New-York daily tribune., 1857-10-21

kgsJsfive s.top oa. p.svta. q MS ;t-o frrHsaly
uustlrg bis goods ard t5Ls " ;esso-og d es,5s 20
ssIn Il svio.." The mslTcy Of nsn issfo oh'J !fou
t9,ir 3Dtreuce, AID AL Sno ihou' asos ,eyosa
their ability 20 pay within the time sg'>ei, WI os 10
trouble ard there u ID help for them. bi 1s y no
excuse for bsik 20 emula this exsmpe, eA1 u -
10; Mt with sound j11sDr1dence Tor Ss,e 70
hermit the un.esIiote; acton Vi an isssDrDl "loso
,snnfstiop 10 ar Il. tends sgSrsvete the evil TIE
tr,u@p6ous power Of masking money cheap o! deat
.uph. lot 10 % conmittsd 70 any corprsiion. iet
this is 10 certain extent, Low within the VptVs "
tuu banks. -,
AZ y1u have ofen Justly remarked the men ~ao
fr the Dosi Dor, cortrol these institutions Are snosg
the beet If our ciuzers. They have 10 oi9ei o7sHe
tbsp tie benefit OF " the public 10 general, ana 0i
their own bsbks iD particular. To deGsim sgsnst 's
nfef1 Of these gentlemen s1d - attribute all tho
troubles Of the time ~ them. w3uid Do I,e go' VI ~.
Justice. l entertain 10 such vieTs But su mucu
n..takeL ii the great majority, even OF hsm wiz 10.
admit the necessity Of some stanoar1 ot eeeoe oy
which tbose who msrage thslr banks within ssi-
limits shall be protected irom beng =" tunbed win
fhe weskest and most reckless into The common
s,opgh Of lspparent insolvency, sa.pshsion .,
sptcje payments and failure to peri )rn the promise
which appears on the face u their bills.
Youvtry Justly ridienle the worshipsrs OF the specs
Joererpsut but il must be remembered that the ex-
istiDg sws OF most civilized countries regard specie a.
the orly kgsl terder. So long this is the case,
ought banking operations TO be based upon the smJun
Of Gle in their possession or their reach You sd
duce the fact that at the suspeni0n OF the batks o
this city they bdd more spScle In proportion 10 IDelf
liabilities than any previous OCCASION to shov that
the amount Of their specie is Of little Importance in
estimating their strength The Circumstances Of our
banks in the Increased strength were very peculiar
For some time previously the chief action OF each OF
the banks was directed retain the specie 10 their
vaults They all admitted he imporaucs OF arresting
;b,ir cont actions and Of increasing thei oans They
were eported 10 have made agreement ~ decrease
their ditcOuLts some Three Milons-but, lnstesd Of
that, they decreased them upward Of Two Nil.
hons. The officers Of the banks viii tell you
that many we've afraid to Increase, lest others,
by rot doing 20, would make them debtor banks"
"Tbey will sgree to do co. ssid the President OF
large bank in Wall street TO the writer, 4" but they
will not; and, if Increase our loans, We shall lose
our specie to just that extent" Here, then, was the
true cause Of the suspension. The bank officers
themselves became "the worshpers Of the specie Jug
ger1aut" and the contention between them was sc 70
fckO could contract the fastest, and thus strengthen
their postiOn' in regard TO specie. This race con.n
ued Until at last the depostOrs took the alarm,
and called upon the banks in order I" to strengthen
their own position" Thus that the banks
were broken not because they stronger in spe.
Gle, but because hey had created panic. II they
were compelled by law to keep given amount Of
specie which experience has proved to be safe and
panic-prOof, then we should have better chsrce Of
escape from the troubles Of the day and the designs Of
urpriDcipled men, who for their own ends cry Mad
dogp FAIR PLAY.
Ocfobty H. 1851