New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-11-28
Prejudice and Principle.

Prejudice and Principle.
Some recent articles in the Albany Evening jour
mil and other papers on the Bank controversy, &c.
have induced ms TO regard with some thought the
ques.ons-Is wise and just to defer In all cases 70
what appears to be overpowerng PUBIC oenu-
men, on Political topic7 Ifsuch Difference Is right,
n ,vbst extent should i, be carried? Let US con-
slider:
There is a very decided preponderance OF senti-
ment we will adni, for the arguments sake, against
National Bank II, then, Wing who believes
such Bank might be properly and usefully estab-
shed avows that sentiment, he not merely accom-
pshes nothing by such avowal, but ne weakens MS
influence other topics and INJURIES his party or
the demagogues who have already won several gol-
den opportunities for plucking the public Goose on
the strength of the anti Bank feeling, and who would
gladly fall back on their now dormant capital OF
popular prejudice against Bank, to avoid any ais
cussion of their own acts or scrutiny OF their own
characters, will eagerly seize on such avowal and
exclern with well coun.crfeited horror, The Bank
in the field The Wings out again for Fifty Mil
lion, Tor Hundred Million) Monster r! British
Bank Whigsr and 80 on. The avowal will thus
only serve to bring into play prejudces now slumber-
more practical issucs-Such is the substance OF the
argument for Wing silence respecting IL not ac-
ouescence in the Bank bugbears OF our opponents
There is certainly much force in it. Let rs look at
the other side:
We are thoroughly convinced that Sound and
Uniform Paper Currency-by which we mean a
Currency com posed in good part OF Notes redeema-
bic on demand in Specie-is beneficial TO the Coun
Try This we presume. accords with the general
conviction as it does with the general practice OF
the Country Yet all must feel that such Currency
ike every thing else OF human device is liable to
worcestershire it has been abused and will be
abused. The theory Of Paper Currency is not well
understood any where, and the laws which regulate
its issue and value quite commonly defective and
injurious Personal interest steps in TO pervert still
farther what imperfect knowledge has marred in the
outset. and ,hercsults are frequently mutations and
denressons occasional frauds and bankruptcies, and
large aggregate expense In creating and maintain
ing our Paper Currency. Most, we presume, are
aware that the laws which regulate it are by no
means the best possible, and that fraud frequently
.ggravates the evils resulting from organic imper
lection Yet the general verdict is, In Paper Mo.
ney with all its incidents, the good overbaances
the evil. Let us improve and amend where we
can, bat not attempt TO destroy
Now can any man imagine why this reasoning
should apply to State Banks only. and not TO Ma
tional2 And when stockholders in and Directors
OF State Banks arc seen huzzaing on the clamor
against National Bank necessarily or naturally
corrupt does not every man with thimble.full of
brains perceive their inconsistency and holowness
They may very likely be opposed to an institution
which lends at 6 per cent. where they are charging
7, for instance, or which undersells them in Ex-
change or limits their circulation, but when the
public see the Cornings and Croswels and c. w.
Lawrences heading desperate charge on Ma
tional Bank as inherently corrupt and dangerous 10
Liberty. can we suppose that any are really gued
True in time of party excitement, this may be be.
lieved and acted upon but we are speaking of per-
manent effect on the convictions and course OF
the People. Then, on the point of utility, all must
feel that the capacities of National Bank for good
must be greater and its Currency far more accepta
Bile and useful land this is the main point than those
of State Banks That either will be likely to
its substance in loans TO Political Editors. Members
of Congress- or any such VIGOROUSLY bad paymas-
ters db usudl liiIL6J uoh w oS
True if attacked and in danger Of destruction, either
might endeavor TO strengthen its position by such
means and one quite as probably as the other-but
this, again. is an argument, if good for any thing,
good against all Banks, and not merely against one
All but The awful Money Powcrr Yes, sir
we know all about that. The Money Power is the
Power of Money, neither less; and it is as
strong and active to-day it ever Show n
way in which money can be made by the use of
money-whether by corner in Stocks run on
Banks, monopoly of Provisions, or any other ope
ration, and any amount of capital can be got for the
purpose on short notice. Ifmoney smore plentiful
and easily obtained with Paper Currency, ii takes
more of il to accomplish purpose. The power OF
dollar increases dollars become scarcer If Cap
i,al acquires some additional power by being COM
bned in Bank, it is there subjected 10 limitations
and supervisors and publicityitis talked Of watch
ed and canvassed-so that the actual increase OF
power is very little, except be power 10 do good in
ways which all approve.
The real essential question, it seems to US,
wears this shape at last Is Paper Money public
sood7 lit is not. do not think to make one Bank
scapegoat TO carry the sins of all of sight. for
dent If Banking is an evil the State Banks ought
To fall and are no; TO be saved by any show ofeager
ness to cry down and stone TO death the old Mon
ster.' But if we believe the good results of Pa
per Money overbalance the evil then we ought TO
have the best ofit-Paper which commands general
and not merely local acceptance and confdence-of
which every man VIII know Mt sight the genuine
bills from counteriet-which will buy Public Lands,
be taken at Custom Houses, &c.-in short, be really
Currency Every argument for State Banks seems
to US equally good in behalf of a National Bank,
while the superior cheapness, stability and accept
ability of p National over State Currencies would
seem apparent
But we do not propose National Bank; we
do not expect TO see one these many years, ii ever.
The tempest of popular passion which rolled and
tossed through 1926 is not yet Gained yet we
trust the time approaches in which the subject OF
the Currency may be discussed without prejudice,
and then we shall be ready TO discuss it. We stand
not for an old-fashoned Bank or one of any par.
ncolar fashion; we hope and believe that great