The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-04-14
The Ranking STRENGTHENING at the
City Hall.

Last evening at SIX o'clock, second meeting OF
The Wall street bankers took place at the City Hall,
for the parpose of taking into consideration the pre-
sent condition of commercial affairs, and of devslng
n remedy for the terrible crisis now upon us. There
was great deel of falkland conversaton-and sug-
gestion-and absurdity- and ignorance-and amlabl-
ity-an nanity-and some acknowledgement more
pTetension Propositions ofvarious kinds were made
but propositions easier made than executed
Meantime, while these gentlemen are endeavoring to
stay torrent brought upon the country by their own
conduct, let us give them spicsd and Perumed
homly on matters of which they appear to be most
profoundly ignorant.
The three greatest inventions of modern times are
the invention of printing-he discovery OF steam
power-and the whole phenomena Of banking, ex-
changes and paper money. The effects Of banking
we see before in the general progress Of clvillza-
ton, knowledge, philosophy and rational relgion-to
which we may add the elevation of the character OF
woman. Steam power and paper money are equally
extraordinary elements of clvilization-he one IN
the civilization of man, woman and things-the other
in the circulation of Credits values andproperty
The existing preudices against banking and paper
noney-which, however, only appear IN the higher re-
gons Of government, the lower regions OF the GIN
shop and watchhouse-are the offspring ofignorance
and issmanagement-ignorance OF the people al
large-and mismanagcnent of the banks IN special
we never accsse steam power of blowing dozen fel
low beings into eterniy-we visit the casualty upon
the ignorant engineers and the natteAtivc managers
We do not blame the sublime art of printing for crea-
ting revolutions wars, bloodshed, or general llcen-
tiousness ofmanners-tls the mismanagement of that
powerful weapon by public writers and corrupt charla-
tans So il is in the phenomena Of banking, exchang-
es, and paper money.
In the great business Of human life-n the clrcula-
lion ofproducts the exchange ofcommoditles-and
in the progress of civilization, the invention of bank
ing with all It's incidents and attributes, is one of the
most original, scientific and philosophical movements
that ever dawncd upon the world. When managed
by men of skill and talent, its influence on civlza
lion is fully equal 10 printing or steam power
The banking system of the United States has been
one Of the main of its vast ndustryits pro-
digious weallh-its wonderful improvements rapid
advancement IN all the arts of life and happiness. 1t
has produced effect equal TO that caused by The IN
vention OF steam. The fulminatons which have been
uttered Of late by the ignorant loaers Of the white
palace at Westinghouse by their associate loafers
in the gin shops a, the Five Points, have only sprung
from ignorance gross and brutal and beasy ignorance
OF one Of the greatest elements of civilization. The
abuses of the system, originating in the atrocious
have been seized upon and held up 10 the world as
the character Of the system itselc. Such abuses
ought not TO be.
The present terrible revolution i'm commerce now
sweeping over the country, has been caused, not by
the system Of banking but by its abuse-by its cor
nIpt and ignorant mismanagement-by the atrocious
quackorles of the presidents and directors of our
banks who by their position, possess the sele power
over the Of currency, and can, at their
pleasure regulate its conractions and expansions
In New Orleans and in Mobile tree and intelligent
press Is SOW engaged in developing the criminal and
corrupt mismanagement Of their banks caused by
the present ignorant of directors and managers.
In the former city, one paper, the True American y
took an early and philosophical view of the present
state Of banking, almost early we did, in this
metropolis.
The terrible reyulsion upon US has forced upon
all general investigation Of the subject and while
our talented cotcmporares al New Orleans and the
SOUTH are searching out the OF the evils there
let Us be equally employed here in probing them Il
the quick. We assert, therefore, and dare a con
radiciion from any quarter, that the present terrible
revolution IN commerce, which viii, before il shall
have run ,s race Of destruction prosrrate oncfourh
Of The country from the gddy heights Of aluence and
wcath. TO the lowest state Of detection and poverty
we assert
l. That the Wall street bankers were the first men
10 permit the community 10 run into speculation.
2 That they have ignorany and coruptly, ex-
tended discounts 20 large houses without capital in
sSad Of sustaining small dealers, who confined their
business 70 reasonable compass
3 That They originated the war among the banks,
which has caused great disturbance in the monetary
affairs q the nation, ior the last six years.
That, n conIuncti On with the ignorant and fool
ish Bank Commissioners Of this state, they extended
Their discounts IA 1885 and &C. when the imitation OF
prices ought 70 have warned them Of the necessity Of
contraction ofcr,diis-nst expansion.
5. That they stimulated the country banks to issue
large masses % paper beyond the wants of legiti-
mate currency, by Their refusal to take Their bills al
par and 20 return them regularly Tor redemption upon
Inc country banks.
9 That ~ losnng money on stocks ana baseless
paper, they have created the vast food Of specua
nons u lands lots village SITES and other bubbles in
this naghhothsod, and out west.
!. That instead ~ keeping watchful eye upon The
currency 70 prevent d. fluctuations they have causcc
thssc very nuclua'ions IN order 20 speculate on th
nac and f,ll 81 prses
= 49, Al. a - - 4