The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-07

rrte1oe q evNave nsuHcteus form buS IL
upon the pin aple o. ndivduai ro1ponss.iy
but upon dSsreus Mtnn'Pls moayb may believe
NE p,lDc,ps Q" wnscn saey are chartered CHROME Us,
stand II The CONDITIONS sh h they were rvasted haze
been and snail conrnue 70 be, fuined But
di'iocs have not been funiod those obtained the
cnarter pledge Of their fulomsrt ought ask
fsvcrs on account Of their voo0 Tna present question
question Is, what ought be done or more properly
speaking what ought no 70 be donef In oonsde lag tee
s may ,oon D.os upon pa. error. % zee tho
nominal has hitherto been must largely created
snen haA bean least needed, aud Ehea Is has
been least ikely to BIO securely invested rho sud.
den expansion In business Of Mi KINDS in all parts Of
Vie wcrd, oeoasoned By unexpected supplies Of gold In
immense quantities from Csno ME- serwarcs rene ~ed
Ast extended by similar sup lies from austria
hs would, there ha been iuorease 10 hsnkiIg Ssoi
ties have Induced imnyudeut nvas eois and t. ~, tain
CIT ut have rendered credits Aveia-
Die for lime IN the money market Speculative invest
ments which nsd out iusory pr npccss Of exrss Assas
"a more attraction than soSh rested found&
oDs rhese expansions and imprudent speculate could
not oesn any increase VI banking fsoilites The rsvou
ton cou, ho-ever have been better borne than those
beginning 10 be fen or, tns has uuortup.tsly been
done In cetsin parts Of the United Asss, we'll ~ In
evils An increase Of shst called nsnkinf capital o.
CURED both sces OF tho Asrc a tbs precise time q
which t vas likely 70 prove most Injurious rais capital
80 called has hoAtsd away In the tide Of speculation,
or nss been swallowed up In the vortex NJ ext-ava
esnce There have thus been successive yene~Ak and
mud 1cstons or transactions giualy bssss val
pes chiefly fictitious The increase OF banking csoHsl,
aDc hewses eat part Of the former capital n bani
now oe represented In insecure credits which ha 70
heen thss extended, renewed and m iliplad Thss
fsnsing operations postponed for session the Inevitable
orisia and ory to render ultimate ruin disastrous
PreoAiou ana rnsoupd credits extended, would Ar
le ards bear reher tamert pensions Debts
to the banhs arising from such credits were II
aid The means OF the banks, which sims failed HEM
we're sup HE'D by paper substitutes for money-moncy
which they dii not represent rhe regny consequences
vss fsure TO redeem engagements founded pp,n ,xpe,
arcrs which could be rearxed. Under banhirg Es
I'm founded upon less nSecure basis there mtg
nee heavy losses m The original oausss OF or present
o. sncsI en- bsrrss. Bat the present banking sys
tenn spts every check acd saeguad that Prudence
have soegested In OF der To girenn,biY rne managers
Of osLk permitted ~ transact business any
pyr cpe than that OF ABSOLUTE un persona, .espon
sisiiy for ~ debts v II always be under Temptation
its modsops circulation n
tee rcmebt when - dmc ougbt osase or 70 be
cortseo and is issues 10 be contra, ed Tt active
Il he psgeys te,r n ,e 10 such
amount 70 make tser nteres 70 preserve CAP
al II the bank sins ost 10 called oads pressure
sstred capitalists alone c'n hold large smoups OF bank
or her stocks Sucn rersons sun oeed no. TO
nffc entity converssn With ent bsEipess sctve
oDsctn OF bsnk Tie principal managers therefore,
are men In active business OF character that IL
oarisl canpot ne locked uo IN INK stock rms conse
qu"t ce 10 tbs. those sh princiN aosss the Affairs OF
oas msy nav. ou, very nus responsible insrres! IN
estest interest IN fomcpg Of the ,sl of sank
pcopssept with us pre.ersAticn uriy. The safe
guards h'ch may check sbuheh OF Oh systen,,
said, ~spig In 'cDnsyvsois oue Of thsoa u tue
puhcty o. he de ss Of the business OF he bspks Oar
banking law shows on lie face NJ prepared ny those
who locked In the future interest in the cres
ifn OF hank charters PROPOSES 70 require detailed
merit en- hryc,ne the items OF the bu.uess OF The
banks rnoer each Of It's nruo bes.s Ba, words are
carefully sersed qualifying me re Of these provi
sns IN suchs Eshntr 70 sho~ that the details required
a-e uwe general specific end ma Individual details;
In olher word particulars Of the upon discounted
paper and 9th such pa tculars not required Toe
system OF ory thus ~aaB publicity 10 these details but
also wants the public authority reari,ed
IN order u check s liability 70 sbases There q no ade.
quste rshi on Intervention by public funcopary
The Of OIL culaou character or en-.
