The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-04-05

their principles prevailed The consttttsop gave 70 Con-
sIefs the power TO regulate the euency - provide
ways and TO rase for the support OF TIRE
general government, and TO form general bankrupt
law In granting these powers to Congress- the object
make them general to have then enforced alike
in al sections OF the country and 20 prevent the dider
States from interfering in those important financial
and commercial affairs. It TO guarantee to the PEG
pie uniform system for the protection OF all That
constitution has been in operation sixty eight years. and
let how much Of that part OF i. relating 10
the currency and commerce has been enforced. We
have had two general bankrupt laws withn that period,
but at the present time have Congress hss,
instances passed the Law for special purposes and
when that was accomplished, repealed it. The conse-
quesce is that each State in the Union has been
Ieed to provide its bankrupt laws and We have
many different kinds there different States. The
currency has been left entirely to the regulation Of nd
vidual nancierf. The government has, it true had
its bank and it has monopolzed the coinage OF gold
silver and copper; but has not nonopoized the manu-
acture Of metallic representatives 1t has left the paper
currency Of the country to the different States and they
have avoided any infringement OF the cons sution by
charerpg hosts Of banks and delegang the power and
privilege TO them. We have therefore dozens Of bank
ing systems and aggregate Of twelve hundred bank
ing nstutons, all actively engazed in the laudable
occupation of providing the people with sound and safe
paper currency, solely for the purpose OF doing away
with the necessity OF carrying about weghty and rou-
blossoms metals Cong has quietly settled down into
political machine, merely looking to the ways and
for providing spells to the hosts OF hungry sppl
cants Congress has wisely looked to the As it
could exist without such snews it has been forced
10 look to the of income and the evyng Of du
ties imports has received much attention Not salts
aed with obeynx the constitution in this particular merely
the extent required by the wants Of government it
has exceeded its power and duties and undertaken TO
protect certain local interests at the expense and injury
of Others and extracted at times millions upon millions
from the public pockets upon the plea Of providing
the support of the This has been
the most prominent feature in general aton and it
has at times been carried far to raise party lines
and become the test question in Presidential! campaigns
While all this going the currency left TO the
OF political nanciers who congregated about
the legislative halls of every State. These cormo-
rants siezng upon every opportunity to bleed the people,
found more effective method than the erection Of
banks and they spread broadcast the country
hundreds of these institutions. At unreguase3,
unredeemable and unsecured paper currency became
abundant, and sn expansion Of individual credit
Immediately followed. Speculation not long in de-
velopng itself, and for time the community believed
that the most perfect system OF finance possible for
the human mind to conceive, existed and was perma
nently fixed. few years of apparent prosperity
followed by terrible revusion and ruin overlook those
who few months before felt Of large fortunes
The fac visions Of SPECTATORS vanished and desoaton
and despair covered the face of the Union then
that without uniform system Of currency all
without form and void. Notwithstanding this Congress
neglected to apply the proper remedy but in its efforts
TO restore credit and put in motion again the wheels OF
commerce, IT went to tinkering the tariff under
the belief doubt that all the trouble caused by
the imperiections of that innocent and unmportant
Ever since the first great revulson the tariff
has been doctored whenever disease appeared in
financial commercial systems, and fear it win
be long time before members OF Congress become sus
fceny enlightened to seek for the real Of all
financial difficulties at the place where it actually
ists-n the currency.
The annexed statement exhibits the movement in the
leading departments Of the banks Of New Orleans for the
week ending March Co. compared with that of the pre-
vious week.
BANKS NEW ORLEANS
al Asssfc