The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-02


the finances and commerce of the country which
have grown out OF the principle of banking which |
now prevails throughout the civilized world, crcu-
ation of gold and silver N the place Of paper Credits
and to the full extent of the latter, is chmerical
idea and the democrats do not entertain it any more
than they entertain the idea that free trade (another
of their hobbies in the full and perfect sense of the
term is at this day practicable Ii the present bank
are steepedwith throttle an oldrhyme
has it. We understand democratic Trades against
banks. Why, even when Gen. Jackson was launching
his thunders against the United States Bank he de,
we will here epsodicay remark that with all the hue
and cry against that institution, and with lively
recollection of its errors and imprudences, II was
whilst exercising 1t legitimate functions before y
was assaulted by the furious and merciess power
which crushed it, the very best regulator Of the cur
rency which the country has ever had. Whilst
was really the bank that its name indicated 1t TO De-
it admirably subserved the ends OF its incorporation
II after 1t ceased to be such bank by becoming
State institution and after its connection with the
federal government severed that IL rushed INTO
the wild and speculative adventures which brought
it to insolvency. As a United States Bank, actlng
under its charter such, it prospered and was emil
nenty servceable to the country, long as il was
unmOlested by the democracy. As the united
States bank Of Pennsylvania it was failure. we
are no apoogists for its sins, which were, we
have always believed, more the fruits OF the war
which was made upon it by the party in possession OF
the government than of any inherent corruption
The pet bank system that was established upon It's
ruins exploded in 1887 and the people we imagine,
did not feel on that memorable occasion that they
had been peculiarly blessed by the exchange The
sub-treasury then followed, and under its halcyon
wings we are now agonizing in another monetary
revulsiou that is sweeping over the land IKE
simOom.
We contend that the banking system, when pro-
prcry adjusted and regulated, is promotive OF the
welfare OF the country 1t is susceptible, however,
of abuses and excuses which should be guarded
against as far as practicable. The attempt to super
sede it now by metallic currency would be as i'm
polite futile. The clamors of the anti-bank de-
prove the condition of things, but tend to make
fusion worse COMPOUNDED. The better plan for them
to pursue is to lutte in conservative movement that
will without doing any violence to the existing sys-
tem facilitate the restoration OF confidence and the
revival of business.
from the Boston Journal, Oct. 81.
proper regulator of the currency in the shape Of
a national bank is one of the fossils which was laid
away with protective tariff in the old wing sarco-
phagus: but although we see old democrats like Mr.
Banks demanding the latter, doubt if any one
among our old opponents has courage enough to
bring forward the other equally useful fossil and
recommend its restoration. We welcome however,
most cordially the speech of Mr.. Banks and the
changed tone Of certain journals hopeful signs of
better legislation in most important respect and
for the other we must wait with patience, and IN the
meanwhile call upon State Legislatures to do what
they can to remedy the evils which grow out OF the
present system of banking.
from the Richmond Wing, Oct. 20
The tendency of banking institutions undoubtedly
il to issues and II Is the province OF the govern
ment to devise and enforce such a system of checks
as may prudently curb this tendency without unne-
cessarily mpairing the elasticity of our moneyed
corporations. During many years we maintained that
United States Bank properly organised, most sue
cessfuy accomplished this salutary purpose. We
believed that it would exercise wholesome restrain
ing influence over minor institutions, and keep them
constantly in the immediate presence of responsible
ty" But the democracy thought otherwise, and we
bowed 10 the will OF the people But surely 1t Is the
duty of the general government to give us good cur
rency-one whose value will not be nbbled away by
brokers at every step of its progress from Maine to
Texas 1t was for this purpose that the power OF con
ing money and regulating the value thereof was YES
ted in Congress. And it, in consequence OF the growth
and progress of modern commerce, with its artificial
system Of credits and Of the successful usurpation of
the several States in issuing bills OF credit as the
basis Of banking, paper money has become practi-
cally the principal part Of our currency, it merely
obliges Congress to adapt its means and appliances
TO the state of things but does not discharge it
of the primary and indispensable duty Of regulating
and protecting whatever may be the actual money
of the country. II this is best accomplished under
our present plan Of boarding up millions Of gold and
silver in the vaults Of the government, when every
dollar Of il Is required by the urgent necessities OF
trade, be il We are welded To no particular
theory and when the democracy are in the ascen-
dant we thankful for small favors. But the
people have the right 10 require Of their government
currency which shall circulate at least throughout
our own country, without ruinous depreciation.
IRON the Newark (N. j. Advertiser, Oct. l9l
WANT OF UNIFORM CURRENCY.
During the present crisis in monetary affairs one
of the principal and most obvious causes OF embar
rasSment has been the arrangement Of our domestic
exchanges and the want of circulating medium
which would be acknowledged and accepted in all
parts Of the country alike: The currency OF the
banks in one section was discredited rather re-
fused in another part and exchange could not be
had at any price in many districts; In consequence
of which our Eastern merchants and manufacturers
have been unable TO collect outstanding debts which
would have carried them, and perhaps their whole
communities, through the season without the calam
ties which have befallen them.
A great institution like the Bank Of England fur.
nshes Medium which Ii available in all parts of
the world, and the old and much abused United
States Bank in its best days furnished similar
commodation. But that was too liable to the tam
perng of government officers to be entirely reliable.
The necessity Of some plan to effect the same pur-
pose without the same risks, IL now seriously felt
and we are glad TO see that public attention j.
called TO the subject by the National Infeiigencer
prom the Philadelphia American and Gazette, Oct 2ol
In q period Of public calamity like the present Me
ordinary impulses that actuate parties entitled to
little consideration. The first object Of every patriot
should be TO relieve the country and TO restore that
cond1eon OF prosperity which, under combination
Of cses has unfortunately disappeared, at the very
time too when Of all others it, presence most
to be expected. Until we can get back to the safe
point from which we have departed we hope to see
all political dlstlnCtlOnS SUNK III u Cpm1HOn anu
united effort 10 redeem what has been lost, and TO
provide such safeguards this lesson shall advise
against the recurrence Of similar revulsons In the
future Whatever peculiar theories Of political econo
my may have been held heretofore In different quar-.
tiers Of the Union, experience has demonstrated,
beyond the possibility Of doubt, that the present
tariff system exposes the country TO violent tiuctua
tons, encourages excessive imports limits the pro-
gress Of domestic industry and induces foreign
competition which IL destructive TO those interests
upon which nation must mainly depend for its
growth and substance. The results are before
eyes; and when compared with those Of former tar.
ifh, which recognized the principle Of protection,
they show the appreciation in price Of all articles Of
popular consumption, the extinction OF various i'm
portant branches OF industry. and steady drain Of
specie from the country. We have heretofore con.
trasted the two systems by the official figures, and
they are precisely conflicting in their operation.
These facts cannot fail TO impress themselves upon
President Buchanan and we therefore look for
ward with more than usual anxiety to the recon.
meDdations OF his first annual message, which will
no nQliv rod IA In Ha baa