The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-11-30
THE UNION.


IAs Bank ~ England aad q United States Rank.
To those few fanatical followers Of falling flag who
would be useful acquisition to the country we com
mend the following extract from ably written fnan-
cal article in that world read paper the London Times
an article wrung forth by the agony OF the commercial
community OF England, consequent upon the torture
which they now suffering, through the explosion
OF an inflated but long since rotten credit and paper sys
tenn
1t is something to hear that old champion OF
servatsm and false polhco economical systems come
out with such singing rebuke and bitter denunciaton
OF the mammoth bank OF the world.
How happy are we here in the United States that we
have such yrants to interfere with and Cypress the
business interests of the country What thanks do we
not to the immortal Jackson for having crushed the
monster beneath his iron heel, when he foresaw that
was about to become machine by which the thews and
snews of the whole country to be periodically put
to the rack and subjected to torture at the beck and will
of few selfish and interested tyraAts!
How grateful should we be to the present adminsra-
ton for having placed the monetary of the
public a basis fixed and mmutable the everlasting
rocks, controlled only by the laws inherent in its
nature. and in nowse liable possible be affect
ed by the action or conduct OF other nations persons
DeldEdre Gazette
Frem the London Times Oct g.
For the downward course of trade, until the public shall
have vanquished their railway opponents there is noheP
framework of commercial system is every now and
then entirely dslocated, indebted solely TO the bank
On the ID of September exchequer bills and stock were
considered by thai corporation be desirable
that preferential reduction in the rate of interest was
lie seemed disposed to bring in. For four weeks, this
impression on the of the bank continued and even
when doubt on, IL was only to whether II was
cent. Accordingly, the Both of September, inma
ton again given that the bank had still such opin
ion of these securities and of its power take guam
of them, that although it could longer them
at five per cent, IL would continue to do five and
half Here gradual progress and the public (sup
posing them be guided they unfortunately by the
actions of the bank instead of by the in the
Gazete) entitled suppose if the securities should
less eligible gradual rise in the interest demanded
would continue TO notify them of the fact.
But in thus calculating the conduct of the bank they
had evidently forgotten the lesson that taught them
April ast-never rely from day another the
policy of that institution The securities which the bank
thoug desirable the 30h September take 81
per cent, deemed the LIST of October be of a
character such require that advance should be
made upon them any terms. 1t not that they
would be received only g. TO- Is per check
nornae PRESSURE but they must be rendered
| unmarketable by announcement which would, OF
course, prevent all capitalists from touching them, and
thus produce only degree of private dstrnst but
at the time of national dlscredit damaging
than any other while the effect Of the panic created
of course to all people Immediately hoard their
court in their suddenly awakened terror, had in view
How long the public will tolerate the accumulated in
ures and dsgraces which the bank thus continues
ct upon the nation, it is needless inquire but it is
right that the evils should be attributed their
while they in actual progress. Meanwhile although
there is complete remedy for the discredit which is
thus, by mismanagement, constantly thrown upon the
government paper there is partial step which could be
| adopted with no other than beneficial effect.