Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-18

the London banks but we have no doubt represents
correctly the condition of the whole newspaper press
in Wall street. From these and other facts we have
come to this positive conclusion, that not single large
newspaper in Wastreet, that negbborhood, con-
ducted on the credit system, is now making It's ex-
penses. Three or four of them would actually save
money if they would give up the ship and take Pras-
sic acid as the Times has wisely done. The Mer-
camille at this moment owes for its ship news over
$l000-the Express" several hundreds-the jour
nal has long since been under the weather by their
speeuations in New Haven-and the conductor OF the
Courier owes in balances in Wall street 10 Henry
Lynch, ESQ., over $50 0O0 besides $4,000 TO the UNI
ted States bank.
The great commercial revulson of last spring ID
jast now reaching the expanded, ridiculous, loafer
newspaper system. The only thing that can save
the Courier and the Journal from the fate of the Times
is a contraction in their dimensions, and change IN
their entire system. They are too much welded 10
roienness to do that-hence melancholy fate awaits
them
In announcing its sef-destructo ton, or intellectual
suicide the Times attributes its fate, to the increase
and prevalence Of locofoco principles thus
The "deep mighty" of Radcaism have already
and domestic industry and the and distress OF
The % are not by any sse nepss o1
loek for retirement from which
Is runous in its prosecution
We are disposed TO believe that these reasons are
correct to the letter. The revolution in commerce,
banking and our social SYSTEM which is now march
ing over the country with giant strides, is regular
olitand-out, ocofoco reuolution-a change from the
bloated credit system to the cash principle. There
is hardly paper in Wall street that has not like the
broken houses in Pearl, Its $4,000, or $4,000 or
$4,000 or like the Courier, its 600 debts due by
iis patrons, not one penny OF which they ever can
collect
The atrocous banking system, which was origna-
ted in the Safety Fund, has been the mother OF more
mschiefs to commerce and trade, than a ten years
war The suspension Of three hundred and fifty mer-
chants last spring. and the beginning of the end" in
The bloated newspaper press all spring from tie same
criminal spirit of speculation and gambling which
originated the corrupt Safety Fund System OF bank
ing The Times tselfis the child Of the Commercial
Bank and byts demise that rotten concern willlose
$4,000 to add to its other assets of Mississippi valne
less paper.
We admit freely and fully, therefore, that the rea-
sons gwen by the Times for its DEATH the true ones
the precedence Of ferHal iocstocoism. To the same
cause, by singular dspensatlon of Providence am
indebted for career Of success in newspaper enter
gan my race on the locofoco or cash SYSTEM because
of the large spectators or banks would give me
a penny's worth of credit BY necessity, / was pre-
served from corruption. When / started the Herald
could not get credit for IS. Even the paper makers,
who are my greatest admirers, would no more
let me have ream without the cash, than they would
Hy From May, 1885, have continued to conduct
my affairs on the real locofoco cash system, without
-. ~
IN the face OF one Of the greatest revusons of modern
times, the Herald has daily increased in circulation
IN recelps-in patronage-n prssperlty-in POPULAR
ty-in power-n infuence-tIll at this mement my
annual revenue is nearly equal to $4,000 per annsm,
all in cash on enaii-alI on the regular stand out,
locofocs System. Industry, fearessness enterprise,
experience love for the ladies, independence Of the
banks are all part and parcel of the great locooco
system in business-and all tn ese have put into epe
ration. What they will ultimately produce time will
show, for Tam only yet in the beginning Of my ca
reer, and advise John Jacob Astor to look to his
laursls.
Thus il will be seen that TO the causes which
have destroyed the Times and will also lead the large
papers to ruin, am indebted for prosperity and sue
cess No wonder then that the "Times" groans in
IT. day of death-cursng cash and dying-sweanng
against locofocolsm and giving up the ghost. II has
been the lazy recipient of knot Of interested selfish
gTssping gambling spectators, called Conserva-
lives" from the Jump. II has only gone the way of
all gamblers all blacklegs-a conservatives-al
udcious- credit people. Blu, the ocofoco revolution
viii 20 on till not vestge shall be left of that afro
ceus specializing system which has built up insolent
fortunes on paper credits-and nsoent ex,ravagsnce
on usury and fasehood. We must have locofoco
radical reform in our commercial, social and political
systems. The days of credit, expansion and humbup
are gone forever II will not stop till its father, Mar
TN vanBurcn be buried in its ruins With the thousand
sslDent houses yet remaining in spite Of the usuriouf
banks and the receptions of their corrupt newspaper
organs, we shall unite and build up solid, perma
nent locofoco system in commerce and in banking
that will stand every revusion, and be beyond tn
reach Of all panic. With the honest locsfocos of tn
whis and Tsmmany parties we shall nnite and pu
down tho corrupt conservatives of the latter, and tn
rotten Ellen Jewett clique Of the former The worl
gees brsvely on. One blind and ignorant guide th