Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-13
Price Two Cents.


treasury or adopt the pet bank system. How 4.a-
! Gus, then, would be the success Of the Wings -
They would cypress and ruin all the state banks,
withdraw ihsr deposi,es, aud send in their circu.s
ton at once or forfeit all their promises Of reform
The delusion which an election has excited, would
| be awful. temporary and sicky prosperity,
would take the place Of the present slow return 10
sobrlety And, OF all others, the holders Of state
stocks would suffer most. new spiri, of borrow
leg would be excited, new stocks be issued, and the
market again glutted and another and another
gage be- added To- the resources Of the states.
United States Bank. like the old one, mie hit bring
back the Of 1919 and 1920 when it,. capital
was impaired and its dividends cat off and after it
finally restored by the energy and stabbo in
tegrity OF LaDgdon Cheyes, II was handed over 10
the most reckless nanc qusckery, ending in ruin,
or, at least, ipex,ricablc embarrassment A new
United States Bank the unavoidable effect Of Har-
rison's election, wonid compel the old 10 60 in
TO liquidation All its available assets would first
go To redeem its deposits and circulation, and the
stockholders would divide rail road stock, bank
shares, and notes Of ns olvcnts which at the end Of
htteen or twenty years might yield them fourth Of
their subscription. ] call on all these W no wegld
thus perish In the widespread ruin Of this fata,
pertinent, TO pause before il is too late. The very
agitation of national bank will eau e a run on all
those IN existence ard specie will be boarded to
speculate IN the new scrip VIII Georgia subscribe
to another national bank! Win Virginia. Yeti
have proved one Of the frs, fruits Of Geseral Iiar
rison's election.
Having proved that the independent treasury is
the only mode Of keeping the public money, Iet Nc
say word as to the specie clause. IL is claimed
specie, and admit II, as long as the banks continue
to pay specie; but, unluckiIy. there is generally
most paper in circulation just On the eve ofa .ts
pension. And, by receiving nothing but .p, cle, tie
goveram avoid all chance Of having To tax tns
people twice 10 make up for vaiisbis funds Ard
it is hardship, for il tae banks readily pay spe
Gle. only requires the clerk Of the merchant TO call
at the bank, exchange his bills for specie, and pay
the duties and yet this is the matter about which
such hue and cry has been made. Ii bills are
good specie they not better; and II is a mere
question whether the collectors clerk the Mer-
chant shall go to the bank he law requires that
the money received shall be disbursed. Is this
currency for the people, and for the govern
msnt! Who receive the public moneys? The of
GERS Of government are but portion. The soldier
who marches from the northern frontier 10 the Man
dan villages, or wastes his health among the swamFs
OF Florida is he not entitled to something he can
pass any where! The sailor whe bears his coun-
trys flag beneath the line, or amidst the storms ef
the poles must he, too, the risk of bank suspen-
sion! The shipwrights, blacksmths, and armorers.
they crediors and is il fitting the United S,stes
states cannotl Or would it be we'll that cur ambas-
sadors should hawk about the bills Of suspended
bank in the marts Of Europe! bar is good to-day
and susPends tomorrow, and the specie elausc at
ties and prevents the necessity Of double taxation
The advocates of bank admit that the Regulator
itself be regulated. Now. this 10 impracticar
bic. Every dollar Of the circulation over and above
the money on hand, has no other security than tho
notes Of the borrowers Of the bark, aud that IL
precsrious for currency. IL docs well enough for
business-1for all trade 10 hazardous; q bill Of sx-
change, merchants note-aIl ere hazardoss. cut
indispensable to business. Currency must be
doubled and il il admitted the paper OF the best re-
gnlited u s. Bank only approxin,atcs to certainty.
You told, sound currency will reduce the wa
ges Of labor. The Wings offer you Ma ional Debt
and National Bank. Let MS then look to the cyam-
pes in the states of Italy but in England. Eng
land owes a debt Of eight hundred millions ofpocnds
enough in all conscience, 10 try the beneficial tf
feet ofa public debt She, too, has National Sank,
whose whole eapital is borrowed by the government
and yet Mr.. Webster says he the agric cultural
laborer wandering through the eouutr~, unable 10
get Is. Cd. a day. He should have gone into tire
workshops Of her manufactures and seen the
wretcnes reduced by the experiment how much ha-
man l,bor could be got ont Of man with the ,,ast
possible fosd. The father and mother and child
toiling all day. and part Of the night, and sleeping
in unwhoesone cellars 10 see the poor child
worn down with work--no recreation, no play
fellow, no sport Of childhood, but reused and goaG-
ed to work for food-thsse are the blessings Of
. national debt, a national bank, an sristocracy,
hierarchy, and unequal corn-laws and monopc-
lies. But here. in q land Of liberty. labor ~
demand. A man may work for himself If another
does not offer him enough. He is free to make bis
bargain, as boundless and virgin soil invites him
10 manly toll, where, in the noblsst. as IL was the
first empIoymcn of man, he may collect around HIM
the Delights Of an independent home. Nothing but
mouopolies and unequal law, can degrade labor and
your own suffrages can avoid them. The collection
If the revenue in money is no;hisg the act OF
1889 expressly provided for il. And do the work
ingmen believe that Mr. Van Buren. who has been
raised TO the first office in the world by their sup
port, would resort tn measures injurious TO them
His enemies have vituperated him enough, but they
never called him fool.
II, under the administration Of Washington, DO
currency but specie was received. you have bss
sanction fresh from the convention which formed the
constitution, and invoke his name the advocate
of sound currency, and collection of the IN
gold and silver.
To prove that ir the hanks il will not Affect
the price Of property, quote the following text;
Adam Smith, IN his Wealth or Nations" says
a paper money, consisting Of bank notes Issued
by people Of undoubed credit pay BILE upon demand,
without any condition, and, in fact, always readily
paid as soon n presented IS in every respect equal
in value To- gold and silver money, since gold aud
silver money a; any time be had for il. What
ever is either bought sold for such paper insst
necessarily be bought or sold cheap il eogld
have been for gold or silver.
The increase OF paper money, II has been sasd,
bv augmen'ing the quantity and consequently d.
minshing the value OF the whole currency. uecesss
ry augments the money price OF commodities
But ms the quantity Of gold and silver which 10 taken
from the currency is always equal Co the quantity 81
paper which is added to IT, paper MONEY does no.ns
cessarily increase Inc quantity Of ne ~ioie car
rency.
From the beginning Of the last century To the
present time provisions never cheaper in Scot
land than in 1852 though. from the cire ulatior OF
ten and FIVE shilling bank notes, there was more pa
per money in the country than at preset. Wheat
upon most occasions IL fslly as cheap in Englard as
in France, though there is great deal OF paper me
ney in England, and scarcely any in France"
Unless, then, the issues Of National Bank are .x-
eessive, and Of course untafe, they will not faesa.
comm rec affect prices.
The greatest objection to the United States Back
is that IL not subserbc for by runs all our banE
England would add another debt, dram the disi-
dends, and Thus bnd us still further in her mcsh.s.
or all alliances that Of debtor is the degrading
to a nation.
thu. have proved that there is no alternative trt
an Independent Treasury and a ne National r asf
The one is now in full operation, and We knew she
worth of il. The other is dangerous experiment,
aud based on the unconstitutional assumption that
han mar n ten