The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-26

The BANKS AND THE Communicative have
no doubt that the banks Of the large commercial
cities are uniting their forces in order to inau-
ence Congress to abolish the specie clause of the
treasury system, threatening, in case of refusal
that the government can't negotiate a loan under
the present treasury plan. The journals in this
and other cities, under the influence of mere
bankers, brokers, and financiers, have made a
great camor for the repeal of the specie clause,
and state the impossbility of negotiating any
loan without its abolition.
Now, if Congress should listen to these
camors, and those influences, and should also,
in passing the new loan bill for eighteen millions
of dollars, incorporate as provision, repeal of
the specie system, what should the President do!
In our opinion, the only course left for him to
pursue, either as a man of honor, abiding by
his own principles, and careful of the
currency of the country, would be to place
his veto on the bill, and throw the responsibility
of failure in making the loan on both houses
of Congress- The preservation of the general
currency of the country, in the event of any flu
ture imitation, is of more importance to its perma-
nent and healthy prosperity than any present ad-
vantage growing out of the loan negotiation.
Whatever bankers, brokers, and capitalists may
do, their influence is very limited among the
masses of the people. Mr.. Polk ought not to
forget, in such crisis, that the conduct of &C.
neral Jackson, in defeating the renewal of the
charter of the United States Bank, was one of
those popular elements which made him Presi-
dent the second time; and we have no doubt, if
Congress should insist, as a condition of the
new loan of eighteen millions, upon the repeal
of the specie clause Of the sub-treasury, that the
veto of such bill would place Mr.. Polk ahead
ofany other candidate for the Presidency, in the
next election.
This country is in most important crisis
commercial, political, and every way. The
banks, during the last few months, have been re-
stricting their discounts, curtaiing their circu-
lation, and increasing the pressure in the money
market, all of which has been done under the in
huence of many motives, and several important
causes. One of those reasons for adopting such
apolicy, was, no doubt, the drain of our specie
to Europe and Mexico; but at the present mo-
ment things appear to have changed, and any con-
tinuation of the pressure by the banks, must be
attributed to some indirect purpose upon the le-
gislation of Congress, and that purpose is
doubt an attempt to procure the repeal of the
specie clause in the treasury system. We have
seen the influence of the Jews, the usurers, and
bankers Of London, on the Russell government
Of England. Our government ought to be more
independent of the influence of money, and rest
more on the interests, feelings, principles, and
purposes of three or tour millions of independent
voters The principle involved is the preserva-
ton of healthy currency, and the prevention
OF paper system the only check on initiation
and extravaganza, is the preservation of the spe-
Gle clause.