The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-10-19
o.r Commsrel.I L.ts.r.

We would refer our readers to the letter Of our New
york commercial correspondent in another column 1t
presents in forcible principles which are be-
ginning to attract that general attention which is due
them and which they have long since commanded from
sagacious and rejecting The vast accumulating
power OF capital, and the advantage which that power
gives il labor. has been adequately estimated
BY writer's political economy We glad, therefore,
that New York correspondent has made it a subject
Of remark for know Of no one who is better qualified
than he make the subject clear and to demonstrate
the crying injustice Of that system Of policy which seeks
to strengthen capital at the expense OF labor, capital
was weak when it is indeed strong under the opera
ton Of corporate privileges, special legislation, and pro-
tective duties
In connexion with this subject correspondent re-
views with great ability the financial scheme which has
been brought forward by Mr. Clingman of North Caro-
lima. in recent letter to certain wing partisans in the
city of New York. Our readers will remember that
few days since considered that project length
The remarks Of correspondent will be found to
incide with the views which have expressed But he
corrects error into which betrayed in atrbu-
ting the leading idea Of Mr. Clingmans scheme to Mr.
Vice President Fillmore II seems that Mr. Fillmore like
Mr. Clngman, adopted the idea of Others and that the
new financial scheme originated with those who held
deprecated real estate after the specializing mania Of
1856 had subsidized In 1888 the Legislature of New
York was induced to authorize any individual assoca
ton, without special charters to commence the business
Of banking by deposting with the Comptroller Of New
York bonds mortgages and stocks OF the States and OF
the United Saes and receive therefor notes counter
signed by the comptroller and issued money redeem
able demand by the individual or association. The
system in peril and the stocks of other States than
New York were excluded. The holders of New York
stock succeeded in excluding United States stocks also,
go that they might reap the whole benefit of the sys
TEN. in ls46, L. Bonnefoux, esq, New York
banker, published draught for system of banking
for the United States on the New York plan. When Mr.
Fillmore was comptroller Of New York, he brought for
ward plan excluding all mortgages from banking de-
poses and requiring all securities to be in New York
State and United States stocks He also advised that
several States should adopt the plan, and that Con-
gress should make all notes so issued receivable for
public dues; and that all bank notes secured by United
States stock should be countersgned by the Secretary
of the Treasury Thus far had the new financial scheme
been eliminated, when Mr. Clingman induced to aid
il with his financial experience Instead Of requiring nd
vidaas and banks depose United States stock bearing
per CENT
the treasury and made receivable for all public Dues Mr.
Clngman would require the treasury to issue to the in
dviduas deposiing United States stock, treasury notes.
which should be endorsed by the persons corporations
to whom issued, and made payable in the first instance
by such persons corporations. But il those persons
or corporations should fail to pay the notes when pre-
sened the treasury would be required to pay them and
look 10 the stocks deposited for security We exposed
the crying injustice Of this plan few days since and we
have no space to say the subject at this time
than to refer readers to the scathng review which it
receives in the letter of our commercial correspondent