New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-13
Tn, Press, Col FOrney's paper, which 10 apt 70
be well informed m to what 10 medtsted in snd
sbout the While House. has tie folio wing letter:


be well informed I" to what 10 medtated in snd
about the While House. has tie folio wing letter:
"WAsHIsGTOs Nov. II, 1857.
ar il rrmored that Mr. Buchanan, in hi fret annual
noes,aee TO Congress will take bold ground on the
currency question; that he will reafrm the pnonples
laid down so clearly r bic ces ,rsted speech on the
Independent Treasury bill. lie believes that II was.ne
intention OF the trainers Of the Constitution to establish
hsrd-money currency, add that the schon OF
Congress since has been steady departure from tns.
intention. II will be hi. object, then, TO reuSce INC
false steps taken and 10 bring the Government psch !"
"The issue win be made in the next C'ngress
,cheher State banks hare the eonsansionaf p2~er 10
ISSUE eresa.g Pros, 10 p q The arpumsnt Who
will not il Is ssid yield until decision h.s been given
on the question BY the Supreme Court OF the United
States. A general bankrupt iap for me banks ~,1 b:
courpe for putting into liquidation insovsnt banks all
over the Union."
We beg those who are constantly crowding
our solvent City Banks to expand, aud issue notes
and compIicate themselves with the weaker portion
of the Country Banks, to look the above fun in the
face. 1t corresponds not only with our own I'D.
vices, bat with the neeesiities Of the case. Mr..
Buchanan 10 naturally expected to give some ex.
plspation TO the Country and the World Of the
general collapse Of Business, Currency ADD Credit
during the frat year Of bis Administration. Now
il will not do for him to attribute this disaster -
what We believe the true csuse-Dsuely, the over
throw of the Protective Policy by the Tariff Of
Is46-for that is to condemn his psrtys course and
his own There is no loDgers "rnon ,ter" National
Bank on whose broad shoulders this load can be
placed 1t will hardly do to tell the People markedly
ard simply that their own extravaganza, sadness
end folly have involved them in this general catsstr
pho One course on'yis open to him-thst Of laying
the blame on the Banks, and demanding that they
be punished accordingly. Aud what he demands, it
will be hard for strongly Democratic Congress to
refute. The forthcoming Message, therefore, must
embody manifesto of hostility to Bssks and Bank.
iDg aud Congress may be expected to enact What
ever the President in that Message may recommend
An immediate resumption of Specis Pay meats
by our CITY Banks and those Of Boston would be
easy f them, but hard on the Business community,
lust BEGINNING to recyves frOm the effects Of the re-
cent severe contraction. 1t will be hard also on our
suffering lsborers for every thousand dellars that
the Bsnhs will be forced to contract, will deprive
SO many more of work aud bread. We hold. how.
ever that the law Of selfpreservation requires the
sound Banks to prepare for immediate resumption,
taking along with them 90 many Of tee weaker a.
they can carry, and no more. They must net eK-
pose themselves to Al official visitation from Mar
shal Ry nders, commanding them TO surrender their
effects into the hands of Federal receiver, for i'm.
mediate liquidation.
We have for some time been assured that tho So.
pyeme Court stood ready On a case to be made on
purpose if necessary, to decide that any issue Of
Bank notes is prohibited by the Constitution, aud
that bull to this effect from Judge Taneys tribu.
hal may in due season Do expected After this, We
do not quite understand what necessity there can
be for "a bankrupt law for Banks they will be
bankrupt enough AID certain to be wound up, bank
rupt law or 10 ba krupt Law.
We do earnestly hope that Congress msy
speedily enact an efficient and comprehensive
Bankrupt Law-One that will take the effects OF
On in.Glvent and pass them over to his creditors,
and will at the same time release the debtor who
gives up all to bis creditors from further legh psr'
seoution. The moral obligation to pay is entirely
beyond the reach OF any Legislature or Congress;
but it is perfectly competent for tho law mskipg
power to say row far legal coercion shall be cal.
TtO, ala Wncro ~ snah hhoiD esVP' VIC hafo
no wish to exempt Banks or other corporations
from the scope Of a bankrupt law, nor do ~s be-
leve they should be singled out for exposure t. its
destructive operation. Nor do We approve the
suggestion tina. Bankrupt Law should be enacted
applicable to merchants and traders alone. Let US
have . law comprehensive 10 its provisions aud
general in its application, aud then lot it MT be
yielded 20 the FIST burst of misery camor, but up
bed aud pei Infected.