The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-06-03

bitterness OF the sentence of death He would not repea
Expressions used but he introduced the Of the
everadorsoe Rsdeemer, the only Mediator between God
and man, as n-bu they would pardon him he could not
utter the worfs Representing AZ he did large masses
Of his countrymen. he denounced the mscreant who
drew his pedigree If his BIRTH from the country
To be it had been said that he had been executed
That true The American papers said lac had been
pardoned, but that false. The sentence COM
muted, and to what Bloggng by the common hangmsn
at the foot fthe gallows Cries Of "shameo The ex
cellent and high minded gentleman from America who
had address ed them cheerr seemed from his anxiety to
entertain stronger hopes than he MR. O'ConneD did,
that the annexation OF Texas to the American republic
would be agreed TO. The result would be, If that
took place. that three slave states would be
| created "a voice the platform, nine ;" He would
take the nne as from better authority. Hitherto
The progress slavery had been retarded by the northern
states being Tree from it, but il nine slave
added they would longer have any check con
troll The free states would DO completely swsmped, and
these states to he peoped by slaves and by the pro-
called in America raising slaves. bringing them up
like cattle in stall und total absence and ignorance
OF all morality religion lie heartily wished the British
TO the annexation of Texas Never there filter
opportunity for their appeal to the ministry and to Their
supporters and TO every in the country to aid In
preventing the annexation of Texa-to blot out murders
such those judicial ones OF ONeillto rally round the
erss. in Which thew were for the ibe
and happiness Of the human race. Much cheering)
from the Bankers Circular. May lol
The New English Currency system.
l. With relation to its effect tho banking interest.
With relation to its effect on the prices Of oommodi'
| ties.
The essence Of the plan Capitalization TO make,
far as the administration OF the currency il concerned ali
monetary necessities dependent great central BODY
which mu ever be obeden the will OF the Executive
Government and for the accomplishment Of that object
obvious design is 10 sxtnguish at all little centres in
the country their power administering the currency
heretofore This is the ruling principle Of the plan
and whoever attends to the means and method OF
introducing II, viewed in connection with its
| general scepe and character, will perceive the
great circumspecon and consideration and extra
ordinary skill which have been bestowed upon the
/ ain ele GDgraited
With his view will be seen that all existing banks Of
az extent ed by them Tor Ten years end thai
with the exclusion OF any new rival issusr hut ac
compsn.sd with distinct ntimation that that privi g.
then to withdrawn from them. Even that striking
anomoy which who did not take expedienc,
tor his rule OF conduct would suffer Tor single day 4,
disgrace his scheme Of policy via the circulation Of small
notes in Scotland Ireland is continue. list its sup
preston should endanger the introduction VI the
system by provoking hostility Then weekly returns o.
be made with the design almost avowsd-oi creating
embarrassment in its opsration by exhibiting the wenh
parts of the old system the hopeof the public becoming
more and more iamlarzed to the oil Bank Of Eng
and having been distinctly expressed.
That the Premer's plan Is scheme for annihilatinR
private Bankers Of London must be obvious TO every
Rejecting person: hrst py destroying their influence
hs sn
affairs with the desire to render accommodation ami
he easy unressrve Of communication as private
Banker and third by raising up the Joint stock Banks
same Of efficiency a. their competitors Tn.
vori,s principle of competition will be introduced in
feet of that will be, it 10 manufactures and ali
hings else crush the weak and strengthen the strong
The Joint Stock Banks need not trouble their minds mind
| ers loyal men and true followers OF philosophy,
ey will concede It, for 1t il OF the very essence
viii be xorted within few years. What country
respondent viii continue to dsw bills on
any .rai mind Every such correspondent will
withdraw the principal portion OF his balance from his
present account and deposit in Joint Stock Bank,
upon which he will give his orders and draw his bills
When the Bank OF England has opened branch at Cha
and In every populous town oil Great Britain
and when togctner with the One Bank Issue Scheme
hey have established their practice upon terms OF that
easy accommodation ana continental n,ereourse whlcl
should be glad to know What the good will OF private
Bank would be worth compared with its present value
This class Of men, heretofore powerful and influential
in nero ante life may bllbrokers or scrivens RS
when their two powerful competitors the Jeni.
