New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-08-15

4
! re1cy, sdnirs TOO much | iear) your pias.'er .
financial aristo crscy; had although cur Ia
csn.as has placed on record large number c
heAthtBs, the chiefs Of tdese outeide barbarian
declare taat they TOO are ready to become Chris
tiaDs, when,Ter your hundred Churches wi
sgree in a accommodation a. to the Parri,ula
sort, truly orthodox, to which psgsns oagh. Il
attach themselves.
The Independent Treasury, following upon the
general stoppage Of cash payments By tse bsnk.
in lS37 and 1893, preserves yeur federal govern
ment from falling back upon that delusiTs and
sinking standard which, in 1914, lent the ERtioo
bank notes not worth 80 per cent of their usrl-
iIal value at high figure, taking the obligations
of Congress to repay rhe princiSsl, WITH interest
in specie. The Repositories Of Sac government
are substantial.
Ours are unresl-yisioIary-nor will there be
change until taught as you were, ia the school
| Of experience, when receiving at c.e Custom
House the provincial duties in irredeemabIe pa
per supposed to be worth nin,. tenths OF its face
in cab; at another, ditto of other banks worth
perhaps seven-tenths; and the value Of our
idIOry UOBuidCluIcs dLu ihbbI DStuk oSSoorCn ~
irrtdremable rags. That WAS your position and
ours seventeen years since. Our banking scheme
invites its return-yOurs and EnglGnds hnanclal
system seeks real standard
believe there is some sort of nOrntna security
to billholders in regulation which makes shsTe-
holders in some banks responsible to limited ez.
tent. Who ever prOfted by it, Who ever VIII
Meantime our banks mSy perhaps now have twenty
millions Of their paper aiOat-less or more-they
have also borrowed Of the Provincial Government
as follows: Bank of Upper Canada, 100000 at
per cent Bank of British North America, SOD
600 at 4 BsDque du Peuple, S2OOOOO at ); Com.
mercial, King stOn 100000 at Say Sl,3OOOJO
which these institutions lend out again at six, and
which the government itself is paying elsewhere
and borrowing more yearly in London-thOugh
still having these loans Of the means II formerly
borrowed to increase its undue influences.
The Bank Of Upper Canada has, for political
reasons, been the exclusive Bank Of the Govern
ment since l549. On December &c, 1853. it had
the use of 100000 at half the legal interest and
of other 81 6OOO OO--sll government depOsits-at
DO interest at all; on October % 1854, il had
81 100000 of provincial balances beside, of
course, vast sums on account Of Government In
situations scattered throughout Canada. The
Custom Houses, Post Offices and Land. Offices
ceive the notes of all the banks as money for lands
duties, &c and the Bank of Upper Canada asks
all the others for specie, as its Office is 81 the
uthtuI1
Some thirty millions of dollars are due by the
banks to the people and Government, over and
above a vast amount of private deposits; and the
chief means OF repayment in the day of trouble, is
the iDdOrsed notes, mortgages &c, in the Golfers
of the bankers There is no check upon this vicious
system there will be none Some of the banks
shares sell at par to 20 premium; not long since
they were down from par to 40 discount. ii well
managed they are meaHs Ofreazing much wealth.
bad liz conducted thav M elOgo "a limited
States Bank of Pennsy lvania, or as Paul. Strahan
Il Bates's great London concern closed. They re-
quire, like certain religions, great deal of faith.
As connected with the Government, and as its
bankers, they issue paper and control or power
fully influence both the Legislature and the Execu-
tive. In England the Government is always in ar
rear to the Bank Of England in the United States
Congress and the banks have dissolved partner
ship; in Canada, the banks are the debt0rs-they
have a powerful foundation in the of the peo-
pies own money, and whatever they unite here TO
carry, resistance is hopeless. If i dare tell all L
know concerning the dependence OF our oiciais
and of particular classes upon this curious financial
mystery il would astOnish many, although nothing
hut severe suffering will effect change Taper Is
almost our sole currency, except that our DanAers
buy your gold Ga legal tender) IN New-lork Tor
foreign exchange purposes. Inc Bank OF upper
Canada boupht and imported direct from New
York Of United States gold, Sl,6O0,OOO, between
March 1853, and September, 1884. Other banks
imported prOpOrtloualy
II hen our Banks were logrolng their increased
CAPITALS through the Assembly, a certain very
troublesome member moved to expunge the
clauses which authorized the directors OF each
Bank TO mOnOpOlize The eight millions OF new
stock BY selling it at such times, at such rates,
and to such parties as they please for benefit OF
old shareholders, and to insert clause allowing
the whole people of Canada fair and equal oppor-
tunity to subscribe for the said stock. How many
Yeas are recorded on our journals in favor OF that
common-sense proposition, think you just
three
Although we are behind even your pet bank and
Albany logrolling charter times OF lc36-when
{" the pure Democracy" created pet bank on the
Nopday. sold the stock TO - the faithful on Tues
dav and had their President and Directors on their
way to the far West via Buffalo on Wednesday
TO exchange worthless paper, (indeed, too, with
state deposits, as here now for the broad acres
of the republic-speculsti0n and stock. Obbing,
as saw it with you in 1896, l see here now. I'm
mense and valuable tracts were then sold on short
notice sales were fraudulently postponed 10 aid
the vile landjObbers deposits were made or with
drawn to raise or depress the stock OF special IN
stitutiOns-tO pamper the seryile-to starve the
sprrited Those in the secret could make fortunes,
Such is Canada now. To you 1881 came with
vengeance, and our 1857 will not tarry.
In 1870 we had bank at Kingston, but some OF
our statesmen scOOped it hollow, and the Legsla-
ture chartered here the - Bank of Upper Canada,
which served the Upper Province for dozen OF
wears. when second Kingston bank started,
and is called the " Commercial Bank of the Mid
land Distrct'-a name too long, and very stupid.
Its managers put forth on the 9th ult. statement
of its affairs up TO 30th June last, showing COR
rather stating) that ~, 400 36c Of us capital has
been paid in; that after deductlng cost Of banking