Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-16
Impersant from Phiiadelp hia-Manifcsto of
tIc United states Bank.

Important from Philadelp hi a-M anifcsso OF
thc Unitrd states Bank.
Last evening, we received from Philadelphia the
follow ing important document, which, we are as
sured, is the production Of the President OF the
United States Baak and, therefore, may be consider
ed the manifesto apology Of the U. States Bank for
her sus pension Of specie payments 10th in Europe
and America. Whether it be the production OF an
other or not, as some surmise, it is very evident
that the emanation of the bank, and that il con
tans all the reasons which that and the other
pended institutions, give for this their second
violation of all sound principles barking, morals,
and commercial integrity.
Read this document well-it contains the most
plausible argument for the mis- N anagement of the
bank, that can be furnished. Not single reason
therein assigned, however, applies to the New
York banks, with some slight exceptions; because
the policy on which the New York banks have been
conducted, is not liable to the same censure. We
have no doubt, if DR.. Dyott or Benjamin Rathbun
could write we'll as he who wrote the following,
either would, the plea Of the public good present
Is plausible for their insolvency and roguery
This manifesto will, doubt be the rallyng cry of
the irredeemable gentry Of Wall street. 1t is even
said that Seward and the whole wing party
will now go for a suspension Of the banks. We
doubt this-at least till after the election. Many
leaders Of the whg party may be in favor of suspen-
son but not by any the great body of the wing
party, who are sound in their principles of finance,
curr sncy, and morals Let the side Of Insolvency,
however, be heard.
Tomorrow we shall examine this singular docu-
length and open the sophistry Of the reason
ing, the many of the facts, and the unsound
principles Pervading the whole paper throughout.
1t is time now to have correct views on banking and
in q t,b n.~ c.
experience. Let us do so. For the present, read
the following
SUSPENSION SPECIE PArMESrA
This step On part Of the Banks Of Philadelphia calls for
% exposition Of the which have rendered that step ne
peeessary.
These and their operation will treated in national
point Of merely aud without special reference to either
the political parties which the divided To
this end will De necessary take Retrospective glnce
The peace found the country involved in national
debt Of absu hundred and twenty mas ofdoars some
OF held abroad but by far the greater portion home Th,
regarde: brrthen. and the policy &C the
was renuousy directed its To accomplish
this object surplus revenue derived wholly fruits Of
foreign and the proceeds Of the public lands
sole reliance Credit which has contributed largely
Of the prosperity OF the country greatly
tended the Banking Instsons ostered and policy
Of the General seemed directed expansion OF
the Of the should pour
into her Golfers.
The day Of TIE year 1898 exhibited world the uu
psraeed spectacle Of nation free from debt That proud
selonges United States The heavy obga
ton which mad been incurred by the
ceui had been ingshed chiefly through insru
mentality OF credit and OF country enrcne
both nation and individuals Such epoch we'll ca
cuated TO cause jubilee held ason as il did
at the Metropolis BY the dsntaries Of the government
With the srnguishment Of III. public debt new era IVES
the government did diminish with the dimnuou
Of these wants The that had abundanty a
caused continu. in an ex
aordnary ratio when it longer called for and could
NOT he Under the encouragement which had
thus gwen Cor the purpose Of raising Of
the public and iom imports the derived from
the former between 1894 and 1885, s6o9e
q 10 Scs o2 and the Of foreign imports from
seb2 $50 o3 aud the surplus accru,ng
thereirom short space Of year, amounted
less than forty millions Of dollars That surplus, Congress
with the sanction Of the Executive, directed to be distributed
among the States
Ia Jcy 1885, measure, By head OF the
Treasury Department carry the Law into or the
manner u which i. done Of tn, skill judgment
erc.ed on OCCASION deemed unnecessary here ole
an opinion but With The beginning Of the Of
law previously seeming prosperity that had existed
eeved and sudden check asd difficulties and embsr
rsuents both the govern and people, rapid,
eesaed.
The monetary affairs Of ihs whole country csnvused
millions upon millions Of rfrsnfun every drsc
ton and quensiy withdrawn from useful empoymea
srecs going down the and fro and
t. south ard North and East and West The time
millions were withdrawn and natural channels
and forced against Of trade literal ulhmsnt Of the
Law points where public money had previously
never either collected expended ercepte limit
"a extent The conseSvcpces obv,ou and inevitable
The duties which imposed the Banks acting agents
o. sbs that ,m. become % ~. that NAVY
or then Obliged the space of tte than
months 10 appeal the Treasury Department for indulgence
In the the acquisitions imposed upon them The
sdy Nth which tbe bshs performed the dutes encns upon
them occssion under the most trying circumssucss
transfer Of seary millions q dcsrs Of public
ney n h~ p~od ~ little THAN saohs ecitsd on
Of Usos IN hive sssuzi 81 De-
cenher fs3S the award efehe highest eocossisus
not shess AimcsIs aIore witch bod bsfslIsu Che
ecunry against which The bsnts hsd u contend The
mpalss which hsd been gvn 10 euepse, and wAieh hsd
produced SPIRIT of inrroviacut spesuAsis had led TO an
cess foreign imports beyond exports IN the year 1885, q
and 10 1885, OF t6 ses msking aggregate
sre o. Imports the exports 10 two year, Of Sse 5ie
e country aud draf the va-ls Of The banks. In their
eper,ncn sse Difficulties became oppressive the
Wy ~ business aud the banks that the latter sought 10 give
st sasp ss'on Of specie payments 10 Mag, 1897 which
wMnesry mransous Throughout the Union without any
x.-oscert of seioa whatever
We over The iutsrs between the Suspension
and resumption oi ee payments which place general
iy IN August 1893 That period, 10 well known of
the banks IN Plsdephia sesd the time 40 be too early
70 umeertshe successful resumption benefit coun
try Everu have confirmed the Justice az thst v,.v Hut
49, ~