New-York daily tribune., 1857-10-20

would seem 20 be eBSDe nfly Ssvorsoe 70 eIv'hzsnoo
versAip Of the Almighty Dollar wsieA hes made
us mise erable at home and unexpected Abroad.
Suppose q tariff Of 40 per cent we're Is'd ~ The
TRiBUEH suggests, on all home-mshe aiuc'ss ~'tn
which the foreign compstes, would not the Tise IN
tb.ir prices room be sufficient 70 ALLOW the foreigner
10 psy the duty, and again come 10 competition es
pecalIy when we assured that The banks Wouid
be al hight within thirty dsys-thst is, TO dscoust
| again make money cheap, and prices Domiasliy
higher, till the bursting period sgan cane round. Of
what real benefit is conferred manufacturers oy
high TARIFF, which fhsl Gre ate rush TO thoes par
Iuinous competition among themselves For tune
the public rignt get some articles cheaper, but We
doubt the beneficial results Of such pohcy.
Money Lot only the tool Of trade, but 1t Is me
dis met func.ions Of that great necessity OF civilized
life. That measure of higher copseq1ence fnan even
the daId Of weights and measures through our un
wise and unconstitutional al egslaton by the creauoh VI
paper money banks, has been put into the nsn1s OF
those most tere sted vary 10 suit Their privete IN
terets Only reflect for moment what confusion VIVA.
Injustice would If every city and mercaIh tile ana
| manufacturing company were allowed 70 adopt ana
| vary at their pleasure the pound weight, yard or
bushel Yet our paper money introduces and sustans
lust such arbitrary variable aud uIjust measure OF
value. SiI months ago you engaged to psy tnou-
send dollars about this period Then you could OBJ
tain money al per cent you may have to pay at
the rate Of 40 so even 60 per cent. Such fuctua
tons are nseparsble from paper money. The leg
value ought in common justice to exact that there
should be cOercve collection Of debts except Gov
eminent dues and tust funds leaving the usurer to
harvest his profits in the best way he could
The mode Of creating our peper-money baDks-or
kgaized shops for issuing counterfeit money-is
base IDfaction of Equality of Rights the great living
principle of al Amencan government. Any fellow
rich enough TO 500 OOO nspare money, and de-
siyous of living on the interest OF his debts will buy
&IOO coo Of stock the Controller will receive who
hano him that amount Of bank-b1s. Said fellow
n. - L.. AL .SE
cent at least Now he draws interest his stock in the
HANDS of the Controller, ana interest on the debts he
owes TO the people in the shape of his bank notes.
In this corrupt legislation has not only made the
rich fellow richer but has indirectly made the rest OF
the community toe labonug classes and
those receiving sslariespOorer by depreciatng the
measure Of value to the amount of the rich fellows
indebtedness. In plain English, downright robbery
Of the public has been committed Yet, perhaps, the
National effects Of this dishonest and short.sighted
tatesmans hip serious 10 us than the domestic
wrongs and Tobberes Of the system 1t h.s enabled
Great Britain to resubugate u.s. and tax outright TO
the amount Of at least thirty forty millions yearly,
beside the large profits OF the advantageous trade 1t
confers upon her, We Of far more value TO Great
Britain than all the Of her colonies put together.
How shall relieve ourselves from the foreign and
domestic loads Of this ruinous systemi 1t perhaps
might be broken up if a sufficient number OF the
debtors Of banks would have pluck enough when sued
to plead the upcopstitutiOnalty of the banks which,
upon the final appeal to the United States Courts must
be sustained. Chief Justice Marshall gave an 10.
qualified opinion that bank notes were the Identical
"bDls Of credit prohibited by the Constitution. 1t
idle TO suppose that that instr meant to pro-
hbit names ard not the things, under whatever name
disguise they sought shelter (Craig VS. Missouri,
Peters 40 BIiscOe vs. Bank Kentucky, ii Peters,.
Judge Story coincideo; but the oily circumocutor,
Judge Mclean seemed to look at the consequences of
bis decision srd gave an opinion in accordance.
Another mode stated at the close Of previous
article, would be to initiate the policy Of the United
States and divorce Bank and State gradually through
aperiod of four or more years. Again why shall We
not get nd Of the enormous taxation and the National
ano Individual disastrous consequences Of our paper
money system? The law is all on our side, and the
pr ofts will be- think, majority of business
will admit q few months beLce il not now. Let US
pour in memorials to the next Legislature to the
connection of Bank and State, Let US see that the
right sort Of representatives be chosen at the coming
election willing to heed the advice of the Father of his
Country, Warrington, who was in favor OF
HARD MONEY.
Remarks.
We trust that the above essay will be care.
fully pondered By thinkers. We utterly dis
sent from the Hard Money theory but it has
many honest and earnest advocates, who, however
mistaken, are entitled to respectful hearing from
those whe honestly hold antagonist ground. Yeur
brawer for Hard Money who charters Banks
speculate q in Bank stocks, borrows and lends with
Banks, we heartily despse; but an honest, consist
spondent to be, we always gladly listen to. Letu'
briefly state wherein we dissent from the views
lizard Money"
[. We hold that credit is a good thing often
overdone and grossly sbused-that q rich man, for
instance, who sells decent farm at ts fair worth
to . poor one, and takes bond and mortgage for
the entire consideration that the buyer
Ill -. ,n1a Ia IN sfo nd
improving his purchase-does kind, wise and be-
Defcent act. So with the capitalist who prov ides
with shop and te OILS young mechanic whom he
knows to be frugal and worthy, telling him to pay
80 fast as he is able. So far-and there are many
kindred cases-we think our correspondent will
not dissent from our position. And we are quite
sure that, on the other hand he will agree with us
that q very large msjorty of the credits actually
given--eepeeially those from the city to the coun-
try, from the retailer to the consumer, for merchan.
dise-are unwise, pernicous, and ought to be abel
sht6 On the uses and abuses of credit in general,
therefore, we think the difference between US
would, on . full comparison Of views, be found
imnaterial.
II. But Mr.. Windt is utterly opposed to Paper
Money az he has consistently been ever since We
knew him-snd therein We have always differed.
We deem well-secured Bank Notes, like those
issued under our General Banking law just about the
most safe and bensfcent form given to Credit.
So far from deeming it an objection that the issuer
draws interest on his securities, and also On his
notes in circulation, we esteem that one Of the good
features of the system. We have not the least bit
Of dos in the-manger in our composition, and are
erfectx " inn th az our neiah hor shall make threa