The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-11-10

RDIToR,s coRREsPoNDENcE.
IFrom our regular cotrespoudent.l
New Yo6x. November 4. l6

From our regular cotrespondentl
NEw YoRK, November 7, lel5
Hunts Merchants Magazine for November con-
tains several interesting articles with great deal Of
and valuable information. The sec
ond article is by Henry Middleton, jr., of South
Carolina, on ssthe government and currency" This
is in continuation Of chapters on the same subject,
in former numbers of the magazine. In this num-
Der, Mr.. Middleton advocates the unlimited liability
of stock or shareholders; and CONSIDERS moreover
that such persons should be shown to be men OF
undoubted pecuniary responsibility, before the arsi-
cles OF an association for banking should be per-
mitted by the legislature.
He considers the system of banking established
in Scotland one of the best, where great facilities ex-
list for enabling bilholders 10 ascertain the standing
of those liable in their private fortunes for their re-
dempton,,
In the United States, where paper has been made
TO supersede the circulation of gold and silver the
people are compelled to receive it, with all the risk
and uncertainties which hang about 1t, or TO do
without any currency at oil.
1t seems to me that the free banking law Of New
York, with some amendments, would form the best
banking law in existence. proposes that every
man who has the ready cash, may bank it, if he
the public the trouble Of finding out his respon-
sibility, il requires him to depose with the comp
troller of the State ample means 10 redeem his or
their circulation The bills issued, to be counter
signed by the comptroller; who, having the necessa-
ry security in his hapds 10 redeem them, should the
banker fail to do So knows when To stop issuing Dr.
signing. BY this arrangement, the public know, or
have every reason to know, bill to be good, when
they see the comproller's name on the back of il,
without taking any further trouble on their part.
The misfortune is, that the constitutonality of
present free banking law is called in question,
and is still hung up in the courts undecided.
Tho approaching legislature should amend the
law, and pass it by constitutional vote Of two
thirds. The kind of security pledged with the comp
troler should be either cash, or security Of such
nature as TO admit of its speedy conversion into
cash--such as United States government bonds, or
New York State bonds, or city bonds, &C., Of New
York. Real estate ought not TO be received as
pledge, the delays and difficulties growing out of
titles, &C., might work injurousy to the bill-hold-
ers, who should at all times be enabled to convert
their bills into gold and silver at par if they desire
to do so.
There is no question but that every man who has
the means, and give the public proper
that he will honestly and faithfully apply them to
the prompt redemption Of his promises TO pay on
demand,'' should be allowed to turn banker il he
chooses.
One of the most outrageous corruptions of modern
times, has been the practice 10 incorporate Tin many
cases, swindles and speculators) combinations Of
men to cheat the public-to issue promises to pay,
without any sort Of personal liability on the part Of
individuals to redeem them
now have the satisfaction of believing that bank
ing, under such fraudulent pretences, has come TO
end in this State, if not through the country at
large and that no more such corrupt machines will
be put in operation under legal sanctions.
These foregoing brief remarks have been suggested
to me by the title Of Mr.. Mddleons excellent paper.
The third article refers to the "7ade and commerce Of
Mobile, alabama" The growth of Mobile in trade,
and especially in her export of cotton, has been
most astonishing In 1919, when the Americans
first took possession Of it, the town was little more
than hamlet of old Spanish shanties, containing
population Of some 1000 or 1900 souls. In little
over thirty years, we have seen it grow into beaut
full and well-built city, of some $4,000 or 90 900 in
habtants. We have seen its exports rise from
nought to foreign countries, TO the shipment of
52l 1896 bales Of cotton for the year ending Au-
gust lS45. This is larger in amount than the en-
tire crop of the United States in 1920.
The article in the magazine referred to, enters
extensively into the agricultural, manufacturing,
mining, and commercial statistics of Alabama, Civ
ing an account also Of the cotton crop Of South AL
ALBANIA, in each year, from 1918 to I845, together
with tables of exports and imports
We refer the reader to the article itself for much
interesting statistical information.
The fourth article is on "The first coal region in
Pennsylvania" By .Mafihso Carey Lee, esq, A. NJ
This is an interesting paper, and rcpete with inter
esiing historical and statistical records Of the coal
fields of Pennsylvania 1t is presumed the author is
brated author Of the "Olire Branch'-the head Of a
family so fruitful in authors.
The fifth article is by .4bijah Ingram, M. d., Of
New York, entitled "What is a rspsnue tari6?"
In discussing this subject, Dr. Ingram lays down
two propositions or definitions in reference to rev.
enue tariff, as follows:
'slst. A revenue tariff is one in which the rates of
duty are the lowest that will produce the amount of
revenue required.
'2d. A duty must be laid on all imports that will
bear duty, without prohibiting the importation"
All tariffs, he thinks, in which these principles
are not rgidly adhered to, are intended to accom-
plish some other object than revenue. He thinks
any tariff for revenue, cannot be so imposed as
not to afford incidental protection to certain ex-
tent.
In strictly revenue tariff, the Doctor thinks no
class of articles be admitted Free any moro than
certain others can be prohibited. He draws a distinc.
ton between revenue tariff to yield required
amount to defray the expenses of the government,
and the largest amount Of revenue the duties might
be arranged to yield. No doubt the lighter the tax
upon articles Of greatest consumption the larger the
revenue.
The Doctors article is long one, filed with many
ingenious arguments, statements, and illustrations,
through which we have not time to follow him.
The sixth article is in continuation of series of
papers on Maritime La,o, being No. 8, on "Piracy
and Pripaieering."
The common-scnse views of justice and human
ity among mankind have long condemned the prac-
tice Of privateering between nations in time of war
It is held that private property ought to be as sacred
on the seas as on the shores Of bclligerents. DR..
Franklin is said to have been of this opinion; and
that in 1883, he urged tho adoption of articles be-
tween the United States and Great Britain in favor
Of mitigating the evils of war, and especially pro-
vidng for the complete abolition Of all privatcering
He thought by abolishing this practice, it would
do away with one great incentive of going to war;
viz: the desire for mutual plumber; lessen the evils
Of war itself, If not prevent them; and be conducive
to peace and the interests of humanity.
This is an able and interesting paper, and takes
the right view Of the subject.
The seventh and last original paper is by Peter
Clark, esq, cfNsw York, on The RAILROAD movement in
Virginia."
In this paper, Mr.. Clark gives sketch Of the IA
vorablc position Of Virginia for bene6ting, by a
great central railway leading from Richmond to
on the banks Of the Ohio river. Il
seems evident that, considering the position of vir
ginia, and that in the harbor Of Norfolk she pos
scsscs one of the best seaports on the continent,
open at all seasons Of the year, it would have
comportcd with her highest and best interests had
she adopted an early and a liberal system Of inter.