The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-06

pense with banks Of issue unIess we could control tina
legislation OF all our sister states
In the present condition Of things ] respectfully
commend 20 the General Assembly such action AZ
may be necessary TO the credit and character
OF the state Some system Of credit, II seems 10 me,
is necessary for the prosperity OF every Departments
OF business. In fact credit and civilization are CO.
credit system and probably there will be Changes
may take place corresponding 10 our experience bue
some system OF credit must always exist Even In the
Gays OF Iycnrgus when iron was the circulating medium
uiis system was necessity How much more y u in
tins age OF the world when all commercial and bu
ness relations are 50 greatly multiplied.
II il obvious that without credit in some form no public
enterprise OF importance can be successfully carried
Such enterprises beyond the neans of Individual CAM
ai, anu are necessarily dependent upon credit To
owe all our railroad enterprises every work Of pubo
n'iy which individual capital canno, accomplish Il Is.
indeed scarcely too much to say that our national pros
pery and progress due the credit system for there
no work of general public benefit which could have bees
consnmnaed without IT, We indebted 10 il for our
own pubic works After years Of labor and legislation
spent unavangy, we were compelled TO resort TO tho
credit system Ia give an impetus public improy ement
There is nothing which should give jus, cause of ALARM
in the present condition OF the country have now
larger amount Of specie than before Tho balance
OF trade has not becn against u.s. Except the temporary
condition Of the banks. have nothing alarm us The
farming class OF our people were never in safer oon
ton. Our crops have been abundant and tho agrcuu-
raj community are fortunately comparatively free from
debt and embarrassment.
Our banks have kept within the limits of what has
hitherto been considered legitimate rules II Is only be-
cause they formed but one Of general system coextea
sive with the Union, that they have suspended.
The embarrassment existing attributable chiefly
not solely TO imprudcnt specuatons, and the injury,
is to be presumed will fall most heavily upon those who
have been engaged in them.
For the construction Of great public works corpora
tons are indispensable They are only evils whea
interests. The latter class of corporations can
not be too jealousy guarded without acts ncorpora
ton We never could have commenced system of
nal improvements; and, incomplete AS they are they
have contributed more than all other combined
the increase OF our population and wealth.
The combined efforts of individuals cities and counties
were ounn inadequate even to Its commencement, and
this nccessated the policy Of granting State aid in tbs
form OF bonds In my opinion this was wise policy, in
asmuch as without It could have had prospect Of
public improvements. We have, il is true, recently
some OF our bonds sacrificed IN the market; but may
rest assured that the interest which has temporarily
deprecated them will soon find it necessary to elevate
them Capitalists understand their value and for that
some Of them have made effort to depreciate
them with the purpose Of buying them up II Is evident
that they were not depressed by any natural causes foe
our great resources well known well ability
to meet The interest IN any possible contingency.
We should not Judge Of a system in panic. Our banks
have suspended but they have not issued more paper
than is ordinarily thought TO be safe They have yielded
to necessity which has not been brought about by any
mprudcnce or mismanagemcnt Of theirs. II they wer0
necessary for the facation Of commerce. they
are and this fact will be- recognised tho
avodedto say nothing Of the individual injustice to
sucannot be wise measure OF public policy. In Jug
icc to the blihol1@r suggest unit within the pale q
the constitution, such measures - auv,. 80
ultimately secure them
All will admit that first duty is protect Sats
credit Whatever measures the General Assembly may
tnnk upar 10 ADOPT, having tins emu IN view, there can
be doubt the people will checrfully approve. They
jealous Of our honor and can be brought TO
sanction any thing which will not sustain II.
Among the for the protection Of our honor il
certainly the fulmcnt Of orr obligations 10 those who
have invested capital in institutions and enterprises,
as well a. the duty Of providing for payment Of the iu
tcrest our bonds We have seen that all great
public OBSERVATION-DISCLOSURES, canals, &C. have been con-
structcd by means Of the credit system.
l. not too much to say that without these works tho
constitution and the Union could have been preserved
They have brought together distant sections; have made
neghbors and friends of those who might have been
mics and bound Union together by the ties Of init
macy and family alliances, well as by those Of COM
and enterprise, and have made confcderacy Of
States ndiss0ubly united by the ties OF blood.
system Of public policy which has so long and
ces-ully promoted all the objects for which governments
Instituted seems 10 should not for trivial causes
be disturbed policy TO be healthful, and ultimately
successful, must be gradual in it, development, and
form 20 the progress Of society Sudden changes dam
gcrous Wise legislation is founded well upon the
percncc Of the past the prospects Of the future
feel entire confidence in the wisdom and patriotism q
the General Assembly and have doubts that whatever
diversity o opinion may exist In other respects all wiz
feel In crisis like this anxious desire 10 promote tho
public good. will give mo great pleasure TO unite with
you In whatever may upon deliberate consideration, bs
thought best far can do consistently with my
Of responsibility and duty.
The report of the Bank Commissioner and the Assstan6
Bank Commissioner, made in pursuance OF law herewith
transmitted.