Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-06

Dear Sir-The die is cast-rotten bankism has
trumphed Porter, the pure unaldulterated candi-
date Of the ant-bank party, has thrown himself
into the of the bank emisaries, body and
breeches. He has exchanged the hugs fraternal''
with the agents the Great Suspended, and absolved
himself from all allegiance fellowship with the
party that raised him to the station he now occupies
and having joined gibets with the irredeemables,
intends to work out if he by their aid, his po-
litica salvation His official aid and influence has
been thrown into the scale of those who, few
months ago, denounced him $ 8 agrarian loco
ioco, cheat dishonest, periured insolvent, and by
every other abusive cpithet which political maiig-
nifty could suggest. Should this act of political sui
eide merely destroy the convert to irredeemable
bankism, / would say, peace to his ashes y! but
the injury that he has done to the party he lately
belonged to- to business, and morality. is almost ir
retrievabe and irremissible. How different has
Porter acted, contrasted with the conduct of Wolf
During the panic OF "a, the same course of conduct
that adopted at this time by our banks, then
pursued for the purpose of driving the governor
and the legislature into their measures but there
then man at the helm, who knew what ought
to be done, and did it manfully. Wolf did not wait
until the moment when the debt and interest was
due, for action. He took time by the forelock re-
ecting the insidious Overtures of the bank agents
with disdain-telling the legislature and the banks
in time, what the duty of each, and thereby
saved the credit of the state and his party from des
truction
In my letter Of the 18th ult said, that s. the Co
vernon will not permit any immediate action on
either the resumption resolutions, or the Senate's
bill, repeating the charter of the Bank OF the United
States if he can help it." My reasons for express
ing that opinion were founded the knowledge
was possessed of in relation to the unbusiness like
and objectionable bargain which Porter made last
summer with Brodhead, the bank agent, for the two
million loan, by which act he formed an entangling
alliance with the United States Bank, which al
lance has been the cause of his present conduct,
and will be of his ultimate ruin, IL not OF his party.
There is redeeming virtue in the people, which,
in time, will cure all the evils brought upon them
by the desertOn of their rulers, and the dishonest
tendency Of broken banks. The people may suffer
somcw hat during the revolution, but, in the end,
they will be the gamers; and they, or their chill
dren, will be compensated for the privations they
may undergo during the operation.
The loan has been taken, 10 be paid for, not IN
specie or its equivalent. but in the notes of bank
VIGOROUSLY unable to redeem her present circua-
ton either in coin, in the notes OF solvent banks
pretty state of affairs, truly, The credit of the
state is to be bolstered up by permitting bank to
pay for certificate OF loan, bearing per cent in
terest in their dscredted notes, which certificate
is likely to 30 out in your packet of the 9TH inst.
and, like its predecessor To be pledged by Jaudon,
to raise funds support the credit of the Bank at
10 per cent discount. Fine times bright finan-
ciers. honest public agents! and gulled people!
The resumption bill was referred to the Commit
tee Banks in the Senate, where il is likely to re-
main for several days: probably until after the 10Th
instant. The Committee Banks consists of four
ant-resumptionsts TO in favor OF the bill passed
by the House. Had not the Governor, in a fit OF
fury. considering himself insulted BY the Of
the House the resumption BILLY issued his mani
festo, the chances that the Senate would have
pas scd the bill Just as IT came from the House; but
- the orders from the Governor" as Crab taunt-
ingly told Hopkins and Snowden had been given,
and they. as well as their larger brethren in the
faith in the Senate, must right about face and do as
their master bids Should action be delayed, their
constituents will give counter orders, which will
probably be efficient than the mandate Of
weak Governor, who is in the tolls Of his enemies.
Nous reYToRS
Steenbergen's assignment filed in Recor-
dcr's office yesterday. The Bank of the United
States is professed creditor for S6is,OD0". Bank
of Penn Township S26,W0. Two banks in Balti-
more Ss2O0Oc0
Specie bougct at 5 IL premium.