The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-11-07
BANKS AND BANKINa-coNTINUEp.


BANKS AND BANKING-CoNTINUED
There is no subject upon which the people have
been SO emphatically deceived and imposed upon as
that Of banks. Some most excellent and worthy men
have been SO far mislcd by those who understand all
about banks and banking really to credit tho fab
ulous pretensions imprudenty put forth by the
managers. They assume perfection and usefulness
which have existence. When caught in acts which
would doom ordinary to infamy, they follow the
example Of old father Adam when caught SHINING,
and attempt throw the responsibility upon some.
body else There are some who are mean enough to
attempt to throw the responsibility of the failure Of
the banks upon their wives and daughters. The
man who will seek to shield himself from the conse
qucnces of his own acts by throwing them upon the
innocent of his family, because they have ador
ed themselves with what he has given them to wear
il contemplate than him who had less dread Of
sin than Of being found out and was properly kicked
out of the Garden Of Eden and ordered to work for
living Not woman fit for wife, nor daughter
properly brought up and educated, failed to lis
ten to the honest and frank avowa Of husband and
father to the limit of the expenses which his means
indugcntly bestowed will permit them to enjoy. 1t
is only those who have been spoiled by improper in
dugences and faulty education who fail to heed
the serious and calm admonitions Of husband and
father. The hightful consequences which now
visit fair land visible at every corner of the
Streets and in every dwelling whether of cut stone
marble, Of round logs notched down at the COR
ners. Every man, woman, and child having heart
to papiatc at human suffering feels it. Who brought
A.. Il 4.
ties who may have thoughtlessly enjoyed what false
pride, stupid folly, or thoughtess ignorance thrust
upon them The real cause is found in deeprooted
but cherished errors of those who assume to have
wisdom sufficient to manage and control the affairs
Of the world, when they not really competent to
give proper direction to their If evil conse-
quences have resulted from excessive importations
Of silks, laces, and useless fancy articles the fault is
not with those to whom they are unwisely given,
but with those who brought them here and those
who fooshly, perhaps fondly, but imprudently,
bought them for those who would have lost none OF
their graces charms without them.
Failing to throw the responsibility of the present
evils upon the daughters of Eve, it is sought to fas
ten them upon over-trading with foreign countries.
We have doubtless boughtand imported many things
TO crafty fancies but these have not caused the
banks to refuse to pay their debts If bankowes
it is no justification for nonpayment chat cothe
myself with I'LL tho productions which ingenuity OF
folly ever invented. | am entitled to my money
whether am fop or fool or wise and prudent
My whns caprices or folles, or extrava-
ganccs are nothing to the bank They do not dimin-
ish the ability Of the bank to pay weaken, nor
nullify my legal rights to demand and receive it.
Whether our imports exceed our exports is nothing
to the banks Their obligation to pay is not made
to rest upon any such contingency. But this
sumption has foundation in fact, The commercial
tables for the two last years, contained in the last
years report, show that without reference to our
profit on our exports, they exceeded our imports
TO the amount of twelve or fifteen years annually.
We ore next told that the tariff is too low,
and caused the failure Of the banks The pre-
tencc is, that we buy abroad than we sell,
and that this creates balance against us, and
our specie is carried away to pay it, The fact that
this assumption is untrue ia quite sufficient an
ever. Add the profits on our exports to their home
value, and it will mako an aggregate sufficiently
large to pay not only for our imports, but also the
interest and profits upon our stocks and bonds held
abroad Consequently, this assumption wholly fails.
Another is, that the tariff is low that our
factures cannot prosper. This pretencc is wholly
fallacious. The articles which we can manufacture
are protected by the tariff upon average, to near
one-third of the cost Of the articles abroad. Few
who understand this win believe that they ought to
pay more than oncthird Of the value of article in
order TO induce some one to make it here. But
whether the duty paid is high low does not affect
the banks. With high duty, unless it amounts to
an exclusion Of importations, duties will be paid and
the banks WILL of course, be called upon to furnish
more coin. Instead Of this excuse being valid the
banks, by doubling the amount Of the currency
through paper expansions so materially enhance the
cost Of materials and labor in manufacturing, that
tho cost Of the production is nearly quito doubled
This increased price Of manufactures, occasioncd
by the banks themselves, is the real and true
why those engaging in manufacturing fail to meet
their own expectations II the tariff were raised