ter 81 ober liabilities Oar Banks do not make tbs
dsposiis OF secure. with required by the "
oil tome other States or give any otner guaranty against
neglect or abuse Of heir franchises They not pro-
oioet nom receiving or syng cut notes or other banks
They nay postnrne, 1T their oron their cIchsrgss Of
heir noses ~ih one snoh r. Their own Ee,es ave not
stamped or courie gued, Il their ere registered
In any department OF the government OF the STATE. In
,hsr ,refe nothing 70 prevent ums tendency 70
ippfnde"ce and Inequality iLse able frou banking,
sihoai qualified peT, responsibility The Governor
Of n.s osed IA extra session Of inc Ices
sinre IF there DC democrats Legislature
lei ne, shrink Dcns them governmsnt
sbi,n snshoIses narsps ssrcse.s barking sysle n
which hss produced present evils k responsible for
Their consequences Whether head evih result n
Administrative mDmanss meni OF their banks, OF In
terent detects or the systsu, unoer ybioh they have,
orharpil'. been orgsrrsd, or the result OF both,
question which time snd investigation will resolve. Az
N, OF Legislature sega dfu Of TIE
.ue 70 irie est taa ib.t OF The banks pesfsty clear
There Of srecie N be u he- Of the
lspAc for an sde uaie price or adequate security Tho
psuks eber Rave have not adequate seourit. their
comI.nd Tor The purohs-s % ,oie II they have NE
thai hey should pay the premium Ihap lbs should
enrbus- 70 pay H. - We are nov o'hsed % do Ia
3ua,e tecu ny the purrhe OF the 1oeoe their copd
nor mus he hopeiessl, bad In i5st Gaze, why should
thes be allowed W ger thst dissa opera
eon 70 the further Injury Ct ihs couruurlyf wnen
I ray fusiber jury of the community, I use the
word. eeloers'er me present extended cred u are
ouribr or to thgd. nc ors, ~ more n,ru.
SIC value ten .he -aich They -rtssa, cha,
ha skG FIAT. sf.f.
mesa uIon rotten fouSdaiiosf Iu en o. soald be
ImPorAIy renewal " their diso luna f ls,t
rtv Temporary oontng of recsles extravaganza
Expenditures Of an kinds and . dissipation OF such rem.
ntbt small or sresi, 81 resource, OF real value may
po~ 30 outstanding In 'bAs case The ruin, when II 90
crr viii be the more dsssr AZ these will
son have been exbsus cd Wherever - look around
sDo sIdeaycr 20 sees standard OF valuations he u In
snos N the resois ~derne 10 rail oxds 10 The vii.
deFpess IN land 10 rail osd oihey spe mlsti ,,s
nearer home ne npn no basis Of expectation n In
pr0vemen om nvsuce u the Insecure part Of tue
yaeu OF 0Teseps credit H. on tho Contrary the evil II
er. great arr the s N any gest proportion
upop ula rate security do not 10, Nc forget
that In tbs, case every principle morality requires NOT
he ess Vnitte 10, ssstm o. mad exp.ns De spccdi
y rrts ed Notbrg should be lone W postpone that
IA mens and entrs nehmert vhion there CAS- be Q
hope u restoration 81 . sound bSs Of vsie and az
honest bssr Of dealings Neary quarter OF . oen.
tu'y age, Of tmr o. a''aticn eater han pre-
cent, Andrew jackson, -hile President, ~. i'm.
tolurto Htm every quarter VITO applications
,,,ms ,. bm 70 rsosds nom tbs. policy .h'cn hs.
NE csnodsc psrics Of bsi period -ho rcugat under
MA htDEer, ne grc<, o nice. f1r lawful icy. dis
aDsv er 70 an oIcer Of a. bs Tho, o rem-nstrant
bg.'nn The democratic poioy had visited Washington,
"a. my reSd, 80 home; tsl neigh bars 70 pend
less, sI less, RI more, and ali viii be rsht~ rne
81 pert o. The scvice, "gJenc ass" clnslped true
secret Of ibe rtmedy for sub evil the prescott Tue
remedy corsns, nrst and last, In economy eoono
my Fil surely be prHcls,d imgr,vaeat bank
ing sectmnoda''crs are vhheld, an barking. Ia other
's,reo.' ., is'ec re 'Oupdsions checked. uou then
there vil Dc no eonromy he secnnd Carl OF The
vice TAI less," I'd vice W hose botn
NC ssvon 10 lime that / ,hould follo- ms advice
myself The resolutions under earh heso spe.t for them
seivs, ano nerd no de'sied ,iuct alton
| He iH ~hg resoiatsDs -ere Then offered by Mr..
CADvAIIADn.-
| RESOLUTIONS
kJkefoved INST he hnsnoial embArrsasments
cnfrng reft when wealth from all true
NWs IN -frrdAnee ar ~ o~er,r.diuv
cent lnfesrreuw and .rrvsgsnce uujic ard
per hurer which IN The opinion ~ his meeting been
simuaed o. mprovident expansions incidental banking
eps an Insecure n IIdAuon.
Resolved That he thankful
trous The ornament esab f,bment Of The onsi eeno