The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-16
TNE POLICY OF THR BANKS oE TFvgs ourH.

TtlF POLICY OF TIE BANKS OF TFNFS GU III.
ia question cf vass msmsut 70 Inc sou.aern ) s.ss
What course their banks ought 10 purnue m c
We believe .haa tAe banks In New York ned Boston win
xusTeDd spepe psyE1ua In sh0fs time; belt this MOI
eone VIII be By sso,kc.s2 the great buzz Of the manu-
featuring anc mercantile Derests Ia thu par OF the
Try. Already bar o.Sn extensive Storage Of trade
manufacturers suspenc.og operauoas-en< mercsstiie
s a. Ssss :ssi
compared that waichS being sacraosd w their effort
Scetnue P.y.ne spece II they .uosecc IN m.nssalss
amidst the rUsrs the- have oroated, WA their custom
destroyed, the wac.s mscainerF Of c,nmercs brokTo
seek 70 seosrc usescss IN their hands Eappose nowevs
that tss psoy shs be successful, osht tao souther
es which scrr question ost,-ser looking esre
fully at bese d1cuiies venture TO express III Cpl
Dion ,ha sse scuhsrn banks ought ~ 70 pursue this
cy, but oOeat 70 suspopd specie payments. We axga
same ( our reasc1a for this o,iDion:-
We sasc fcr granted that tbs 3oushern e.nkcsro
lever rrser q dssI Tasy may 30 ao1 IN psynss. Sai
are D., who s: ssS ss
,her oper.asnc bu. the great bs.of their deo directly
indirectly rec. on the responsibility OF the planters
or ooarlo, for the planters redeem their nScslsd
nsB and u,aaAsely restore the baeis 70 spsce as.s
om are notes NE North. They exc in Eur pc Al MS
moment there q embarrassment amongst The chief
s sun q 1e pscdacsoas Of ne soas, oo.os ~ We
Havre, sns oA1 o. going down. those chief custt morn
and oossOners Of southern professions len uns1ao
rasse6, oosssn VIII sell n lis fair veiue.
BN n sssoot sell 81 is fair velae n break the
usual course o. commerce, and A1skai OF tak1c the
manufacsursi produoons Of Eosope demand spsss for
OGDEN. NC Southern bake pcrs In paying spe.
cie they must Get from Earooc They must fr, BY
vigorous demand Of pay nsnh due 20 them, spres dis
Ress and ruin over NE mercasEs community u the
South, cod thfn by drawing the bssks In EnsAx fer
specie fse oosa, produce distress and VS.
land viii prctuce The same saess In old England Mills
will stop spinning our cotton. hercAnts fall and
bank pssas will N few months, mont probably a~ks
cotton drug This will react again ,hs dcbts Of tho
banks In che South and will bring nasy 70 insoversy.
a. We bcsk upon We financial andt .ntpE couvuIs Of
tho North ~ comparatively harmless 70 tho 5out6, DO
great consumers Let tho great Of commerce in
Eur where cur &C mnseroe nsursy lies contngc
embarrassed and our grcst productions will reeore
70 COMMERCE., and rensts., tho banhs t'cw
raiions he genera govcrpment .Sad the Union has
forced upon But u n nothing bot ageocy witch
We skouid cast aside, xi look dircck- 10 real rud
natural c7sa mars ans endeavor 70 ssein them ucs
the prssers cmbaraEcrs, and thxs sunlain oursov'r
suspeneing specie pny meats the banks win farnsst
currency which on carry through Ns year, snd 40
neou and restore oommSoe 10 Ne used channels No
In Inc south, uho have Inc great insrunos OF trade &c
tween The Csed States All Europe In ecr hands, hold
ps.1ss ., rs. ,. .scn rss used =. not only Be
10 carry cat The policy We have iBzkated The bauks
however, m0e1ct In oonceSs q al ths e1nirsi points c
trade, and the ssercbans mist act with uGn NUT es
On anhir iarEoiy Of csnWut and oonndAsoe Bat n tho
banks 10 kc without ,crt and vithc1. regard
The Interests or ne people Tat looking k their vaults
alone, shall ccct,n our cotton 10 sell al s2ee prioe 10
from hsoS sr Sss s Ss
oonvuslon, bcgpn.sg vita The Greedy and tuprinoped
SPECTATORS Al he North, viii spread over ths vhoe com
Cxcal world and npfsas the ush In ous sesmon dis