The herald., 1837-05-12
TAs only remedy 10 prevent Revelutien.-.A
great speice-paying Bank to be created In
one Week.


truth is required Of us in expataiing, discourslng'
and investigating the present novel condition Of things
the nature and effects of the revolution now rolling
over the world Truth, strict TRUTH without regard
10 persons, feelings institutions selfish interests,
We shall give arranged and sprtualised, on the most
philosophical, moral, and scientific principles. The
world has been deceived for years. by the juggles of
bankers, politicians and editors IL is time TO break
the charmdrag out the secrets of the conjurors to
highland show all the clumsy machinery which
has led the country astray, before censgn il to
utter destruction.
After series of explosions of individual houses
the great explosion of the banks has taken place, like
the last Angola light of the pyrotechnic exhibition at
Niblo's Garden, or the Battery in moonlight. We
have reached the lowest point of discredt misfortune
degradation, morals, and folly. From this moment
forward the world must go upwards, if it takes care
to make fair start. Yet there is much to meet
much TO encouner-much to fear-much 10 bear in
the next six months. New York has fallen, but she
has fallen to rise again, if we alter the plan OF
architecture and build on the solid rock. Our credit
oystem has been built up like our banking houses and
ten story stores, on feeble pillars and baseless mate
rals After totterng for few months before the
earthquake that has been shaking the civilized world,
we rose on Wednesday morning. and like the banking
house in Wall street, our whole system was crumbled
into atoms exhibiting single scene Of glorious desc
lation aHd exhaustess ruin.
Yet we must not lose our courage. Let all those
who are solvent and, steady go to work. Let those,
who by their position have escaped unhurt consult
and help the great reconstruction Of the beautiful edi
flee. No city ever had such magnificent position
such natural advantages-such splendid opportunities
to be the Queen of Commerce and Civilization as this
beautiful city sitting her glorious island,
rounded by her glorious oceans--but now mourning
over her misforunes in the dust. Let her wipe away
her peary tears from her fair eyes let her stop thos
heart-rendlng throbs that make misfortune amiable
lie; her call forth asan those smiling glances that
urged US 10 the top Of speed in the day of pros
perity. We have yet the materials of a new city
better WISER more virtuous than the past
The race of bankers, politicians, merchants and
EDITORS who have congregated in Wall street, have
precipated themselves into destruction. Let another
and wiser race take their places-seize the helm
and keep the bark steady in the closing pauses of the
hurricane till get to smoother water Be Of good
cheer-we arc ye, safe Perhaps no commercial com
munity has ever been befooled and bewlldered by
any set Of bottle conurors as this Of New York, by
our Wall street bankers, few solitary examples, only
excepted. Yet we are not without resources. Let
us sketch our plan of relief
Let the stockholders OF the various banks hold
meeting and take measures for turning, neck and
heels, the whole race OF directors out of Office. Let
them apply TO the Legislature at once and c0asoli-
date The triole capital and resources of Nec York in
to ONE GREAT SOLVENT BANK, based on all
the specie no1 in their raults, and capable Of going
inte operation in reek.
This power is entirely in the hands Of the legsla-
tare We cannot conceive any plan Of action more
feasible. To legalzc the suspension of specie pay
ments is only 10 sap the moral foundations Of social
order. HwW not do and fearful siA be public re
trbuion ON those lrho attempt IT, Our banks, in some
way, must return instantly to payments in specie or
they are gone forever Can any legislature make crime
virue7 or give the character OF honesty to daring
fraud No such thing Let the stockholders Of all
the banks have a meeting at once and petition the
legislature to create a new bank to pay specie. In
one week. all twenty broken banks, dscardng the
rotten parts, and brushing up the solvent, can be
onvered into one large solvent institution. The
same amount Of specie, yet existing in scattered
condition in their vaults, with private individuals
can be in one day made the basis of a new bank
that, under the guidance of proper men, will com
mand public confidence at once and restore order tc
the whole land
This new bank must be organised on difcront prn
cplcs from any Of the present ones in existence
There must be no mystcry-no secret-no juygle ir
keeping its accounts. All its transactions must bt
open and above board. Hitherto banks have beer
managed with the secrecy Of the Eleusinian myste
res or the ce LIBERATION Of the rites Of Ceres Conup
ton, roguery, and charatanism o. all kinds hav,
crept into power under the dark ness Of the night
We must discard all the jugglcrs and jugglery arts
Trsth, honesty, integrity, science skill are open as
the movements Of the planets Hndisgsised rs IN,
laws of nature unhidden the rising and setting o
the glorious sun-uncovered the cffiux and reflu,
of the tides Of ocean No banking system that is no
equally open and undisguised, can succeed A bank
is a public institution, and the public ought to know
its condition daily The poor man who holds fv,
dollar BILL has as much right to know the condition
of bank as George Grsweld, Robert White, or al,
other Wall street blockhead.
Unless the Legislature adopt come such suggestion
as we have indicated, they may prepare for worse
work than they have yet seen. A paper currerc,
,eiH not dot ,cU ieadf rerelntion and blood w,
speak the truth, and nothing but the truth. IL is
less for the Wall street prints, immersed in corrup
ton and speculation, to tell the people that five dol
lars in irredeemabe paper are as good as five dollar
in silver or gold II Is impudencc TO attempt 50