Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-27
Mr.. Biddle versus = National Bank.

save the remnant
Mr.. BiddIe versus = National Bank.
During the last few days the Courier q. Enquirer
and the Epening Star have both broken ground in
favor of comforting upon the United States Bank Of
Pennsylvania, the deposits of the government, and
thereby the power Of restoring the internal exchange
system of the country.
1t is well known that this project is merely an en-
te ing wedge for the grant of fecharerte that bank
by Congress- and it's ultimate replacement in the same
position it occupied before It's veto by General JACK
son.
Ii is distressing and lamentable circumstance
,hat the public interests cannot be discussed or ex-
amiped but private spectators will step in offering
their nostums for acceptance and forcing 'helr sell
6sh nroiects on public attention. On high and IN
dependent view of the financial history of this coun-
trv ior the last six eight years. we do find no rea-
von to believe that any wrong was inflicted on the
recent United States Bank by refusing recharter-
That was not the point of wlckedness. The removal
of the depostes was wrong and an UNJUST act IN II
self-and the refusal to create institution, COM
mensurate with the wants of the country signal and
marked error of public policy. This great blunder,
not 10 create new bank, was aggravated and IN
famed by the creation of the Safety Fund system,
which of itself brought into action the cupidy of eve
nv state and the avarce of every legislature by multi
pIying state banks beyond all and moderation.
We have seen from experience that the commerce of
this country cannot be conducted without large IN
sttution, capable Of embracing the exchange opera
tons Of the whole Union The state and safety fund
banking system has turned out to be broken reed
a delusien-a mere fanfaronade.
Such being the situation Of the country and of pub
lie opnion we are not surprised that such prints as
49,, cer,k tho,r
fish propositions and try avail themselves of the
occasion 10 pass personal schemes for the public
good.
The idea of n,aking the United States Bank Of
Pennsylvania the regulator of The currency, and the
place of government deposi,e is utterly prcposterous
FIVE are TO reorganize our SYSTEM let US place il on
a stable and strong foundation de moro. The city of
New York is the great centre of Ike trade and cur
rency-,he ridge of the money market of this country
A new SYSTEM maturcd by the acton of Congress,
ought to have its head quarters placed here whittier
al the exchanges and the balances Of trade tend
WHY should it be necessary in every great financial
operation that the commercial interests of this great
mart should have TO post oil to Philadelphia, III
land manufacturing town. for advice counsel or re-
lief? When a charter conferred on national
bank i'm former times, several occasions, there
might have been some reason 10 place the mother
bank in Philadelphia. That city, III those days, was
IN some measure, the moned capital of the country
Not so now. During the last twenty years the whole
current of cur internal and foreign trade has entirely
changed New York in the north, and New Orleans
in the SOUTH are the great and mars Of COM
merce.
In the reconstruction Of our currency due regard
ought to be had to this new position of trade. In
New York and in New Oreans-not in Philadelphia
ought to be placed the two leading Offices of the
new National Bank.
The reasons arc obvious and unnecessary TO be emu
mrated.
The policy and course Of action recommended by
the Star and the Courier these important topics,
are absurd, sefdesructve, and interested. Because
they have been the recipients of the bounty of the
bank s52 725, is il to be tolerated for one moment
,hat the interests OF New York must be sacrificed 10
n neaehborng city and different siael Mr. BidSle
is a superior, able and accomplished man. We have
no objections to him at the head of great nstilu
ton in New York-but we never permit him to
establish two venal nts here, TO advocate his
at tho sacrifice Of our own city and our own mer-
shants. The Courier and Enquirer and the Star, talk
not, feel not think not, acno like New York prints.
They are merely couple Of Philadelphia loafers es-
tablshed here to speak for Mr. Bsdle, and to adyc-
cate the pOncy OF IHHauelpaa lHty nave al the
Incidence, impotence, and nsolence of the neighbor
ing city.
But the project will not succeed. That change
has come over the party in power, relative TO Ma
tional Bank, have positive and certain evidence.
The movement of the Seven Hundred the new
tone of the Argus and Globe-a point to ertire re-
vouon of opinion in the Cabinet relative TO the
rency. We want and must have greet National
institution, Of Fifty Millions capital its chief office
10 be placed in New York, and its next one in New
Orleans. Let the administration boldly take this
ground, and Nr. Bddle and his old decrepit bank,
covered with bad debts and heavy engagements, dare
not opposed either in Congress before the people.
Mr. Van Buren, has the game in his own hand if he
chooses to play it-but he must do 1t boldly. Let
him cut Benton, Kendall and Blair and be man of
sense for once He has made an experiment in the
Safety Fund system, and has seen 1t fail. Let him
give us National Bank-rot a Treasury ofIice-and
all will yet como right II he does not, he may pre-
pare to return TO kabbltches and kinderIiook.
THE Herald IN ESoLASp.-We have the eratifica-
ton TO observe that almost every metropolitan and
provincial paper in England v copying and CON-
mending the money market articles Of the Herald, az
che best accounts of the commercial revusion from