New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-05-08
Y.sues-Oid and New

=
decidedly 10 favor Of the Wing party For the
circumstances and wants Of nations, especially oi
rapidly growing ma On like this, are contlnuAIy
changing; and questions which were Of great pFao-
tical importance a. one period may be Nno'y IN
different a. another The extension OF our Irfn'o'
D ria limits the treatment Of the AbongnsS WIN"
our borders the constitution Of hsuonsi OO'ien
cy the revision Of the Tariff on Imports The Polcy
Of Intervention ia the disputes or intefns ul'ss-'
.ions Of other nNtions--these and many others have
in t.ra been questions Of the very highest concern
/ 2, t,~ American People, while At times escn has
been Of secondary and remote consequence. Nay
more. There is no disputng the historically este5-
ns5sd fact thstths very same messure--a National
Bank for instance or = Protective TariG-haa a,
one period been successfully advocated by the par
T. claiming 70 be Democratic, while ~ another the
sane measure has been vehementy resisted AID
denounced by that same party, and its advocacy
he'd up 70 odium as the rsnkest Federalism. But
the wise and intelligent citizen heeds atner puoAc
exigeucies than party fulmina'ior'
Itseems now 70 be generally agreed that this conR-
Try can do very well without q Nationai Bans aoa
We hope soon = seq that gigantic National ras mill
the manufacture Of temporarily iuedeemabie Treas
ury Notes. abolished While this manufacture con
tinues the Federal Treasury is plainly National
Bank Of Issue and Circulation thoush not Of popo-
lar Deposit. differing from other Banks msiny 10
,bstit 5o-rows money without lending any snd
pays s notes So other promises or al n future day
instead OF redeem0g them from the dey OF issue on
demand. Instead Of tending to check the State
Banks and restrict their Circulation, as was pre-
tended, the more common effect Of the lndepend-
ent Treasury. 90 long as It's borrowing money ana
issuing rredeemab.e paper, is to initiate the CuHen
cy and stimulate the issues Of to- Banks. We
doubt that the paper issues Of the country were
ever before so great, even in 1896, as they have
been under this same Independent contrvauce.
Bat let the Government stop borrowing, stop issu-
ing Treasury promises, redeem what are out aud
begin % gather Specie into its vaults and the whole
p effect Of the system will be changed i will then
contract the Paper issues Of the Banks much faster
than it now expands them. But there does not
seem any immediate prospect Of the Governmelt
becoming creditor and confoing It's dealings 10
Hard Money. With new Loans constantly pend
ing and the Treasury Notes in full career We are
not likely % be troubled with Hard Money cholera
very soon. We will consider it when It comes
That our two legitimate National Banks were
Of essential service both to the Finances sud The
Industry OF the Country We have never doubted
They aided the Treasury to recover from the c|ush-
ing burdens imposed by our irst and second wars
with Great B-,un. and were potential in bringing
order cot Of chaos solvency ont of bankruptcy, at
very critical periods in oar National existence That
a National 3 ark m sht since have beer chartered
embodying many Improvements on either Of ne
predecessors, auj might have greatly benefited
the entire Industry O. the Country, VIC are equally
confident such one we think, was the smaH
Exchange or Fiscal Balk proposed and vetoed
IN 1871. Bot Presidential treachery interdicted
and ,he opportunity went by now the business of
the County has 20 far accommodated itself 10 the
state Of things at frat enforced agsins. it that We
think no radical change will hcneetorth bee wisely
or successfully attempted, gaiess future and now
unforeseen cslauhties shall require TO. Change IN
sucl matters is ever 40 lesrabe unless dictated by
some obvious necessity. end We pow see none -
Democratic France being involved in Financial
aud Commercial troubles, cioes 20 her National
Bank, without which her mole system would rush
ilto insolvency and anarchy AHsiocraiic England
labori under like necessity, and could not maintain
her pay ments a single yearif the Bank were struck
Oul OF existence. TIE time may come when either
nation may dispense with ths present. pivot o. is
I Commerce and Finance bur that wil not ci'prove
tbsir present usefulness, nor indeed their useful
ness at any time Either may be mismanages, as
Government oiten is without disproyug the gen
cral utility o. either Ba4k or Government. The
true Statesman is be who distinguishes casual abor-
ration from general tendency, and who perceives
what ia needed to-day though something very dif
ferent may have been required ten years ago.
The essential que,iioninvolved in the Bank con.
troversy is not obsolete, and never can be. 1t in
wolves the elemental, radical principle on which
the two great parties must ever be 10 conflict 1t
is Ought the Federal Government, in tho co.lec-
'tion, retention and disbursement OF ia Revenues
TO have regard 10 the wants and welfare Of too
Business and Industry OF the Country Or should
10 rather look solely TO its own convenience and
security leaving Business TO take care Of itselfF
The former proposition is affirmed in the Treasury
Reports OF Hamilton, a. J. Dallas ana Crawford
the latter was FIRST eoDspicuousy affirmed in Mr.
Van Burens remarkable Message at the opening
Of the Extra Session ofls57. Measures may stand
vi ihis ihsANuti'us sAtNNt it4lhu p0l bils
ton cannot be summsrily disposed Of II the Sub
Treasury, with or without the Treasury Note At
tachmeut be true embodiment o. the Van Buren,
or negative theory, aud be really affirmed by the
People it will be impossible and indeed culpsb.e
10 couhne It's operation 20 the Federal Govern
ment No subtlety Of logic can parry the force Of
the argument for conformity Of STATE action 10 the
principle thus established The States must aud
will have their Sab Treasures and treby -locked
vaults and ssies-must collect aud keep their rev
enues exclusively 30 oOn-must rePudiste and dis
solve all connection or dealing with Banks Yet
up to this moment no single State among the dozen
or 90 which have uniformly aPplaoded aud sustain
ed the lshmselte policy for the Nation has adopted
II IN its own Financial operations. This inconsist
ency cannot continue-thore mast be advance or
In either case the controversy is not lie
its Termination.
50 with regard to the Protection Of Home Indus
Try by discriminating duties. Shallow pRrtsans ta.k
OF the Tamil question as sctled On what basis 2
Is the Kane letter rock on which 70 rest Nation
vital iateres,sl What principle can be involved
10 & Tariff ranging from per cent I'D 10 100 ia.