Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-13
lch mischief and loss. We caution the

may of much mischief and loss We
public against them.
The political horizon in all quarters shows signs of an ap-
preaching change the administration of affairs For the
ten years politics Of this country have upon
financial question The present party power
decidedly and avowedy opposed to national bank Without
having any line OF marked for their guidance
after the destruction Of the United Bank
adopted that The result was an immediate com.
ofhe widest speculation. When the u s. Bank
ceased to act national institution, it stood in the highest
credit The states individually and c.ctively enjoyed the
most unbounded credit abroad and in Europe the American
business conended for among capitalists the
lucraveaess Of its The distribution Of the surplus
venue at this uncure the creation of of oank capt.
tai and the removal Of the restraint the local banks be-
fore exercised by the IT, Bank through its branches all
spedto form most powerful stimeus to speculation. The
result degree of apparent prosperity before unequaed
hsory prices of all kinds Of produce aud erchandize
and all classes the road to wealth. This state of things
by the ascrbed policy of the general govern
ment aleasso faruo evil had practically grown
out Of their therefore, not to be supposed
that the camors of political pasans would bias public opn
ION, in the face of facts.
n OF time the bubble burst and the banks and
chants stopped payment They promptly rallied however,
paid their debts and credit rsored-not however, the
power the former of the markets Prices
nued deprecate until the reduction has reached
class of produc The u s. Bank, which the great
engine of from the former revulson lies crushed be-
cath the Of depreciang values The stimulus applied
formerly reacng in its full force Labor is dlecredit
prosratethe productions the earth almost vauess
This state Of things operating strongly the politics OF the
country The administration sustained while their
apparently successfully but the indication
that the opposition party will be successful at the eec
ton Asa candidate that party Gen. w H. Har
rson has been selected and the potco nancers Of Pha
depha have rallied around him in the anticipation that
his eeconhe u s. Bank will former stand
ing and emoumens national bank How far those antci
pations likely be realised the of Gen. Harsons
election be gathered from the following extracts of two
letters, the first written in 1924, while candidate for Con.
gress Clio and the other in reply letter Sher
rod Williams in which asked whether if elected Pre-
sdent he would sign bill incorporating national bank
The first is dated Cincinnati, 1922
beng not one those ont ea
s s ANY i s sfH sdMP s
will take any me ans to revoke the charter
pS hes @ snUS and
will bring u sa in sS'0n with the Gensya e
The next in reply to sherrod Williams is as follows:
q s ssi ss h pse es
nue. would materially suffer without one were uae
R%sf I e If 4ah
without q bank II IS not necessary S
that does 9. appear to me that eGhst
give the CONSTITUTION which would authorize the ground
OF afording facilities to commerce. w. H. HARRISON"
From this appears that Gen. Harrison is
grounds opposed to the establishment of national bank and
being avowediy one term candidate WILL If elected not be
biased BY Interior views There is therefore, rbab
y although he should srrve at the presidential chair
that the present adv Of Harrison national banks
will be disappointed in their expectations.
change the administration Of the Federal
accompanied by the Of National Bank on the
former system would be the oanoher of
speculation and initiation Of prices which would relieve great
many banks and individuals from the aable SECURE
ties they held BY making the market active would
also lead TO the creation of additional large Quantities These
would stagger for short time, and again burst At the
commencement of the sp cuaion which 1886 the
ground firm, the market comparat lively clear fancy
securities, the Number OF banks rail roads, and other
ADD st..
in good credit The structure which built founda-
ton lasted but few We lost amidst ruins
he market is overloaded with fancy stocks Rail roads and
speculative nes the country There one third
banking companies than useful and the credit u
s. Bank, which then undoubted is nearly gone and
that Of many of the States nearly National Bank would
not only have to stimulate business but to resuscsie old
cures, unless the Intervention of geners bankrupt law EN-
bracing institutions prepares the way for its action
We stated recently that the city of philadelphia rendered
payment of the interest loan the deprecated paper Of
the u s. Bank The following the Of the house Of
Rothschild to that proposition.
'''"''' "a c9~ e"G Psiss sfp me Corporate"
eneuenw take the liberty Of addre YOU upsn the
sbeci Of the dividends payable the stock By your
We arr Informed BY our correspondent at Ner York Mr.
dend on the per stock above Description belonging
to Us and in our name was offered to him Deprecated
and that, from his not being able 70 obtain i in IL, full and
We beg leave we feel very ere %as our
fed with the proceedings and refrain pointing
are thereby attempted settled inferior value Ito that
which they nevrred for the of specie
the principal value we are offered no
other Tor the latter but deprecated money which
ment holders OF the stock in aues
ton very much against city, and also
as at to The
the states and citieso the Union wherein
interest regularly paid the OF spec,e
We IN the expccat ION that you will be convinced Of the
your objection request 10 pay our
n the equivalent Of specie which Is the value fully
We remain very respectfully, gentlemen,
fs;uu.n Your oeedsnt . ,s,ysns, soS
In Of being thus sharply reminded Of what is
due to honor and honesty the CITY authorities have agreed
pay in specie issearcey possible imagine any
set Of pretend 10 credit borrowers ia the
ke who unbluugly propose rob their creditors II
per cent Of their just dues aud only consent pay when
foreign seck obber obliged To appeal TO their interests
a an argument why they should deal Justly.
The State Of Peunsy vania injured credit by similar
proceedings this OF the debts Of the and
city how corporation like the Y. s. Bank suppose that
they with impany refuse 10 pay their bonds and post
in legs. currency An amount OF their securi
ties held this city for which the bank specie
funds she tenders payment in funds that deprecaed7
per cent and the state authorizes her SO 10 do
The dcrrdt attending these proceedings the true
OF the present depre sion and the public mind
not changing much in favor of the credit system
against fraudulent suspension. The Government o Pennsy
vania protesting anbank principles proved fahles their
and egazed suspension The mas OF the people will
to have the credit Of the rned by the
Of politicians guided by the influence Of insolven
bank Public sentiment ~ decidedly in favor sf the credit
SYSTEM and opposed all which will inure credit The
people Phladelphs doubt both ready and willing
paw have their erri,