The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-03-19

business OF the managers; as for instance, an emf
nent auction house, years ago, controlled n
New YORK bank. Whenever dealer iobber, or
merchant was known 10 possess capital OF his own, TO
any extent, he immedatey SURROUNDED by herunners
and pnps OF the house question: precisely young
OF fortune are ruined in gambling houses Perhaps his bu
slness was such that he made bills osay $5O00-and his
common sense told him that that the which he
could buy with safety but he would be addressed in fiat
terng manner his business habits and prospects magnf
ed he would be told hatpersons of his abilities ought
buy $4,000 instead OF $1,000 When his ambition fired
and he complained of restricted capital he told sob
throw your note for $4,000 $4,000 into the bank Of
and we viii see that is done" He would be caught by
the BAIT buy argelymoe than he could selnvolve him
sell 10 the extent OF his means and fail leaving his fortune
IN the hands OF his friendly advisers, and his bad debts in
the bank for the stockholders swallow This has been
the operation of nearly all the banks here They have
been bat the decoys through which young men
are ruined for the behoof of few managers.
OF late years this system has been modified by the
terrible Revision which resulted from and il is the
case that many of our best merchans-those who have
made The largest fortunes from the smallest begnnings-
never went near bank in their lives and their
consequence OF that absemousness That banks require
contro has been frequently admitted by their advocates
but they have failed discover hat that control be de-
rived only from understanding of the laws of trade and
honestly administering them. 1t is not however, be sup
posed iat bank officers hold situation of trust and
enoument and discharge her duty in opposition the
wishes of those who placed them there The control must
come from higher power. That power is the con-
stuent onenot OF interfering with banks, but Of
sng acknowledge their existence, which is not known
TO the constitution and cannot be legally known Con-
gress BY demanding and circulating the constitutional
currency, banks prevented from lending their credits,
because they calculate upon the frequency
OF the demands upon them for COIN and when exchanges
become adverse is they who must meet the foreign de-
mand. To do this they must confne themselves to
their capitals and depend less upon deposites and ccua-
tonan operation which nsures steadness of the
cy and prevents peeulaton There was perhaps,
fortunate combination of than that the indie
pendent treasury law should have into operation pre-
csely this me when the of Europe require large
quantities of produce and the influx of specie in return
being large is not allowed to remain in the banks and pro-
duce mischief by stimulating initiation which would,
by raising prices, check exports and promote imports.
Without the specie clause, less OF specie would
produce greater apparent initiation, and speedy
revulsion. As, however, there be continued
import of money into the country without its be-
coming very abundant, such result soon be
experienced, with the difference that it will require
large amount of specie influence prices. Produce is,
however, as high is healhy and manufactured goods
also high both imported and domestic As instance,
we may take prices Of leading manufactures
compared with ISif