The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-09

The CURRENCY AGITATION "A very curiou
and important article will be found In anothe
part OF this days paper, cupid from morning
Journal OF some Importance and influence In Wal
street, IN reference 10 the currency questions
agtated in that region.
This may be considered a breaking Of the
ground in the approaching struggle, relative 10
the principles on which the currency of this
country ought to be managed hereafter. For
some time past certain speculative interests in
Wall street, or those which are in favor of an
imitation OF the currency, have been dissatisfied
with the policy pursued by some of the banks.
There Is certain class of our business men,
otherwise very intelligent and useful men,
bers OF society, who possess some question
able notions on the subject of the currency,
and who are anxious, in every possible way,
TO get up a spirit favorable to an infa-
ton OF the currency, an imitation of prices,
md that same redund 'ncy Of paper money,
which caused the revulsiOn in this country
IN 1887. On the other hand, there is a
few of the banks conducted by monied men, OIL
sound principles of finance, which are in oppo-
sition to this policy of imitation or speculation.
Tnese banks are generally known to be the Ma
tional Bank, the Bank Of America, and the Mer-
chants Bank. The policy pursued by these
banks is founded on correct principles; princi-
pies which are identical with those of the sub
treasury, practised upon by the general govern
ment.
A banking system, however, conducted on
these principles, is very hostile to an imitation Of
prices, and to that ready mode of getting rich
by speculation, which too many men among our
commercial classes are apt to indulge in. We
see the tendency of this principle in the present
condition Of Eogland. A very strong interest
is organising in London, and throughout Eng.
land, in favor Of creating paper currency not
convertible into specie, and merely nominal and
illusory. Such system of currency, if adopt
ed, will soon lead to terrible revolution in that
country, and overthrow its commercial and
other departments ofsociety. In other countries,
a revulson similar to that which we had in 1887,
would have created bloody revolution, and
changed the form of government With us, it
created merely civil revolution, and ousted the
party in power at that day.
In the present state of things in this country.
in connection with the currency, the policy Of
the three banks in Wall street, which have been
denounced lis the only correctpolcy to pursue ;and
ifthere are any banks conducted on similar prin-
ciples in Boston, Phladclphia, Baltimore, or else
age their affairs, and control the currency of tho
country on similarly sound principles, which APP
pear to have been adopted by those banks in Wall
street. Unless something of this kind is done,
the commercial affairs of this country will un-
dergo some unfortunate disturbance before a
| year has passed away. BY combination of
certain banks on these principles-by concen-
tratlon of their efforts, and deposit of their
tb, - - -
very soon not only regulate the currency of this
country, but also the foreign exchanges, which
are now regulated by the Rothschilds ind others,
for their individual interest. Heretofore the
exchanges have been under the control of the
Earrings, the Rothsehilds, and other large houses;
it is time the system was changed, and that
| American, and not foreign, interests managed
| the exchanges, as we'll as the currency, of this
country.
ABoLITIoNIsrs AND ANTI-ABoLrTIoNIsrs. For
long time past, that school Of philosophers call
ed aboli'ionists, in the North, have every year
held their conventions in this city, and every
4 year passed resolutions for the immediate DISCO
luton of the Union. Those resolutions have
been passed in public halls, regularly and unani-
mously; but unfortunately for their movers, the
Union will not dissolve.
| We remember when boy to have seen mad.
man take his stand under great tree. and look
| up at the sun at MONDAY. When Intercepted
us to his object, he said he went there to wind
| up the sun, and thus prevent the world from
| coming to an end. He believed that the sun
| would stand still unless he wound it up. Ono
day, however, the world treated him 80 badly
| tho was determined to bring it to an end out
of spite, by neglecting to wind up the sun. He
accordingly went to his post as usual, but with
determination not to wind it up, which he kept;
but notwithstanding his neglecting to wind up
the orb of light, it went on its course and sunk
behind the hills of the west as usual, and rose
the next morning as usual
These movements, resolutions, conventions,
and solemn declarations, by the enthusiasts of
the north, or any where else, are very much like
the determination of the madman to bring tho
world to an end by refusing to wind up the sun.
OF late, the enthusiasts of the North have kept
quiet; but we must have always the same guam
tum of madm-n aud madness in the world; aud
accordingly we find Mr.. Middleton, of South Ga.
rolina, introducing into the legislature of that
States series of resolutions. declaring that if the
Wilmot Proviso should pass Congress, South
Carolina will be at liberty to form new 60
vernment of its own. Well, if South Carolina
should do so, what Of it2 She is at liberty to do
it whenever she chooses Why don't she do it !
Any man pass resolutions to form separate
government for himself-any number of men can
do the same thing-the abolitionists and anti
abolitionists can do the same, and put them
selves in the position of the man who would not
wind up the sun, in order to bring the world to
an end.
The institutions of the Southern States are
their destiny, their misfortune, and their advan-
tage. There are few intelligent people in the
United States, with the exception of the aboli-
tionists and the scoundrelly pollticans-who use
| snch nuesfions n humhun thu neonle-wha do