The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-21

Il - - - - Dl[I. "a - x
- . o1Io<g go bsnts exceed y avery large
onsunl thsis' eexssssts lAbliitsa On the Ssh Of
1ees 1su - 1-sa liabilities amounted to $ia,7os,i73
cad ths cash assss to OF s el showing an excess Of
immediate ssssts immediate liabilities Of - 49,
The banks Of New Orleans Notwithstanding their sound
condition would be better able than those Of this
city, to stand any extensive drain Of specie their Liza.
bties In the shape Of deposits and circulation would
require to be paid While their assets would be dsprscia
ting In value, other banks weakened by smi-
lar demand upon them for specie Returns recently re
csivsd from banks situated in all sections Of the country
confirm in the assertion have lately repeatedly
made that there has not bssn more favorable period
within the past fifteen twenty years. for the establish
ment Of an independent treasury BY the govsrnmsnt
Within the past sixteen years have been involved In
revolutions and rsvulsons in commercial affairs,
growing out Of the imitation OF immense speculative
bubbles, which have kept the country In q continual
state Of excitement, and every thing in a deplorabls
state nf uncertainty Forsix seven years every thing
was undergoing steady and rapid expansion The
currency credits ofevery species property were
becoming inflated rapidly during that length of time
that every one became idersd with the excl smsnt
and like the mariner at in thick weather. lost their
reckoning, and knew not whore they wsrs until they
struck upon the shoals which had long surrounded
them. Commercial affairs had for 90 long time been
deranged that when the revusion came through
the country like srocco prostrating every thing in it,
course. The effect was great, and general, that,
for time, recovery from the shock doubtful. and
the whole fabric Of institutions trsnbled to the
centre No other country in the world could have stood
such commercial revolution. As evidence Of its
power and strength II Il only necessary to look back
and note the gradual realized For three years
there was perceptiblo improvement and 1t appeared
though the prostraon great that every germ
Of revival was obliterated though the energies Of
the people were forever oaralyzed Every effort was
made by the general and State government to give
things another start and new life, but for long ims
these efforts proved unavaing. At last change took
place, signs Of returning life appeared and BY the
persevsring efforts, were sustained and strength.
snsd, and acquired q healthy character. The i'm.
Provemsnt was for time 30 very gradual, that
relapse was anticipated but fortunately not realized
SINCE there has been more rapid advancement, and
we are once more on the rapid road to property The
experience OF the past dearly Il has been pur-
chased, WILL we trust prove servicsabe in regulating
the future requires movement on tho part Of
the government some general system a. regulator Of
Its own finances, and a. check upon the numerous
local systems regulating State finances, to ensure
apermanency in any advance in the prosperity Of the
country We can attribute in great degree, the evils
experienced within the past twelve years in the CON-
mercial world, to the absence Of all regulators and
checks upon the movements Of banking institutions
The government had during that time NO fixed system
OF it, own; Its connection with the banks and at the
Same time its opposition to those institutions the aga
ton at every session of Congress Of new financial
pan having In view total separation Of bank and state
and the continued doubt and uncertainty these things
producsd led in measure to the difficulties which
proved ruinous to many.
There il now every probability Of the adoption on tho
mart rf ft~
which will be Of such restrictive character as to check
at any expansion Of the currency beyond it, pre-.
sent limits and preserve greater uniformity in the
value than we have ever yet experienced We, yet,
know nothing Of the Independent treasury bill beyond
the theory although has been In practice il
under circumstances prohibiting fair operation. We
have the benefit Of the experience of other countries
which have 30 long prospered under similar system
and we certainly have right to anticipate results from
s a. favorable those realized by foreign
governments. At all events We are now in position
to make the expo riment We cannot expect moro
favorable me for the trial. and every year the measure
put Oh, the greater the change will produce in our
financial and commercial system The currency of the
country at present il specie standard than II has
been for years, and every month Is reducing in value
and removing Il farther from specie basis. The opera
tons OF tho independent treasury bill, adopted now
would be less felt than at any future time
Should the currency become reduced to a pure
specie basis, it would only require the with
drawsl of small portion Of the paper in cir
culation. a. the banks throughout the country have
one dollar in specie to two of their issues in circulation
impossible to tell what amount Of specie ID in circu
iston through the country but would not be unsafe
to estimate half much in the hands of and floating
round among individuals throughout the country In the
way Of business, a. there Is the banks Taking this a.
data the amount Of sp ecie in the banks and In c,rcus
ton, Is about millions Of dolars and the paper
issues Of the banks according the recent returns
eghtyseve millions Of dollars showing an excess of
paper over specie Of about twenty millions Of dollars
Should the independent treasury bill compel the with
drawa Of that amount Of paper from circulation il could
not prove very injurious for the shortest period to
any important interest Of the country but would on the
contrary, improve the currency, and establish upon
more permanent basis the prosperity Of the whole