The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-12
BANK NorEs AND uvsaeTic DilLs'
EBchss g<.
CvnaDNr RATES ~
Rink Notes.

This gives great Improvement on nA""o'o s"u ="
lsdelphis the Immediate cause Of which inc psssse
of the resumption laws. In PennsSvanis' i"meais'e
,a.um..iou 10 qaired in Maryland by the first Mon.
a.v n Nav: in Ohio, resumption has already taken
,c the Ath Of March having been fixed for that pur
r.e The banks Of the District Of Columbia are re.
;.a nv act Of Congress TO redeem their notes
as the Banks OF Baltimore and Richmond do
eordiurly they will be obliged to come into it. The
banks of New Orleans compelled to resume on the
The IT of Sept The banks Of South Carolina and Geor
ria ronerelly pay specie, and the hank Of Illinois and
those of Michigan having ceased to exist the circle of
sound currency nearly completed. The states Of Ten
pessee Kentucky, and Alabama, are new the only head
quarters Of dishonesty and to be hoped that the le
sstures Of the will the necessity of CON-
pellins return to specie payments. In Alabama the
state Government is itself the ofthe bank and
10 steeped in dishonor that nothing 10 to be expected
rom their good will The operation Of resumption
around them it is to be hoped will have nfuence
but experience has shown that mob influence il not su
euy powerful against the dictates Of the selfinteres
of the politicians Tho States ofKentucky and Tennessee
did not resume specie payments for seven all
other banks had done In all other actions resump
ton took place when the late United States Bank went
into operation in 1917 Those of the two States mention
cd however, did not resume until 1926 Then the LIE
gslsture saw proper to compel return to specie pay
ments which was and the currency rsg in
that quarter after the u States Bank had been In ope
ration eight years. 10 undoubted fact that resumr
ton would have been msch easier had National Bark
not been created The establishment Of that institution
diverted large of money from its proper channels
caused nAation in those quarters where contraction was
proper policy extent that endangered even its
existence in 1884, and monopolzed fearful extent
that business which necessary sustain the banks
In their arduous task Of collecting and paving thu
debts. rs e ,a.-
The only difficulty under which the currency of the
country has lsboring for years. has been the inou
tous legislation which allowed the corporate bodies
refuse to pay their just debt with impuny These CO.
porate bodies deriving their existence from State auho
rites were asserted to be without the Jurisdiction of the
federal government. which alone has power ito regu
late the currency. There but one way by which
this could be done under the circumstances and TIL
was by Including the Issues paper currency in the
operation Of the national bankrupt law. This 10 the in
nusnee Of the banks operating indirectly upon
prevented. The same corrupt power ID manifest IN the
dsgrscefu fact that Congress has repeatedly refused
eompsl tee District Banks to resume although smplv
able 10 do 30. What would have been the case n
q suspended national bank had its monstrous folds
around the fsderol government, sitting its seuse
Of honor, paralizng its energies, corruptng it,
members, and demorallzng its every brsnchf The
people of this country cannot be too grateful that
through the direct and minfest interpretation Of Divine
Provdsncethey have been rescued from % fearful
lanity The thick and misty exhalaons thai hung over
the land emanating fsm the corruptions .of the old
Bank, last sweeping away before the spirit o,
inquiry that 10 abroad among the people The shallow
juggles Of the paper system understood, and
through by the industrious masses and the noun
tehank politicians that practice them "will be scourecd
back 10 thsjr caverus.o