New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-06-08
The Bank Question.

;,.,;,,,ion hearing the name of United States
Bank and r.prehendins them in spirit OF very
ust and natural Indignation. rushcs to ine con-
clusion that the People Of this country Will not,
for whole generation =, least. hear with patience
Of the establishment Of ,n.ther National Bank
Van Buren, and Biddle, premises the Journal, BY
their selfish conflict. and dishonest ntrisue'' nave
inflicted great injustice on the Country; where
fore the People will not endure the restoration ..
Van Buren, to power or a Bank to existence
II must strike every at first blush that the legs
of this logic arr equal and that the Editor o the
Journal 10 be consistent with his argument ought
in 1910 to have struggled, not to put better man
in tho place of Van Buren,. but to abolish the edera
Government; since, 1t the iniquties s b'ddie aHorn
sound argument against having any Bank, those OF
Van Buren, arc equally cogcnt against having any
Government. Nay,-th. argument is the stronger
in the latter case: for Van Buren, rds isdspntaoiy
welding the power of the Federal Government
while Bidde's errors were mainly committed after
his Bank became STATE Institution. Our friend
of the Journal doe. not often argue 40 wide OF his
premises. And when he talks OF Btddies WELD
ing the Financial dcstinies of the Country ne a
necessary or at all probable consequence ct estao'
fishing n new National Bank, we think he fails
little too much into the manner of the New Ira or
Sun to suit the great mas. Of hi. intelligent and
candid readers.
The failure of the Pcnnsy yania Mammoth Is
fruitful theme for Loco.F oco dcclamation--we OK
pect to dished up in every style by the orators
and journalist. of the Dcstructives through sewers
wears to come To our mind however, it affords
ju.t the same kind and eight OF argument against
a National Bank that the late explosion OF the
Douglas on the Ohio does against Ocean Steam
Navigation We have no doubt that there has been
much bad management, prod isalty and incopacity
on the part Of the managers Of that Bank-com
mencing. il you please, during It's National exist
ence We know that the best institution may be
somewhat perverted from its true path by dishonest
or incompetent managers. This is one OF the evils
of frail Humanity, and we must abide it. Bnt we
know also that every defect exposed suggests its
proper remedy, and that nearly al! the abuses of
former Banks may be corrected in new Charter,
of which rigid Responsibility and entire Publicity
shall be essential principles. We do not consider
the alleged frauds of Biddc e. Co. any more an
argument against Bank than those ascrbcd TO
Swartwout Price, Lloyd, &c are against the Col
lection of Revenue. The negro who in the Cholera
season counseled his friend ." not eat ns,hing-
then you won't expose yourself" was the most con
,istent apostle of the anti Bank doctrine on this
subject.
One word BY the wsy, on these same Bank cor.
np,ons of Bdde & Co. Their Bank has failed;
its vast Capital is lost; even it. Debts will hardly
and slowly be paid-here is ground enough for 'us-
picion for imputation and for vehement clamor.
Yet We cannot suppress the fact that very large
proportion of the Capital of this Bank has been
lost through the downright villany and fragrant
breach of faith of those who are most clamorous
against rs delinquency Not less than Twenty
Millions of Dollars has that Bank lost through the
scoundrelly Reputation Of Mississippi, Michigan
and other States, and the necessary effect Of this
in depressing the Stocks Of the States which have
held fast their integrity. From its individual debt,
ors, its treatment has been little better. Now there
is no Bank in existence that could stand month
against general refusal to pay the part of its
debtors, public and private; but could not ad-
nirc the candor however might the assurance.
of those debtors in turning about and cursing it for
its insolvency.
We are quite aware that it is the usual rule TO
administer \ kick to those going down hill and
the same charity is pretty generally extended to
those who have sunk at the bottom OF it. Ii is
popular at present to abuse the managers Of the
dead Bank and We presume it is to a certain
tent inst but the public would never have had
occasion to complain Of it, however the Stock
holders might, if there had been a decent share OF
honesty among the States and individuals indebr.
ed to it. The reliance of the Director. on Publc
Faith and human integrity ha. been more disastrous
to the institution than all their alleged knavery
All this is far wide Of the question Of a Nation
al Bank. For the agitation of that question the
public is not yet prepared In view of the posi-.
ton Of the President it can make little odds vhar
may be the opinions Of the next Congress. on that
subject. We are decidedly in favor of passing al
| ESchequer bill now, and letting it operate through
the residue Of Mr.. Tylers term. If it answers the
purpose OF providing good and sufficient Nation
al medium OF Exchanges, shall be a. decidedly
opposed to disturbing it; but if it does not We
little doubt that the public voice will then unc.
| quivocally demand a modified and carefully guard.
ed National Bank. To suppose that the Country
will rest satisfied with ssch fractions Of Circu.
lsting Medium as it now has, or tina, il can BE-
prevented from seeking and applying remedy to
| CRYING evils because Mr.. Biddles Pennsylvania
| Bank has been badly managed or has failed, i. to
di.trust the intelligence and common sense Of our
People.
TnE POSTMASTER GExyRAL.-Nr. Wickliff-.
| the Postmaster General, 10 now in Boston. We