The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-10-19
COMMERCIAL.
prom our Commercial corrs.psaa.ss.
NKw Yonx. Oct II, sas--wedassday, 4 D.

NEw YoHK. Oct II, lsas-- Wednesday, 4 D. m
The attention Of the thinking Of the age has been
attracted to the fact that the constant tendency Of capital
is TO accumulate in magnitude at the Of labor
Its Efforts to enhance the which annually from
industry are constantly strengthened by its success and
every hand manifold evidences manifest themselves that
poverty Is increasing with fearful a,idiry among the
masses oil the people, while individual fortunes
stauty swelling in magnitude Not many years since
coonist with fi 900 property looked upon
as very ch while persons utterly destitute rarely 70
be ound At the present tme fortunes Of 81 900
not rare In The Cities while reach At the
ne thousands of starving beggars hrong cities
and imploe our public charities In this country have
hereditary nobility enailed estates time honored prvi
eges TO which we may ascribe this palpaby growing evil
but we md, nevertheless that capital continues TO
muate here abroad few hands, the Of the
many producers. This be charged only upon the
cumulative nature Of capital favored in its operation by
laws enacted solely for its use and protection. Well
may the address of Romeo to the Apohecary apply to
labor In the present day-"The world Is thy friend,
the worlds laW. The world has law make
thee rich" On the other hand. all laws tend to the
mpovershmen of labor; and this results from the con-
slant efforts Of capital increase tselfnot In the aggre-
gate by the legitimate OF reproduction, but by col
letting into that which is produced whou: its aid
Paper credits Of all kinds the ready OF effect
ing this end and the mode Of action is we'll illustrated In the
project for National Bank put forth by Mr. Cling
man. of North Carolina, in letter addressed noted wing
partsans in New York, and published in the New York
Courier of the 18th instant.
In April 1885, the legislature of New York passed law
authorizing any individual or association, without special
charters the business of banking, by deposit
ing with the comptroller OF New York bonds and morga
yes and stocks OF any of the States, the United States
and 10 receive therefor notes countersgned by the comp
uoer and issued money redsemabe demand by the
Individual association This project concoced by
The holders OF bubble real left their hands by the
subsidng mania Of speculation that marked the years
1926 Their hope was by making these mortgages the
basis Of banking dispose Of them without and many
AZ So brok dOw unde the
nent, however, and the deposite of mortgages
strained The stocks of other States then excluded in
consequence of their discredit and the holders Of New
York stock succeeded in securing the exclusion Of United
Also order that the whole banking demand
might fail upon the former The system has been profit
able to the capitalist 1t was obvious that il New
York stockholders benefited United States stock
holders might also be benefited by ENGRAVING a SINH
lar system the federal treasury One Of the New York
bankers L. Bonnefoux ESQ.,, accordingly published in
December lS46 draught for system of banking for the
United States the New York plan The New York
Courier noticed the book, and In November 1917, repub
lished the main feature. its plan. At that time,
however, the United States debt small and the inu
OF It's holders proportionate Under the glorious
the debt necessarily increased and this increase
regarded with satisfaction by SPECTATORS who
The of profit in the stock In the report of Vice
President Fillmore, comptroller Of New York, last Jam
uary, again brought forward plan for the State Of
New York to exclude oil mortgages from banking deposites
and require all securities to be either New York State
u United stocks He also advised that several other
States adopt the plan, and that Congress should au-
thorize all the issued TO be receivable for public
due, and that all bank notes secured by United States
stock should be countesgned by the Secretary Of the fed
.al treasury The quantity OF United States stocks pur-
chased by New York banks, and held by tpeculators
now sufficient enlist large influence for the plan TO ad
vance their value. And the Hon. Mr.. Clngman has
brought this old plan forward objectionable shape
He proposes that United States stock be received at the
treasury deposte security, and that treasury notes
without be issued the depositors the banker TO
endorse the and redeem them in specie
lion. Ii will be observed that while the New York plan
requires each banker TO make and sign his own notes,
which simply Registered" by the Comptroller rs Sc
cured Mr. Cngman proposes that the United States issue
this paper its obligation TO be swdorsed only
by the banker whom IL Is ssued in Short that the Uni
ted the issue Of sold continental bills Of
credit" Mr. Clingman, to be sure specifies that each par
ocular batch TO be secured by certain quantity Of Uni
ed States stock This however, appears TO he for the Sc
;urity Of government The bank note viii be rs much
government obligation the stock, the operation being
only for the government lend money on It's own
stock Thus by Mr. Clinsmans plan, the Secretary oil the
Treasury himself be the banker while In New York
the Comptroller merely trustee, without any RESPONSE
oy whatever The direct and avowed object oil this plan
TO rae the value Of United States stock TO the present
oders aud double their incomes Thus the holder OF
$4,000 United States stock might depose them with the
Secretary and receive 900 Of government paper money
This money he may lend At per cent interest," drawing
the time per cent on the Stock making ID per
cent interest Der his capital The present fed
sra debt Is about which tho producers pay
"a 500 600 DER unuum hs sock should Nil be deposited
for paper money and this loaned NJ per cent the stock
holder. would receive labor would pay. per
.nnum Mr. Clingman winces a little this idea dimy
,rudss self upon Aim, and he lodged as follows
srhs government already paying interest on It's stock
aud those persons tcho might boTrop tho easuy nofs 81 me
ea% f1 s@"s t. o s sai.s The benefits arising
ore would be the Legitimate results OF the system ITSELF
chieh would nn,ct corresponding loss on any one.
1.-The .oecua,os pay out s2oOooooo Of these for
the products OF industry, and realize S24Oo0Oo worth OF
our uses ships cloths, &C., by the movement do the
produce of those ARTICLES suer lossi The paper don't
create those aclest only transfers them IRON the pro-
Queer TO the specuator and consumer Mr. Cingman luf
ther proposes the should contract debt and
issue stock hs sole pwPos Of furnishing security Tor this
paper for the which labor must pay IL per cent per
snnum II would At least be cheaper for the government
70 uay IL out at once directly from the treasury creditors
would not in case b The less dangerous and would
be much cheaper Toe only ptetencs offered to lnr-
ns currency" better than that dug from the soil oil Gall
fornia and coined the mint. Mr.. Clngman says, by
av of apology the scheme, that "t Is generally CON
coded that the prssea financial scheme does not meet the
xants of IN, government the community -an assertion
Cor which 10 lou ndaon be discovered Money 10 now
exceedingly abundant and bas been for many months
Exchanges never lower more uniform, the currency
GENERALLY md, the means OF remittance more
prompt and available, while an hons administration OF the
cove nmen finances viii leave nothing 70 be desired
The proposition Is q wicked attempt 70 levy contribu
lion upon labor for the benefit OF capital IL one OF those
attempts 10 mako 'he rich richer and the poor
poorer" for which the credit system was devised tn
dent that this money would be direct addition 70 the
took Of currency Of s2ooOo0oo least In rivalry with
bank issues and Caons god aud that the usual results
aaiion xvoold soeedilv resut insolvency Of