stock Stand the Bank Of England have absorbed all
their $50 caed) legitimate banking business for wo
paat the new plan scheme for annihiating oil private
bsnkers-such as they were.
nopoy-a dang erous monopolyever exhibited In pur'
suance mpractcable CROCHET OF philosophy, 1t is
Foxs Indian Bill without Foxs inteilgibe motive and
COMMUNICATIVE party grasp It takes from the little and
subordinate and gives TO the big and predominant will
draw money from the farmer and the aborer accumulate
n Londor where i'll give additional power to the Peels
Loyds Marshalls and Arkwrights, whose wcsith con-
principally Of things OF ready sole and high value ID
Having occupied the principal part Of space with
the Ars section Of the subject as proper we sheud
the ost serious and weehy What is the nature OF the
plan viewed NTH relation to us effect on The prices COM
see if we can ascertain It's from thing said by
Sir Peel He called II the complement OF hs great mea
sure the Act of slowhich be II remembered was pes
sed with unanimous accmation az the final settlement OF
hs question He did stop expound the reason why
that perfect had been followed by alternate In
ton, and prosperity commercial vusons and ruin
nor aid he exrsin Why on account OF prevailing distress
had been found necessary to bring IN b 70 extend the
circulation of small notes from o22 to- 1885 why JOINT
IN
were denounced because they had produced
instability; why small notes were again suppressed ny
he Act Of 1925 make the stem work better why the
Government had implored the Bank to lend money on
mortgage at one time, aud at another time s33 had re-
striced the Bank to severe system which woua loI
preven and contracons with their
attendant at time and their convusions
and ruin time Upon all these grave topics he
uttered scarcely word and yet they are the very 10
pics that ought to he fully explained and every crcn
stance connected with them, every consequence flowing
from them satisfactorily accounted for before you car
saeiv pr ,cec another step legislation the subject
Sir H. Peel assumed without valid reason that tn
evils to be traced to bad quality nnd maadmh
straon OF the currency and he forthwith proceeded T.
alter its properties and change the
Of ia administration With holiness UNPARALLELED ex
cent bv himself 1919 and S4l he proceeds upon mere
to alter and las he ssys improve the vita
function of the industrious energies Of the country and
that without establishing, nay after having Away
shrunk from attempting establish by satisfactory evi
dence the necessity for any such change we nave nc
hesitation in deliberately TINS plan IN, tns mna
of man dangerous not merely for Its effect on prices foi
honestly strictly enforced according to its essence
(Which no currenc law passed since the, war has YET
boen) prices mns finally settle down to the continental
level but dangerous repeat because we would chsl
lange human ingenuity TO devise plan more ceI,sio 'o
lead "a sudden and violent oscillations In credit destruc
tive changes in value of property and the character
and condition OF the peoples. one time msddenng then
nv proapery another time sinking them by
stern iron decree into hopeless misery aud destntion
For this grave allegation concerning the mere WORKING
Of scheme we VIII on in.re
s,ae our reasons iu unless the measure be Withdrawn
r Tvr B.Nx CnARrIR.--On the 9th inst, the House
IF Commons resolved Itself into Comm tee 81 tht
e Whole House upon the Bank Charter, when SIR X
Peel. in n speech OF three hours duration, gave AZ
able exposition of the affairs OF the Bank OF Eng
: land The state of the Currency. and the views o
; The Government rs to rome contemplated changes
in both. The speech evirced much deep study ant
research. and abounds with striking details snt
i,c. of great value TO those who interest themselves
in the subject Leaving, however, the Introductory
and argumentaiive part of the speech: we proceed
IN notice the changes which Sir Il. Peel proposes