New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-09-23


The Inquiry necessary during the present canvas
boldly asserted that should Congress charter Bank Tue
stock would taken FOR the that long Dr.
placed IN Banks Goiag burmese tiemsete ard
accommodating tr relatives possible good be al
for the future, prevent all bus,nti from being
Directors lie, oniy such retired aud vino want no
facilities, be the le0! WHAT say you.
Reply.
a Wing inquiries whether, in our opinion, the
late United States Bank would have failed II II
had continued TO be National Institution. We
answer. Certainly not. The gross errors commit
ted in the management of that Bank generally
grew out of the ruthless war upon II By Gen.
jackson, his Administration and party. 10 do
iend itself from assaults originally unjust its man
ayers appear TO have resorted TO expedients which
compromised both its character and its sovency.
But the pecuniary ruin Of the Bank was essen
TALLY brought about by the same causes which
have readered one-half Our business men bank
rupts series of arbitrary and unwise measures,
commencing with the Bank Veto Of 1892, run
ming down through the Removal OF the Deposites,
Specie Circular, Sub-Treasury and their adjuncls,
have had the effect of FIRST suddenly initiating the
Currency to dangerous extent, and then as sud-
denly contracting it to ruinous stringency. The
consequence of the first step to drive thou
sands into Trade, extensive Business and Specu-
lation, with corresponding Expenditures of the
second, to render these and many more bankrupts,
and their heavy debts to Banks and others mere
waste paper Men who we're fairly worth 500, 900
in 1886, and had credit accordingly, are now insol
vent. aud their debts not worth ten cents the
dollar. This has carried down the U. S. Bank
with a good many others and more have doubt
less the canker at the root.
And again: The U. S. Bank has undoubtedly
lost many millions by that National rascalty and
infamy Reputation. States which borrowed her
money now refuse or neglect to pay even the
interest, thus destroying in her hands the value not
only of their Stocks but those of other States
These she has been compelled to sacrifice to meet
her liabilities and it is probable that the losses
of this Bank on State Stocks alone fully
Twenty Millions In other words, she loaned
Thirty Millions of Dollars on the strength of
American honor and good faith, and has lost it all
but about Ten Millions This is apart from and
beside individual Reputation.
These are facts which the public should con-
slider, when they hear dcclumatens about the rob-
berry and beggary of widows and orphans by Bid
die e. Co. Hold these to a just and fair account
ability for their doings; but remember also
the causes Of their overthrow, and that those who
have repudiated State as we'll individual debts
where there ability to pay, are the real plum
derers of the widow and orphan.
Our correspondent requires and suggests precau- |
tions against any future mismanagement of Bank
Directors. This is very well; but there will be
time to consider it more fully by-andby. There
counta6ihty and entire publicity in all Bank |
transactions the best safeguards for the public
and would insist on them in any future charter
Then we would pay the Directors, preclude them
from any loans, directly or indirectly, and swear
them to know no personal motives or favorites.-
We like the restriction, in the last BILL of all dis
counts to business Bills of Exchange. We have |
an idea also that the loaning Of funds and the is
suing of Currency ought to be in different and in
dependent hands. Doubtless, if National Bank
is ever again created, shall have one much bet.
ter guarded against abuses than has yet been pro-
doing or receiving injury.
The idea that because the same Directors Tin
party were in the National Bank aud its Pennsyl-
vania successor therefore its fate would have been
the same, is extremely illogical. Very often there
are the same Directors in company that fails
and another which succeeds but what of it
The Pennsylvania Bank had neither the character
~:
tional Bank. 1t was just as much like it as
counterfeit note is like good Do not the
local Banks of Great Britain often fail but doe
the Bank of England or that of Hollands or
France? Think of these things.
" The Ohio Statesman is abusing Governor
CoRwlE because lie wears a suit of American
jeans. 1t is treason, in Loco-Foco eyes, to en-
courage Domestic Manufactures. They would
rather him wear imported English broad
cloths, while American artisans were without en-
ployment and American farmers had no market
for their produce.
GEN. GAINEs.-This officer and corps passsd
through Covington on last Friday. The ed itor of
the Advocate says tina, tile General is engaged in
exploring route for military road from Pass
Christian to Baton Rouge, under the organization
of the General Government.
SILK IN ARKANsAs.-The Editor Of the Little
Rock Gazette mentions the receipt of 500 skeins,
manufactured by Mrs. Smith, of Hampstead
County. These skeins are dyed variety of
colors all very brilliant. The texture Of the silk
is very fine and even aud for strength, finish and
briiliancy OF colors, it will not suffer by compar-
ison with most of the foreign silk sold in the