The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-16


less sinister attempts from abroad 10 force our banks
by which The best regulated instructions Of the
kind cannot be expected 10 fesist-ino following the
lead Of the Phsdelphia 6nanciers, should be
be well. Should our snticpaions be fulfilled should
the New York banks stand the shock which the embar-
easements Of the Bank Of England followed usual by
most fearful fall in the prices Of great staple com
modify. combined with those Of the truly nst-
tuition Of neghborng city, have made as formidable a.
possible, shall have TO congratulate the
country upon having made one most important step To-
wards the solution Of that greatest problem Of modern
commerce, the Currency Question.
II New York sustain herself now, shall, In the
hrsi place. conclude that The experience acquired by
our bankers In the very trying times they have pass
ed through since the charter Of the Bank of The u.
States expired, has enabled them TO overcome the
Chief dithculties-which We acknowledge TO be both
many and serious-of the State Bank systems and
| we shall hope 10 that system go on improving
from day 70 day. The Conservative party have held
Dul one language on this subject They have never
di>semoled that the currency would be, for long
time, exposed TO peril, from want Of concert among
so many institutions subjected To no common auiho-
riIy They knew full we'll the difficulties which the
country must prepare itself to encounters in the con-
duct OF new experimentation so the present system
ia one sense is But they maintained with conf
dence that Ii the government threw unnecessary
obstacles in their way, and IL they would stop the
mouths Of their Official DULLES and alarmists those
difficulties would be met and would be overcome
an affair." comparatively, OF yesterday-ha, until the
events Of '93 and still the suspension Of the
Bank Of England in 81, public attention had hardly
been called 10 itthat The opinions OF political eco
nomsis in regard 10 IL were, and were likely long 10
continue, distressingly unsenled--and that II was
consequently In the highest degree presnmptuous to
affect 70 dogmatse as the friends and organs OF The
profoundly Ignorant as they gene
rally are Of the whole matter --are in The habit OF
DOING as to the effects of the policy they propose
They said It was altogether practical matter, and
that experience only could show what system was
best adapted to the condition of the country and en-
able il 10 conduct that system with precision and
success They insisted that The bare fact that the
State Ban system existed afforded presumption Of
its being the natural system of this country, and that
all sound political practice required that In mater
so fundamental and so pervading, no hasiy innoya-
ton should be thought ofespecially as the results
Of another experiment would be just uncertain
and might be infinitely more disastrous than The
worst that was to be feared from the abuses Of the
old plan. And, finally they maintained that u was
preposterous to consider the failure Of the State
Banks amidst the caamities of The war when the
government was daily pressing them 10 excessive
ness in order 10 aid in its necessities or in the cri-
sis produced by state OF things SO nnprecedentedas
the payment OF the national deb, and the accumua-
lion AMI distribution Of immense surplus in The
Treasury, Under the auspices OF such prodigy OF IN
capacity as Mr.. WOODBURY. as conclusive against
their htness to answer either fiscal agents OF the
government or as regulators oil the circulation
Give them fair trial, saidth Conservatives make
your experiment in the spirit and according to the
principles OF sound and comprehensive induction
and we are perfectly willing TO abide the result
But We deny utterly that any safe inference whatever
can be drawn from the two anomalous casesthat hi
herto constitute our whole stock OF facts upon this
subject.
Should The Banks or this city weather the present
storm, who will presume TO dispute the wisdom of
the course pursued BY our friends in Congress
Who will mol regard them as benefactors Of the
country 7
In this point OF view and considered either in a
practical Or scientific aspect nothing could be more
interesting than the experiment which now making
under our eyes. ..@@
But, in the next place il deeply concerns the fu-
ture prosperity Of New York, that this emporium Of
The whole commerce Of the country should establish
Us affairs, once for ALL basis not 10 be disturbed
by v buadeIs or misfortunes OF others. And should
oar Ssnks maintain themselves, that result (Which
has only been prevented so far by the influence of
government bank at Philadelphia may be consi-
dered as already achieved. Currency properly con-
sidered, IS & shadow Of commerce, and must oltop IT,
The consequence will be that the currency Of New
York will be virtually, the currency, at any rate
! will regulate the currency of the whole country.
Hitherto, United States Bank bills have performed
the important function Of the universal medium Of
exchange, in the southern and western states, espe
cially. We shall consider that day as forever gone
BY, If we only maintain our ground now Our bank
bills will take the place of Bank of United States
paper, and all engagements be made payable here or
in them.
1t is moreover, vitality important TO the permanent
success of The present system that the public be made
10 see clearly that those who conduct their business
win prudence are not necessarily involved in the
fate OF pruden, Spectators Nay, that the fair
dealer feels himself interested in the overthrow and
exposure of such spectators in the money trade as
well as in every other branch Of commerce.
On the whole, we rejoice at the prospect before u.s.
Far from leeng any alarm ION this subject, we are
glad that the trial is come 1t was equally necessary
10 enlighten and TO discipline the administration of
the banks, and TO inspire the public with we'll
grounded confidence in them. II never could have
happened at more fortunate juncture The very
course pursued by the Bank Of the United States
and SO fatal to itself has operated salutary check
upon those Of New York, and delivered them from
the risks to which they might have been exposed by
being called on for large amounts in deposit by
vons customers. We well satisfied with the
sound condition of our currency, that scrupe not
10 say that even a suspension of cash payments
should II, unfortunately, (Which God forbid y be
forced on US by such hostile proceedings as we have
alluded to above, will be but very slight practical
evil-that is to say, will disturb, in scarcely per-
teplible degree, the relations Of properly or debt
Finally, we pretend not 10 sit IN Judgment on the
conduct Of the Bank of the United States We lcave
10 rs recently acquired friends, the administrator
party, IN ,oAoss arms ezpired We hear it surmsed
that II Tell victim to its enurts-very laudable and
patriotic, no doubt-to propiate those terrible enc
mics whose hostility il had once defed. II became,
they say, a Loan Office, and took stock in all sorts
Of enterprises, BY which the people were to be bene-
hed, and their leaders won over We say nothing
vi aii 'His. we only Deg leave (Supposlng tntSe
whispers true) to call the attention Of all good citi
zens TO the solemn example have presented to US
in the fate of this once furnishing institution, Of the
pernciJus tendency Of the present state Of lhings-a
stale fittings in which the Government is so hostile
to the industry of The country tina, its SMILE and It's
FRowN equally deadly. They said Of Pope Ju-
lius II. that ne overwhelmed some city with his
benedction;' the financial embrace Of Mr.. Wood
bury is as bad to the full.
We cab upon the people to support institutions
which have thus shown themselves worthy of their
confidence, and to put speedy period to the SYSTEM
OF MsRuLE, which is the only danger that threatens
them. #s