Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-29
Corresponding of the Herald.l

SALEM, May a. 1910.
Dovn East Opinions on the Bankrupt Latc-CoT-
porations and Currency
Mr.. j. &. Bennett
DEAR SIR-You need not be told that down in
this land of steady habits your paper is a universal
favorite. 1t is read by all with avidity, from the
senator to the linkboy and if there is part
than another that obtains universal credence, it is
the part devoted to money matters Now every one
here says that your specuations on financial sub
jects are sound. Not that every one here acts ACT
cording to that belief far from ito believe, and to
act cOrdng ones belief are far different matters,
else we should not frequently such speci-
mems of stultiloquence at Washington. Nobody
supposes, for instance, that Mr.. Webster, in the
marks he made lately the bankrupt BILL gave his
real for opposing the introduction OF corpo
rations into the bill Constitutional objections. for
sooth. Why after man has argued on both sides
ofthe question of the constitutonaity of national
bank, his cons titutioaa objections to any measure
although urged with much force and ingenuity, are
to be received cum granO sails.
But who does not that TINS is only an other pha
sis of the contest between the redceinabe and ir-
rcdeemables?
Those gentleman at Washington who have been
attempting to show for the last six months that the
in the cxchan ges in other words the
depreciation of the various currencies Of the states
only be remedied by the creation of national
bank, know very well, at least some Of them do,
that the effect of including corporations in the bank
rupt bill, would be to produce uniform currency !;
and consequently equalization OF the exchanges.
Ii is clear that they not willing that any relief
measure of a national bank. We down here cnnsi-
der you to be an independent man, willing TO speak
the truth LEI i hit where IT may; and we expect q
great deal from you in the way 9. exposing the alla
cies Of politicians and spreading correct views upon
financial matters before the public We have no
sort of faith in politicians OF any party We think
the wings wrong, and the loco'ecos dishonest. The
OF these last in the legislature
is enough 10 satisfy that all their professions are
hollow; when, instead Of pursuing course equally
called for by sound principles and manifest eXped.
ency, they turned their backs upon their principles
and pursued course as void OF honesty as 1t was
repletc with ignorance and fol v.
To return 10 the bankrupt bill.-We think, TO stop
where they propose TO, at Washington, just worse
than nothing all. That to pass bill applicable
only TO voluntary cases, would be relief to debtors
would be equivalent to saying 10 debtors, g 20 on,
squander, gamble, speculate with your creditor
property as much as you please, and after II is all
gone, an enlightened government has decided that
sentiments of humanity require that you should be
discharged and then go on and repeat the operation
ifyou will"
We woader if such a law is TO be passed with
view TO help credit. We think here that an honest
W i'll seldom need bankrupt law To obtain dis
charge. We say that no bankrupt law will be per-
feet that does not include corporations. That the
compulsory system Is next BEST and that the voluR-
tary system. is a cheat.
Wethink YOU deserve great credit for the energy
and perseverance, with which you have pursued the
corruption and fraud that have BEEN and rioting
throug IA this broad land but that you have
many matters attend to, that you must omit some
things The folly Of some Of your neighbors might
sometimes receive thrust which they escape. As,
for instance, lately IN the Commercial Advertiser, or
as Won call il, Chimerical, aud no bad substitu-
ton either, SEINE wiscacre from Philadelphia says,
that human cannot devise any mode Of keep.
ing the local currepcies sound but by a natioRal
bank" Now we think down here, that our currency
is as sound ever IL was during the continuance 81
the national bank-nuch too sound, indeed, to suit
the views Of such banks as are in Philadelphia at
presents; d that the same system which works 81
well here ght be extended TO other portions OF the
country with equally good success. We are a little
surprised that in your state IL should have been
thought necessary to make a law in relation TO the
redemptionof country money. when any single bank
in the city could have easily brought up the circua
ton ofthe whole state to par, with profit TO herself
and to the great advantage Of the whole community
BAY SrATE.