New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-09
THE BANKS OF PENNSYLVANIA.
L. rJ.to~ Fl I'll. ~ Y Tttbna<

To the Ldffor ~ Inc W. H. lrtouae'
SIR: A correspondent of The TRIBUNE in to-day's
paper makes remarks in connection with proposed
remedy" for the paralysis of business in this State,
which can hardly have met general approval here. Ia
the first place. the banks are not distinct interest, and
the aid desired is not for them go much as for the
active business by which all classes live. This business
is parayzed, and the Legislature is asked to take
step assuming the credit of the institutions through
which it is of necessity transacted until i. may have
time to get in healthy state again. This is the sole
Ting demanded and it should be done instantly with
out condition. and without the negotiation of any bar
gain Of supposed interests and favors whatever
1t is hardly necessary to speak Of tie absurdty G..
offering equivalent advantages for what is really ne
cessary to be done. Ten years since it might have
been proper to do So but the Democratic
speakers Of last evening emitted nothing WORTH the
rsme Of successful clamor against the banks. The
entire nteres ts of bilhoders aud deposors are small
in comparison to the vast credits daily exchanged
through that agency using neither gold nor bank bills
1t this great business exchange which is struck do
by the panic of bank note and deposit holders, and it
is this which asks for prompt relief.
Ii NAV be impossible for the Legislature Just con-
veIed to agree upon adequate measure, since what
is adequate Is to be defned by the prospect of the
restoration of confidence. Two weeks since assured
suspension of three months would have enabled the
banks in month if business at the North
continued sound Now guaranteed term Of Elk months
might release all sngency within three months, but
III business Is everywhere 10 itil INTO
period will be extended IN proportion.
Ii is not the want of specie that causes the trouble.
The New York banks show that continuance of panic
will drain them Of everything even if they retreat
from half their duty as banks as they have already
DONE The ssertial business of bank cannot be DONE
in short under such condition of things Extension
of the line of discounts recois at their reserve
of specie and depostors fail to send in they other
wise would even if they leave what was IN the bank
when the trouble began. 1t is yet doubtful whether
the banks of either Boston or Newly can maintain
their position.
There should be no dilemma before the Legislature
lost convened. Let il graut at the fullest
ure of relief in its power-nine months years
suspension. If this may be released all will re-.
juice ard the IeAt Legislature will have ample tins
TO consider il. If confidence returns three months
will be the limit of the wants Of the banks aud their
il terests will prompt early resumption.
The proposed tax Of one per cent on discounts will
fall direcy on the active business of the State, taking
the hearts blood Of the State TO pay off debt which
dormant property should pay if any distinction
made. Such a tax would 10 more to check business
than anything in the power OF ordinary State legsla
ton, and it would be shorter process 10 lay it direct
ly on the manufacturer, road builder and merchant or
whoever has men TO pay and business to carry on
Ii s impossible that it should be seriously considered
the writer's half asserted distinct interest OF the
banks really existed, and they did form a body
who should pay for legislative justice.
Philadelphia, Oct. g. 1857.