New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-15
nIansieur Tauson again

nv the decisive vote OF ll3 70 a.
Monsieur Tons0n again!
We publish herewith the Report OF the Com
,o,ttse ON Banks and Banking Of our State Senate
.oeompanying and commencing bill mot come 70
hand, TO regulate generally the business OF Bank
inc in this State. While this Report is well drawn
and contains many good ideas well expressed II
xill be seen that it virtually recommends and In
wolves The abolition Of onr present system o. STOCK
S,eur,tiss and return 10 the old Sg'efy f"Ha
ba.,s. with some improvements and Restrictions.
Mott deeply do we regret this demonstration
I'm, W.. should still more regret II were we not
ebeered by firm conviction that no such project
can receive the sanction Of the present Legsatufe
1t il now Just ten years since the first distinc
lively WHO Legislature (Whig in Assembly ana
Joint Ballot, though not in the Senate) assembled
At Albany. 1t came in on political hurricane
sxc;tsd bv Currency revalsion. twas the over
throw of the copjoint system of Pet Bank Deposit
by the Federal Government, and Safety fund
Banking In the State which elected that Leeisia
ture, and in due time gave us Wing Adminstra
tons at Albany and at Washington And accord
ipely. the most important use immediately made
OF their suddenly acquired power by the Wings
WA the passage of the FREE BANKIsdlaw oil 1889
on the ruins Of the Safety Fund contrvance oil the
Van Buren, dynasty. That contrivance had ex
pIoded, hurting its authors, engineers and hangers
ON in various directions The Wings of that day
wisely and Justly reasoned that they had been
vested with power not T. reconstruct but to sup
plsnt md supersede it. They acted accordingly
And they did not stop with making free and com
IL L.. LaAxx olnaa q md
rupt Party monopoly. They felt bound to go Tar
Their. and 10 reconstruct our Banking system that,
while apy man or men might start Bank, none
could do 90 without giving ample security to the
State itself for the repayment OF their issues IL
WAS not deemed sufficient that they should sho"
themselves all honorable men and able to pay
their notes they were required to hand over the
means of paying to the Controller. so that, In the
possible case Of their responsibility proving under
laid by rascality or their gittering heap vanishing
a Ia Plainfeld, leaving their notes unpaid, the
State should have the means in its hands OF
securing their speedy redemption. And to all this
the People, but especially the Wings responded
with hearty Well doneP
The subsequent explosions OF the Buffalo and
other Safety Fund concerns on the one hand, and
of sundry Free Banks on the other, has more
strikingly demonstrated the wisdom OF the Whie
system, with it, birdin-hsnd securities. We have
had panics pressures, revulsions, and worst oil al
unirnagined State Reputation, to an enormous ex
tent the inevitable perils and mischances OF new
system, which all the swindlers according to Law
at once circle round and round and peer into anC
through. to see if there is not some loophole lief
NJ hair
have been some failures, but with what effect II
il not matter Of record that the public loss on the
circulation of two Safety Fund Banks was more
than that sccruing upon the circulation OF all th'
Free Banks ever yet established And now
with a few simple and obvious amendments, th'
Security Banking system can at once be rendered
the most perfect and reliable of any ever yet pu
In operation on earth.
This system the Bank Committee propose +
subvert by returning to paid.up capital, publishe
hats Of stockholders &c. in place Of Public Secur
ties Deposited with the Controller. Who can ia
70 see the difference The oysterman, bsr-tende
or hatcher who has Csttaraugus bank note hsn'
cd him In the way Of trade can know very little
anything Of tho personal character Of its stockholC
era nor can he be sure that the paidup capital hs
not taken wings since the last scrutiny but he ca
know with tolerabe certainty that the Costroller
the State Finances 10 a man Of integrity, capaet
and fidelity and that the State Stocks he has take
- security for the notes issued 10 this Bank mui
remain In his hands till the notes are returned ,
him. The Bankers may be ever 90 slippery an
up.rustwor.hy, but they have no chance to grab {
dssipate the funds pledged for the payment Of the
notes Those can hardly sink below ninety cent
ON the dollar and, with little modifc alton Of tn
existing law may be made good for ninety seve
NJ the worst That done, the bankers will vel
rarely deem 1t advisable to fail.
We do trust that the Legislature will prompt
dispose Of Mr. Ayraalts bill. Its passage will u
settle and dsrange our State Currency, row
strong and reputable, while bene6tins nobody b
the more needy and dubious Bankers. Our Gu
rency V now quite enough expanded for safet
and needs certifying rather than initiating Let
have well.secured Currency At all events, and L
those who issue the notes secure their paym i
stead of throwing the payment upon others by AZ
.nch device o. Safety Fund. Our city was biz
ou,ts enough by thai which we have happily supe
ssded. Let well alone
~ The vote by which Hon SAMUEL J. WILx
of Orange was on Saturday chosen President p
s~,u of the Senate stood-Wilkin IA; Ssxt
Smith Loco s.; Scattering T.
Mr.. Wilkin was the Wing candidate for lis'
cov.rnor ia 1874, and would then have been chos
presiding officer of the Senate had not Jane.
Birney & Co. induced $4,000 wellms'nins v0's
- b.l;svs that the Annexation Of Tsras tras H't
Aseiv to be Effected xsder Clay as Prs''ds'f ~
uudev Polk. That swindls has already cost the
siou Ten thousand Of its citizens and nearly y
Hundred Millions Of Treasure, whilsits moral sv
are still more dsplossbis.