The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-06-05


Mr. Corwn did in the canvass Of General Taylor and l,
doing in New York and other northern portions Of our
Union.
Banks and Banking
We have noticed in various quarters Of the Union
disposition on the part Of State legislatures and Of nd
viduals to increase banking capital and multiply the
number OF banking corporations.
The unprecedented prosperity Of the country under the
benign influence OF that system of national policy which
was established by the democratic party will, we fear
make the people Of the States too sangune and ncau.
tous 80 that designing capitalists and monopoiss may
lead them away from true principles and make desert
OF their fair fields
The moras. has said that it il harder bear prosper.
y than misfortune. Times of difficulty and troubl.
breed caution and crcumspecon. and bring forth those
qualities which insure success. But when success is
once obtained, the stern virtues which were nurssd
ia the lap OF misfortune forgotten--the blood be.
comes heated by the smiles Of fortune, tina. the
monitions Of prudence unheeded before the ban.
dishments of speculation and 1t is the same
with nations as with individuals. Times Of public
distress produce frugality economy, and caution and
they in their turn give birth to wholesome and pm.
dent legislation But, unfortunately, when Wholesome
and prudent legislation has produced m results, and pros
perty is on every hand. there is disposition 10 forget
the lessons taught by adversely and to be seduced Ii.
siren song of speculation and extravaganza.
We cannot but fear that, in many Of the States, The
wing party which given to the embraces money
capital and welded to corporations acting in concert with
democrats made incautious by the public prosperity
creating amount OF fictitious capital which will produce
wide. spread ruin to the aboring interest Of the country
When the Independent treasury was first established
all the leaders Of the wing party predicted that would
PROSTATE all the banking institutions Of the States by alb
stracns specie for the payment Of house duties
But experience has proved this check operated in mos
beneficial manner. And now that fact has become 70
plain that. although vastly larger amount Of specie ha
been paid in duties than anticipated. the wings them
selves have abandoned their original objection to the
dependent treasury. II should be borne in mind. how
ever that the demand for specie pay duties
which has hitherto restrained the banks and forced them
to approximate sound business principles, may not be able
10 bear every strain Of speculative experiment The in
ux OF gold from California and the present prosperity
the country naturally engendereda species Of reckless
ness II these combined causes should lead to an ia
definite increase OF fictitious paper currency We
may soon expect to see 4 revulsion which will Be
A. disastrous A. that which paralyxed the country
in 1897 The policy Of the government could no,
il il were studiously shaped to that end, favor
than II does the causes which threaten the lamentahs
results have mentioned It really seems - if sys
,ematic effort had been made to drive away from the
United States the California bullion, in order TO cripple
specie currency for the purpose OF efectRg vacuum
b, La
constitute the specie basis In every day transactions be
the great aboring interest, they constitute the Gil
cuating medium. A man who earns his dollar day
will never be paid OF Saturday night by twenty dollar
gold piece In fact the twenty dollar gold piece is utterly
worthless for everyday business currency. In
England the individual has TO pay for the assay
OF bullion before il il sent to the mint for coin
age. 1t follows therefore, necessary consequence,
that American specie, being already assaysd at our
minis, 10 preferred TO bullion in the British maj.
kets. The government should have known this fact,
and il should have acted up to its knowledge
But, unfortunately, il has taken the very rever"
action Instead OF requiring the coinage OF the smaller
coins whose intrinsic value would not bear shpmeu
and recoinaSe abroad has allowed the coinage Of eighty
per cent Of bullion into double eagles The double eagle
is utterly worthless for circulation. II is useful only I"
banks which issue notes on Them and brokers. who
export them. They already aasayed at the Unite
States mint, and their recoinage abroad coss really
nothing.
Thus is that the administration has done all il can DO
to drive the specie from the country and present Inc
world the singular spectacle of vast increase 10 heu
,ous currency in the greatest specie producing country
the saw. We ask our readers pause and re-
feet on this fact. The United States produces more
specie than the whole world besides yet AT the same
time banks are spring,ng up all sides, issuing no.
money, but worthless and fictitious representation
money By the action OF the government, The specie pro
duced in the United States is forced embark fer oreg
lands, that the holders of capital may prey on 'o
wages OF labor and grow fat the real productive IN
teresis of the country.
The space at our disposal forces us to conclude 'A'S
remarks for the present But we have much more to a
on the subject. And we do not mean to delay the a
preston of our opinion We shall follow up the sueee
with all possible despatch It may require one. two, ans
perhaps three articles to give that warning to the peopN
which duty requires us to give.
Chsrlesto~ Evening News
We refer our readers to very iudc'ous edifora' y
il uhirh Woud be prOduee'