Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-18
The late Electfon-Its causes-Its probable
effects.


nary. IL will also have greater influences on the
country than any election that has taken place since
the fall of 1927, which, by giving General Jackson
Inns city, gave him, in 1923, the presidency itself
New York, after all, is the great centre of thought
and action IN this country; as the city Of Mem York
goes, does The Stste-and as goes the STATE so does
the Union. Money is like thought, and thought like
money-both have great point of centraza-
tloR
The other party papers, both wing and democratic,
are the result full of sound and fury, sgnlfyng
nothing" Let us strip off these fmsy DISCUSSES, and
exhibit the position of affairs exactly they exist.
We profess some pretensioRs 10 accuracy and
truth. Before the recent contest began, we examin
ed the elements both sides, and predicted the
and literal result-namely, that the Sirh Ward
aoould 60 so uould go the city So it has.
We shall Row proceed 10 lift the curtain and take
a peep upon the future-but in order 10 understand
our present position, we must refer few past fea-
lures and events, which will throw additional light
on what We are about 10 say.
On the accession of General Jackson 10 the Presi-
dency in 1925 80, the contest began between the
awo central powers of the Banking system-Phila-
deph!a and New Yolk-for the possession of the
General Government and the control of the elements
pf the currency. In 1923, the New York Safety Fund
system was established, which was the first ergan-
zaton of the Banking system to control political
power-the first embodiment of the principles Of
Finance TO govern states and communities. This
new element continued to increase in influence and
action Till it reelected General Jackson in 1892 and
then demanded the price of lis friendship which was
the removal of the depostes from the United States
Bank; and thus the United States Bank, the counter
and opposing element in the same SYSTEM, was then
brought into the political field from necessity.
The union of the State Banks and the government
increased the action and power of both The states
OF the Union were moved about like pieces on the
chessboard-and whole communities like pawns at
tails.
In the fall of lS33 Mr.. Bidde, the genius of the
counter system, began his contracons, which pro-
duced the panic and semi.revulson of 1884. This
was counteraced by tae efforts of the government
aid the state banks both by loans and deposites, and
the result triumph, by the skin of their teeth,
an the Spring of 1884 in New York, the banks
and the government. After this decision, Mr.. Bid
die abandoned his curallments, launched into expan-
SONS followed by the state banks, which jointly
produced the delusve prosperity and high prices Of
1886 and sc.
During aperiod Of prosperity, the government and
the state banks most generally triumph. When mer-
chants are doing good business, they abandon poll
cs SO they did up TO the fall Of 1886, at which Pc
rioi the symptoms OF the great revulsion began.
In March, 1887, the commercial collapse brske out
openly in New York and New Orleans. What was
the consequence political revolution in this city
in the spring OF last year. and the spread of the
revelation into every commercial state. The banks
suspended-the currency was curtnled-cemmercial
affairs all went into confusion. Last fall these causes
and results were at their height in New York, and
hence the complete revolution in this city, and the
majority of $500 against Mr. Van Buren,
During this time, Mr. Van Buren, and Mr. Marcy l
assumed The position of hostility 10 the banking sys
tem-and their organs avewed locofoco principles
This caused originally division in their ranks After
the defeat of November last, but secret policy
was engendered IL determined to unite with the
state banks ngan-but il necessary 10 put Mr..
Bddle and the United States Bank into a hostile pc
suon For this purpose, he resumption question and
the Bank Convention seized upon. Previous 10
the late election, Mr.. Van Buren,, Mr. Marcy, the
banks Of Virginia, and the banks Of Wall street, had
been negocianng unite their forces under ths APP
parent action of the Bank Convention in this city
For nearly two months past, the sentiments of the
Treasury Department. nave been well known ia Wall
street. 1ac great object OF Dir. Van Buren, has been
90 get Air Bddle into an antagonist position-sc that
ne and his party might, by opposing his bank, and the
banks associated with hlm, give the iocofoc0s locus
psEitenta-a bone 10 gnaw al Into Ibis snare Mr.
Bldde has fallen, his recent letter against resursp
ton, and TINS letter. and the pollcy j; recommends
will be tho great point of attack up the next No
vember elections.
These general movements and countsr movements
widencd ans siren hened the election here by
several local and special events occurring here and
elsewhere
The leading charges against the democrats were
loeefocotsm, irrelgIon immortality and destructive.
ness. These charges have been weakened and neu-
trslizcd by the insane policy Of the wi q during the
last SIX months The death OF Cilly, met tic charge
of rregion and inmoraliiy NEST effeciualy- re-
cent negotiations between the Treasury and the
Banks demolished the charge Of locofce and de-
suwctiveness--the conduct Of the Board of Trade
fixing il or the wings themselves. But above all the
PROPULSION Of the Corporation expenditures a set
Of, Of great effect in this city, TO the equal waste Of
the government.
The government for the last three month, has also
placed itself in new position-the contest IN Con-
sress about the Sub-reasury scheme, being merely a
Il OH ymL H.. IL, hn