Weekly national intelligencer., 1857-10-10

street incendiary who set IRE to them Panic euorts
like these England classed with the worst onences
At this moment in England two persons it is stated in
the London Times are lying in Newgate for endeavorng
indirectly in particular to excite public disrust
and although of them Of resPectabllity,
who acted upon fancy that he had been personally IN
ured one has been found to utter complaint OF the
severity of the sentence The crime is Of the greatest
magnitude against the webeing of society," but zoe haze
no lars to reach IL or TO Jor6idit
But we must not stop here. So inammable currency
as needs further legislation further restraint fur
ther correction. WILLIS HALL, when member Of our
Legislature, seventeen years since began tothers
advanced system of securities in lieu of the old Safety
Fund.- which has put New York far above other States in
its banking. The voluntary Clearing House of New
York. operating and correcting daily and the Metropo-
tan and American Exchange Bank system, in imitation
of the New England Suffolk operation, have partially
perfected banking and yet perfection is far off We
begin to think Though do not yet quite so think
that must have small bills under ten dollars, in
order keep gold and silver in general circulation
We do think that the banks must be limited by law
in their discounts and some general law be made further
restricting the circulation to their capital In BRIEF the
banks in this State though well sreWed up, must
it seems to for public necessity, be screwed yet
and more in order, if possible, to screw up
and all the banks of the United States and what
legislation cannot reach voluntary selorganized
cations such that of the Clearing House Meropo
Titan Bank We want if possible to have heads
in New York. of which could several to do the
seeing and thinking for the currency of the country to
forewarn when the foreign exchanges turning against
culation is oyerrie and with power to turn the
gently, not by millions and millions in or two weeks,
have just seen, frightening every body, every
where. We know the difficulty of having any heads
cognsed in the dead equality Of country like ours
but the heads not the less necessary and perhaps
they can be had through the agency of the Clearing
House.
1t is the fortune or misfortune of New York city, with
her banks to occupy the old position of the United
States Bank of Philadelphia when NICHOLAS BDDLE
was at its head and when LANGDoN CHEvEs presided
over Its currency. Money is not democrat, but
march, and democracy be put into it. When New
York let's out now the thousands of banks all over
the United States "let out too when New York
hauls in, the thousand of banks all the United
States haul in !" too As we expand, the thousands
initiate and expand upon the expansion here and
To direct to govern, to make regular this expan
sion and contraction steady clear head with a COM
mercial eye, and thorough knowledge of currency,
commerce. and trade is now indispensable for public Sc
curity The banks themselves at present are all inter-
ested in expansion for the greater the imitation of the
bubble just short of the point of bursting the great
the profits and dividends. 1t is the wrongful policy of
laws first to oyertax them, and next by the law
prohibiting than per cent interest tempt
them to fill their coers if not Illegally by all the artfu
and irresistible devices of banks which readily evade
all such laws. thorough overhaung, then of our
New York system of banking "a voluntary overhauling
would be better than legislative one) is indispensable
for the future public safety We look great deal more
for relief to intelligent practical than to legislative
acts If the laws not right, let them say So What
And now close this article with repeating, more
ssnses absurd panic ersed country than this
eristg hich robs the merchants and the labor
Of the land There is not adequate cause for it
except fright not If the railroads all
rupt and rotten the alarmiss say they are they
have nevertheless added twenty dollars the value of
land and produce where they have taken from the
public resources. Heaven has best with crop the
Like of which have not had in ten years While revel
ling in the very midst of the richest granares of the
earh laborers coming to the point of starvation
We hare not imported beyond ability pay, the
foreign exchanges the true test show Two of the great
staples of the earth almost exclusively
the CoTToN of the South worth than gold every
where and the GOLD of California. The only matter
with us is FRIGHT. We are like little children, whom
bad nurses have scared nearly to death with ghost
ries, and ghost in every bush. If could only
create other excitement this fright would be re-
moved in week If we could only stir up something to
make people think of something else than money the
scare would soon be But as it is now alas we
look for but little relief till gold flows in upon freely
from England and other parts of Europe The image of
Queen Victoria upon her soyereigns win alone now we
fear, restore the nerves of our afrighted eagles.