New-York daily tribune., 1857-10-02

| Currency as the true and only remedy for our COM
mercal ills It s one of several Of like tenor which
have recently reached US; and since we cannot print
them ALL we select the best to represent the class
Our readers may all peruse it with profit in spite
| Of its radical error. These are times in which
public attention may be easily drawn to first princ-
pies and it is hardly possible that these should be
generally and earnestly discussed without resulting
| and signal benefit.
We think History will decide that Gen. Jack
sons Bank war was too narrow in its basis aud
partial in its character. There is no longer any
doubt among intelligent men as 10 the fac. that his
pet Bank system" was a deplorab'e and disa'-
| trous failure-that in cutting loose from the
Natior al Bank he should have resorted 10 the Sab
| Treasury at once. His halt at q halfway house
may have facilitated bis success in party sense,
but it inflicted incslcuable evil on the Nation. Such
was the opinion Of John Quincy Adams and other
fsr.seeng observers at the time. And now it seems
to US that, if he had gone the whole length, aud
made war upon Paper Money, not in the Treasury
only but everywhere, he would have brought the
great controversy to direct and conclusive arbi
iration. We suppose there must be, or must have
beeo bockheads so shallow ard wooden as to be.
lieye that, while q National Bank was great evil
and fountain of measureess corruption, State
Banks were pure and benefcent; but it would
hardly seem possible that a country could be gov.
erned by men 30 obtuse and illogical at all events,
tie master minds of this country have not been
cs.t in that mold. National Bank and rudi.
.aentary Protective Tariff sprung together, 10 1870,
rom the creative mind Of Alexander Hamilton,
and a ike twinship of origin was observed in the
revision of our National policy after the close of
the War of 1912. Had Gen. Jackson in 1880
chosep to wage direct war on the whole Paper
pltment Of that system, he would have carried the
great mass Of his party with him. and perhaps have
succeeded. But, whether successful or vanquished,
he would have brought the Country to some defoite
and durable policy instead of leaving it drifting and
wbirDg as it has been since his day, and still is
But to our correspondents letter:
Why should be claim the signature Of franklin
Doe, be not know that Ben. Franklin was early
ard ever a champion Of Paper Currency that,
through this conviction he rose from poverty and
obscuriiy to competence and distinction 1t WAS
from the Life and Writings Of Benjamin Franklin
that We received our earliest bias in favor of
Credit Currency instead of oIe composed entirely
of Metal. let our correspondent subscribe him
self hereafter as plain John Windt, widely known
and respected in our City as an honest intelligent
mechanic, whose views on Currency may be under
than FraDklin's, but which at all events are the
antipOdes Of Franklns, so as to render the use BY
him Of Poor Richards name an ab,urdity.
His alias is badly chosen, yet his views may never
theless be sound let us consider them:
/. There is acertain truth in Mr. Windt's and the
general Hard Money premise that, if there were no
paper money, there would be no pecuniary reyul.
sons, such as we are now suffering. If every man
would Lie eyermore fiat on his back, very few, it is
obvious, would henccforth tumble down and break
their necks If NO one gave credit, many might
.tarye or famsb, but few would be rendered in
solvent by bad debts need the relief to be afford
ed through bapkrupt law. SO far as this will
legitimatey reach then, it is valid argument fora
Hard Currency.
2. But il does not reach nearly so far q, Mr..
Wind. and the Hard Money advocates evidently
suppose In order to attain the end they mediate,
il would be necessary to enact not only that no
Banks of Issue shOuld be chartered or tolerated,
but that no man should heneeorh be alo,ced 10 PIT
forth a promise to pay, or rseeice one put forth by
onothu If you stop short of that point, you will
accomplish nothing but infinite mischief. Let US
suppose Banks Of Issue utterly and irreyoc,bly
abolished, ard this City in the middle Of hard
Winter, with hundred thousand men and women
wanting work to enable them to subsist. The own
err of our foundeIies, ship-yards, manufactures,
clothing stores, &c, &C., would inevitably gay to
the eager, hunsry seekers, "Yes, We will gladly
81 give You work but money We have not and can
Z" not procure. When the Spring opens and Busi-
"pess reyiyes, we can sell our various products
"srd pay you for Jour labor upon them; so If you
choose to work for our promises to pay sixty and
ninety days hence, you may come to work 10 NOR
row" Thus cornered the famishos hborers
would, by inquiry st tie corner groceries and else
where ascertain tist they could trade oil tue due
bills of employers Of known .oveDcy for bread,
beef aid ,Ugar; for hats, shoes and clothing; and
could get them shared at the brokers so De TO pay
rent ard Ia, thea,er tickets-ald they would go to
vors receiving for tnelr labor promises 70 Pay a.
certain future DAY, worth in hard easiiSe TO ,"eat!
rer cent less than Their face. We taSe worked for
nssts under this tack and dicker s!stem, and
canrot a>u;Iei il. That it would inevitably replace
cur Bsal Notes, # tLesa we're prohibited we hare