Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-07

Late last evening, the packet ship Francois is''
<.sptan Pell was announced bslow-hcr day OF sail
mo u the 24h of April consequently she will not
bring more than two days later intelligence than was
received per Pennsylvania, from Liverpool. yves snail
however receive our papos u Time Tor this evening
Chronicle.
ScorcH R.SKINe-A great deal Of nonsense IS
uttered about ahe Scotch banking system. Because
mo revulsons pressures, or expansions are known in
she history Of banking in Scotland, many shallow
persons suppose that there is principle inherent in
1he system that like salt in fish, preserves from the
effects Of decay. Nosuch thing The Scotch bank
ing system not very different from that of the En-
glish joint stock sytem. The principle of per-
sonaI responsibility to The whole extent ofone for
tune, prevai-bst SO does such principle prevail in
abe Rhode Island banks.
The great PRINCIPLE ofthe Scotch banking system is
moral, not financial or legislative principle. The
Scotch bankers and traders COOL cautious prsdent
mea. They seldom indulgen those expansions or con-
1rscons that cause revulsiens in England or the Unit
cd States Speculation doeg not exist IN that country
TO any thing like the extent does here. full deve-
lopenent OF the Scotch banking system would de-
scribe the moral habits of apeople II the Scotch
banking system were adopted here tomorrow, il would
not be bit better than our present system. We
would not use it SO coolly as the Scotch do. We
would put on steam-issue too many credis--ard get
round it's checks in some way
All the anfarr0nad< about the Scotch banking sys-
tenn comes from C. @. Cambreeng He has had
vision and dreamed dream. Late in life our friend
Cam got married. and took to studying Adam Smith
on political economy. Every principle measure and
fact of this system, though known for a hundred
years appeared to Cam as perfect novelties He fon-
died over them as old rascally bachelor does
a young GIRL So it is with the Scotch banking sys
aem and all the nonsense uttered Oh that subject
We never will have regular or judcious paper cur
Tency in this country. 1t is not In our nature NO
system will prevent US from trying to get nch in lew
months or years, or of cheating each often as we
can. The banks cheat the public, and We cheat each
other. That's all the difference The greatest cheat
is the greatest man.
PApsa MoNEy-We shall have splendid times for
year or eighteen months 70 come. We have now
begun the age of paper money and whatever the end
may be, the beginning and part of the progress will
De splendid. There are six hundred banks through
out the country. They have issued one hundred and
twenty millions, but in few months their issues can
be increased TO three hundred millions. The effects
Of this new issue can easily be calculated. The as
signats in France lasted for few years. and furnish
ed the means to that people to create armies, fight
battles, and extend the limits of the republic. In
England the paper money period, from 1897 up TO
1920 similar effects followed. The issue ofirredeem
able Bank of England paper stimulated war, trade
and all sorts of gentee extravaganza No matter how
dishenorable il may be to cheat the public-if one
succeeds what's the NATTER If the banks and the
government will only issue much paper money as
we can swallow, shall be able to finish rail roads
complete our new towns-put the roofs on the
palaces at New Brghton-ride again in barouches-
drive tandem-trot fast horses-kick up rows-and
enjoy ourselves for another year at least The pen-
tertiary for small rogues-palaces for the great ones
PoLIrIcs AND BASKIsG.-TEsT QUESTION. No
election has yet been held in any part of the country
since the banks declared the suspension ofspece pay
ments II is therefore, yet, mere matter Of spec
laton what effect that coup d etat has produced on
the public mind The first trial will be closely con-
tested and this trial will take place in the county Of
Philadelphia, for member Of Congress. In the
third Congressional district of Pennsylvania, Mr..
Charles J. Ingersoll, locofoco, specie or hard
meney man is up for election to a seat in Congress.
This district has been sometimes on one side, and
sometimes on the other II is halt town half coun-
Try place, within the influence of the u. s. Bank, as
well as the real locofoco principles. We shall wait
for the result with im?atence We shall then know
the probable effect of the suspension of specie pay
meats on the political feelings of the country.
ANEW BusrrEss.-AH old fellow at Albany who
has been doing crack business in the specie lineever
since the SUSPENSION gave us little account Of his
business the other day. As soon as IT was known
that bank paper had deprecated, as the brokers
say, that silver was at premium, he made his pre-
partitions to buy all he could lay his hands on. Hav-
ing laid in large stock Of New York, Albany Safety
Fund and Eastern bank paper, he advertised II for
sale-cheap for cash. The hint took. The old Dutch
men, Dutch women, and Dutch girls who had been
laying up five and ten cent pieces, IN old stockings
brought forth their treasures to the money changer
and brought the pretty pictured promises to pay He
could accommodate them with any kind they chose
and then all he had to do was send here for
stock, which he got still cheaper-some very cheap
indeed, TO keep his stock good, and pockeed hand
some profit Our informant in this way had sold, most
ly in small sums, over ten thousand dollars worth Of
bank paper in fortnight and still drives brisk busi-
ness at this novel species Of trade.
Tar FAsHIoSArIE SEAsoN.-Thcg aety and splen-
dor OF the approaching will depend entirely on