Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-12

Ann street. IN e0A0 W10tef the newsDoys are MOI
found . easily plsntifslly in the streets-sc
you have it At your houses. warm and comforta-
Me with your coffee.
o. The wrsLy HERALp will be published this
morning by O'Clock at the saice, Il Ann street
Price 81 cents At the counter.
The Crisis. Progress q the Hcvesuthen -
R~nkinx. Cmrrescy, Morals and society.
The events banking and trade, recorded during the
present week, have been nuEerous and astounding
that the mind can hardly grasp their ultimate re-
suits at the FIRST or second effort of thought The
lailurs or suspension Of the u S. Bank both in Eu-
rope and America. the panic created in consequence
thereof throughout the commercial world, the
strange cennection which this explosion has with
morals in society," and with honesty in trade, are all
matters of the deepest import to the people OF this
country, and Of France and England.
The crisis has now arrived, and the Uery fate of
he banking syste is to be determined in the lapse Of
xAe neat fesc months. England At this moment is
probably in the same state Of difficulty, under which
Philadelphia now labors. On the 2lst ult the actual
specie in the vaults Of her bank was less than
E2,000, O00 although the averages showed amount
little that On this side of the water the
struggle has begun only begun when the banks Of
Philadelphia suspended-a long, protracted strug-
gle between the right principles in finance and the
wronG-between honor and dshonesty-setween
economy and neutrality-suspicious. judicious in
dustry and reckless adventure. Philadelphia has
crowned herself with Disgrace and dishonor. There
10 no use in mincing words The sentiments and
paragraphs which their daily press disseminate, be-
long to pick pockets and rogues, to swindlers and
public robbersto the disciples Of the Dyott school
OF finance on large SCALE II smells rank of the at
mosphere Of the state prison and penitentiary. 1t
utterly impossible for civlsed society to hold
8ether if such principles adopted by society at
large. After of shocking extravagance and
misna nagement, to come forward, and claim merit
by defrauding the public, resembles the con-
duct Of highwaynan and public robber than the
charaeteristics of a man of honor and integrity.
The New York Banks, to their immortal honor. /
have determined NOT to suspend specie payments. and
the success Of this determination hangs the fate
Of the whole paper and banking systems in both
hemispheres Toaccomplish the independence Of a |
free people, or to defeat the attacks of foreign foe
might be sufficient excuse for q suspension Of |
specie payments by the moned institutions Of the |
co~stsy 50 placed in danger. Such were the causes
that excused the explosion Of the paper system Of
this country subsequent to the revolution Of l776
such the causes that eventaated in like explosion
in France after 1792. The suspension of the banks
in Easlasd in 1885, and Of those in the United States
In l8l4, were equally great measures of natural de-
fence and made necessary by the state Of the foreign
relations Of the two countries. But time Of pro-
found peace and unequaled physical prosperity-in
the face Of great crops and rich harvests-under
smiling heaven and genial sky-with the whole
world opened to our industry and enterprse-if, in
such timc any banking system cannot sustain itself
right principles, the only just principle Of paper
circulation payable in specie demand, then we
say IL without hesitation, that such banking sys.
tenn and such banks, oaght to be swept from the face
Of all moral and honest. communities.
In the present case, the managers Of the United
States Bank, and the other banks of Philadelphia,
have not the shadow Of for their treacher
Gus, unjust, outrageous, penitentiary-looking Con
dsct. Some lame apologsts indeed, allege that the
Hostility Of the United States government have dri-
ven them to the alternative. The present admins
tration is weak, imbecile, ignorant, and selfish
Asoagh-bst the government never advised or forced
The Philadelphia hank to speculate in cotton, TO
courage all sorts Of speculation to bolster up every
rotten corporation that could be picked up like
hsgsar by the wayside from Stoungton TO yicks-
burg. No, no--lct every tub stand on its bottom
LET every rogue be lashed for his wckedness-
let every thief be hung with his own hemp-iet
fhsse Dyotts on large scale occupy the apart
meBts in the penitentiary with their model in Ainia
fure.
The gross and wicked mismanagement Of the
United States bank has led the way to q train If
financial and moral evils that will obterate avery
principle OF rectitude, il the banks Of New York
do net maintain their honorable position. Go into
Wall street--hear the miserable twaddlers talk
% the banks must suspend, the merchants will
break" BE II Let the merchants break. No man,
In the present crisis, viii break that ought not 10
have broken long ago. II 10 necessary TO break many
Of these men, IN order that they may be compelled
20 break mp their fine establishments horses
liveries, wine and women-in order 20 bring hack
the age 70 the ancient principles Of economy and
virtue. In this view Of the present crisis, the banks
Of New York, In maintaining cash payments, not
oaly stem the torrent Of financial chsrlatans IN, but
they become the great moral buiscark Of the age
and country. They lay the foundation Of state Of
things that viii gradually bring back society from
sxtr'vsgsnce speculation profusion folly, rogssry,
and lead them into the simple habits Of fathers
q the last cen,ary-hosesty, industry, moderation
and hard work.
Let MS, therefore, rejo,ce and he glad, that the
crisis has cone. Things were never more smiling or
agreeable. We have e5OO,0Oo,e 600 Of good crops.
The banks Of Philadelphia may .uspend--whc cares'
The good will be separated from the bad-she re-
dcemable FROM the irredeem.ble- H.. fro,.