Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-29

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PoLIr1cAL MEETINGS roxIGHr-BorH pARrEs-
Tonight the locofocos hold their great meeting to
receive and approve. the nominations at Tammany
Hall-and tonight also, the wings hold similar
meeting at the National Hall in Canal street.
At Tammany Hall will congrcgate all the butenders,
fagenders, pointenders, huge paws, Sc, owned by
Slamm, Bang & Co. Al Masonic Hail. all the union
lists, anti subtreasury men, &c. &c. Tomorrow we
shall give full account Of these several meetings,
with all the trimmings and tassals, so as to show
each party their real character and pretensions.
Po~isien Of thc Two Parties-Futurc tend
ency Of each.
The wings and the locofocos have nominated, each
their full tickets and both in the field canvass
ing for of all qualified citizens for the ecctioa,
during three days, to begin next Monday. The
wings have put forward their men and measures,
planning the latter in their documents, resolutions,
addresses and speeches at their various public meet
ings. The locofocos have done the same thing, bat
over and above the general declaration of opinions
each candidate is catechised on certain special mea-
sures, and pledges entered int between the high
contracting parties to be honest to each other in all
future time is dominated in the bond'
The approaching election is one of the most mpor-
tant which has taken place in many years Its result
will determine the Of the people Of New York
on certain leading principles relative to banks,
rency, and financial affairs generally Since the
pension Of the banks Of 1887, all those questions
have been open for discussion, but final determi
nation has yet been made. The recent suspension of
the United States Bank, and its affiliated banks only
force upon both parties the necessity Of coming
decision, some or other, and OF fastening the
period when may hope to have stable, unfuc-
tuating currency. The present agtating state Of
things cannot last much longer. We must either
take one road or the other-a specie currency,
paper currency. There is other alte rnatve for,
however much the mist Of passion and prejudice
may cover the great points in dispute at this time,
the conflict is between limited paper currency, al
ways convertible into specie, succession Of bank
suspensions at every fresh crisis, ending in paper
currency, never redesmable till three days after
the day Of judd ment.
In this view Of the case, let ask how the two
parties enter into the field fer the next election
The doctrines and views Of the democratic party
are developed in the tests put TO their candidates,
and the replies Of the latter contain the echoes Of
the former. In their letters we find that the demo
Gratis or locofocns their purposes, lst to sup
press the circulation Of all bank bills under dollars.
2nd 10 support the Independent Treasury biz Nth
the specie clause. 3rd, TO arrest TO certain eIfent
the expenditures internal Improvements, and
TO construct no further cork, be IL canal rail road
that will not pay IFS orn expenses, and furnish
means to i,guidate The original debf.
These are the strong points agreed upon between
the candidates and the committee efthe locofoco par
fy. On these questions, therefore, every intelligent
man can form his opinion, so faras he may be in
favor Of that or any other policy II is very evi.
dent that the locofoco party, whatever the govern
ment may do or say, is reseutc in its determination
10 return as fast possible to specie currency, and
10 abolish the present state banking system. The
eject and tendency Of all these measures are at once
TO curta the circulation Of New York, to the extent
OF 600 O00and thus far to reduce the prices Of all
commodities and necessaries. In 1886, the circula-
fon OF bills under So amounted to 81 6l3 964 Sup
press this circulation, and specie must supply its
place, which will Of course diminish the power Of
the banks 10 accommodate customers 10 equal ex.
tent. The passage Of the Treasury Bill, with the
specie clause, has like tendency to contract bank
eireulation and 10 diminish prices.
tits evident therefore, that the locofocos are de-
termined 10 continue the movement they begun
several years ago-for the ultimate abolition Of all
state banks, and the return to a specie currency.
Many Of their sdrans clearly Of opinion that TO
Congress alone belongs the power Of establishing
convertible paper currency, and that the sooner all
state banks have been exploded and suppressed there
will be better opportunity 10 create one grand
National Bank. with its centre in New York, and
branches in every state, TO furnish with stable,
undertaking, regular Currency Of $40 notes and up
wards, but none downwards. Coupled with these
general views also learn that they mean 10 bring
forward measures In Congress for a general bank
Jupt law, 10 whewash and set on their legs all the
unfortunate merchants and sthers who have been, or
may be, overwhelmed by the fluctuations Of the |
present banking system.
In this great popular conflict, on the question Of
1he currency, we have reached the crisis At last
During the last two years, there have been Nc gr.,t
fluctuations in popular opinion in the circulation.
One year state weuld 20 way-another aro,ber
sometimes wing, sometimes lccofoco. or Iat.
however, the people appear 10 have becom. tired
5stigued beyond endurance, and they to saw m
the bitterness OF their heart do let the locooeos
have their full swinglet them hurry to srec;.
system 10 better than the present
can only reach q sound state Of
shings by going onward-the only road to National
Baak is through the specie clause and specie cur
asanf'