Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-05-08


qsiring the combined efforts Of every patriot 70 aid his
country in preserving the blessings Of peace and pros
periy Three years yet remain OF the unexPred term
OF this administration. CoRversing with dstngushed
man. whom the ssgscious and dscerning Galstin re-
Gently designatea the most accomplished statesman
Of the age, he remarked "your suggestions II carried
out will insure the prosperity of the country ana Pro-
badly recall the waning popularity OF the powers tnat
control its destnes Be it Lei the veal Of the
republic be motto though result TO us individu
ally Our country first and last our individual exslta
tisn weighs feather in the scale The sentiment
god lke-worthy OF the man, aad worthy of imita
ton and adoption.
The Treasury designs TO anticipate the instament
due by the United States Bark in september 1888 and
1882 of four millions, and the liquo ated balances ad
iusted by the deposte banks OF six millions, secured
be paid within the same period This is not creating
debt II is realizing an amount due precisely as mer
chants practise every day IN discounting their bills
ceivable. Ten millions more, however, will be
quired the year closes meet the cost of Indian
wars, and ordinary expenditures.
On the 3lst December the last instamen of the
plus is payable TO the States and be discharged.
They have Appropriated and will enforce its payment.
Thus within eight months, will Government securities
be afoat the amount Of thirty millions. II should be
a subject ofreoieng rather than lamenlaon for there.
by secured against too rapid diminuon Of the
protective duties, which indispensable TO the pre-
servaon of our home industry and at the time
lieved from the apprehension Of surplus, that apple
of inte rminable discord.
If the proper direction be given these loans, they
become mine OF wealth exhausted finances pro-
vded the wants OF the Treasury be not permitted to
absorb the little remaining Heating capital left but be
negotiated abroad and thus the current of gold
and silver 10 flow ba * from Europe until it be flood
tide in every exhausted stream in arid and parchng
land.
plethora prevails the other side of the AT
lanc. The required regular specie balance in the
Bank Of England is FIVE millions sterling; by the latest
accounts, they shaking with ague of apprehen-
sion the prospect OF Its swelling twelve thus leav
ing dead weight Of millions and although they
have ceased RENTING TO this country in consequence of
the prospect of rise in exchange rendering unproht
able, yet, when Government securities shall gladden.
their eyes cheerfuly will they hasten supply
wants, knowing that their best customer
ease, the benedictions Of Manchester, Birmingham,
Sheffield, Liverpool and London, will greet them in
measured strains for having restored le animation
and activity the best customers and of their
varied fabrics of cotton WOOL and IRON Why has
the period arrived when all our banking institutions
north Of Georgia may resume simultaneously? (Soath,
their Indebtedness for heavy purchases Of land and
slaves high prices require that another crop should
be permitted to come into market before they
pected to co-operate)
An uncertainty 10 the views Of the General govern
ment has authorized delay. l feel, ysef fully ust-
fed in the that all apprehensons this
are at end, not only believe, but know, that the
members ofthc administration whose peculiar province
II is regulate and control the finances, only
sincerely DESTROYS aid the banks and the community
in returning to specie payments but will cooperate by
every ans in their power.
That the Of all sound, specie paying banks will
be received and discussed by their agents. and de
mand sade Tor coin that embarrass derange any
institution and that if coin should be required any
for the Mint Indian annutes, other disburse
nent, they will prefer procure it abroad drain the
vaults Of the banks Not only this but other and eec
rites which may hereafter be issued absorbing the
floating capital Of the country much reduced
to be inadequate TO supply the commercial demand.
By hrc by losses on cotton, bad debts in the South,
decline in value ofrgn imporations bank contractions
Of loans and circulation the city OF New York has had
eighty millions estirely annhlaied within few months
is amazing how she sustans herself she has bent
the storm, and will rise with elasticity that will evil
dence what enterprise, industry, and economy
complish.
Her TO prosperity commences with her resump.
ton OF specie payments The Experiment has satisfied
the that banks but another for the Re-
public As stockholders depositors borrowers Of their
capital holders and circulaors Of their notes every
man. woman, and child, is banker or interested in
banks.
Although the Globe has heretofore Swallowed out
coming with unerring accuracy, it fault
but is in position.
Specie is superb abundant The Bank Of America, in
New Yerk has twelve hundred and fifty thousand dol
lars its vaults, and emily hundred thousand in cir.
culation.
country. We were drunk with prosperity. In New
York. driving their milk through the streets
pointed out worth $500 oo0-they had refused
this sum for their pasture city twenty miles long
had been laid out capable OF accsmmod atng popula.
ton Of twenty millions, and each lot worth five thousand
doars.
Economy and in1usry row take the place oil extrnva
gance and speculation. We have rebounded with an
elasticity which has asionished the world from dis.
and embarrassment unparalleled in the history Of
any commercial naton-are at the foot Of the lad
der every step take be in the ascending scale
confidently anticipate years of uninterrupted prospcr
", equal to any have knows In the palmy
days Of the Republic
now come to the result. The death Of The Sub
Treasury leaves in full force the Of 1916 recognising
the Of specepaying banks the currency If the
country, receivable for all public dues and Mr.. Web
siers amendment, adopted by the Senate repeats the
specie circular in regard public lands Let congress
sional Legislation sanction the negotiation abroad of
stocks or Treasury Then our banking institu
tons follow the noble example set by New
York. Confidence restored specie will flow into their
vaults the only safe depository, instead Of being
boarded and watched in It's hidiag places by all the
old wonen and feeble minded men in town and coun.
try.
To consummate and render permanent our onward
march prosperity and happiness great measure
remains be achieved and notw outstanding the une
quivocal expressions OF hostility by the present Chief
Magistrate whose fiat the controlling power is vested
by the Constitution, gather courage from despair and
will hope Tor his signature National Bank whene-
Congress shall charter lie has an illustri.
precedent IN the immortal Madison. Enjoying the
great qualification of long personal interview at pc
Rod when all worldly Influences had ceased to operate
his mind, just before his pure and gentle spirit wing
ed its the mansions Of bliss there to repose Tor
in the bosom Of that God whom he had never olcn
ded, but had sought to rroptate by every act which
could dignity him patriot adorn him statesman
exalt him rs Christian treasure his remarks IA