The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-04-13

The administration has eXtOrtcd from the oppo-
si'iou factions all the elements Of substantial
triumph; the Institutions Of Kansas, in any
event and under any act of admission will re
'he fame, and why, therefore, VIC should have
this squabb'e prolonged in Congress upon mere
euihb.es snd pettifoggine disputes between the
tvo houses. we cannot comprehend. Let us
have this, that or the other bill, so that we
fave a settlement Of this disgusting agitation
The great principles involved in the policy Of
The administration being secured in all the rest
the only difference is that between "tweedle
DUN and tweedledee."
The Financial Centre OF the World.
The banks of New York contain ut
The present time over thirty two millions
of dollars, and another arrival from Cali
forpia il now due with something like
another million and half Of dollars. The
drain OF specie hitherward from South and
West still continues, and is likely to continue
until trade revives, which cannot we'll te till
the fall at earliest Yet we are not deriving
susteDsnce at the expense of the other CONNER.
cial centres. New Orleans contained. a week
ago, but ,rife less than the unusual sum Of
eleven millions in specie. Boston is greatly
exercised by an accumulation of eight Pbila-
delphia, whose banks resumed specie payments
under the law yesterday is about to avail herself
Of her present monetary plethora to adopt
some wholesome purgative measures to get rid
Of a certain number OF doubtful banks.
There seems to be solid reason for supposing
that this extraordinary accumulation Of specie
in our great commercial centres is the COM
mcnccment of an entirely new era in American
financial history. II looks as though the revul-
sion OF last fall had enabled us to leap, q, q
single bound, over a number Of transition eras
from the state Of q dependent debtor to that of
sn independent creditor Of the world at large
The more civilization progresses, and the more
new countries are opened to commerce aud
enlightenment, the wider and the more
imperative must be the demand for the
two great staples which the United
States alone can produce In any con-
siderable quantity. Without entering upon
the vexed question as to whether we shall no;
live to see cotton selling permanently at tweu-
five and thirty cents pound, il is abundant
ly evident that in the long run the demand for
Southern cotton must increase and no. diminish;
aud that in Ike manner. the market for our
breadstuffs must every year become wider. A,
the same time, in proportion to the annual in
crease in our wealth, to the duration Of our po
liticsl tranquility, aud TO the enormous advan.
tsges which the United States offer, as a home,
over all European countries, our wants will he
more ard mere generally supplied at home.
Had Cuba been ours, we should last year have
had balance Of fifty millions in our favor on
our account current with the world. As Eurv-
pean mechanics settle here, as our stock Of
fn,lion increases, manufacturing industry OF all
kinds will receive prodgious developemeut
Increase Of population alone, which Is mathe.
maticaily certain, will soon free us from Deepen
dence upon Europe for all important necessa-
res Of life.
To descend to details: should our trade con-
tiuue dull this year, and should any accident
give q slight stimulus to the price Of bread
stuffs, we zee no reason for supposing that we
shall export any specie to speak Of before Octo.
Der or November next, II we do so then. Even
If, then, our fall inpostatious have been in any
way moderate, the amount which We may send
abroad during the usual fall tight times can
not be considerable, and the cotton bills will
coca come ca to supply the demand tor remit
,snces. 10 @ word IL our people will bat puf.
cue the course of economy and retrenchmeni
which the Revision suggested. We have already
turned the cofner in our account With the
world, and shall never be debtors agaiu.
What change this implies in our future con
dition, few figures will coon explain. 10 tie
course Of the next five years four hundred mil
lions Of specie will be added to the world
stock from California, Australia. Russia aud
say nothing Of possible aud proba-
BILE discoveries in Sonora or Arizona IL the
United States become permanently creditors of
the world, the home of al this specie will be
New York We may send part Of il here, there,
or elsewhere, for time, to develope trade open
up new countries, build railroads or canals, or
promote enterprise in any other way; but 80
long produce more than W. Consume of
foreign goods, the gold must return to us II
j. thus within the bounds Of moderate pcobs-
ph'J n"' w may eec, NHhih 'hcSc I'VE years
New York occupying the position which Lon
don does now, ard our city banks holding an
average Of from eighty to hundred millions of
specie.
Are our bank managers alive to this imm-
nent contingency? Have they made any pre-
psIsiions to use the power that is about to be
thrust on them with any discrction and sagacitys
Have they consulted together ia reier.pc. 10
the organization of a coniyderatod establish
ment1 1t must be obvious to all Of them that
they could exercise far more salutary inau.
ence over the trade and finance Of the couatry
IL they were confedera,ed together for the pur-
nose OF q common understanding upon and n