton of citizens without
distinction of party
Then why not adopt the only saft remedy at once7
Let all tho banks step specie Payments. Commen-s
aoih the banks in the city, and nearly all in tbe L1
ted States 1riil soon foliou.
Banks could then extend adequate facilities for all
purposes of business, until by diminished import Of
goods, and increased export of our produce he ba-
lance ofcommerce would be in favor Of hls e0untry,
when specie paymsnts could be safely nd easily re-
sumed. More especially If aided b. blsh-
ment of a National bank, or State + ... ad.
quate capital.
If this plan shanld be Immediately adopt
need be failures sacrifices of properly All
classes Of mechanics and laborers would find good
and profitable employment
The treasury fand which has been the great terror
to banks, would be Immediately rendered quite harm
less.
am aware that many of the banks and few per-
sons Of large cash capital may oppose M plan-sup
posing that by many failures and great distress, all
kinds Of property must sink far below its value
thereby affordmg them greas opportunities OF profta
BILE Investments. From such hpersens the public have
nothing TO hope or fear.
There can be no doubt but the banks and all hold
ers Of bank stocks must lose more by the many fail
that inevitably take place by continuance
OF specie payments than by early suspcnsion.
The apprehension from creditess of banks and le-
gslatve acts, need not alarm those who Witnessed
the same state of things dnring the late Let the
banks stop payment to relieve the people, and the
people will not be ungratsul nor unmindfal when the
same banks want Legislative support or proection-
Resolve, then TO act boldly, promptly and cfiect~
ually, and be assured that yoa will ride triumphant
over the storm that threatens 20 engulph YOU
alelt No PARTY. MAN