Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-06-10

Bankers and Merchants--The fahic'
Mr. Wilson q. Hunt, at recent meeting
of the Mercantile Library Association OF our
civ. made an address on the evils OF our
Banking System, which we fad reported IN
The Chronicle. It's general idea Is that
already familiar to most readers, Of the 10
herent, inevitable vice Of allowing two
thousand Banks, scattered all over the coun-
try and responsible 10 oobydg IN particular
TO eXpand or contract the volume OF Currency
at pleasure. There is some truth IN tDls
representation, though not yearly so muco as
| Mr.. Huut appears to suppose. Practically
a Bank is lust as subject to the laws OF trade
as any Of us, and expands or contracts 10
obedience to influences which it can neither
control nor withstand. If all the Banks IN
America had tried TO prevent or arrest what
was atsurdly called "the Panic" OF last sun
mer, they would have had just the same effect
NJ on il as Canute had oger the advance or
recession of the tide. The power OF the
Banks over the Currency rcvOlyes IN very
narrow orbit, and can nOt be stretched beyond
il. The Banks might easily have rendered
themselves insolyent last Summer by trying
to stop "tae Panic" bat the Panic" would
have occurred nevertheless. IL might have
been somewhat postponed by such an effort,
but we believe it would have been intensified.
/ Sill, wo hold that there is something 10
this idea of regulating the Currency by
/ defining and limiting the power Of the Banks
/ to issue circulating notes, and we shall be
happy to secoud any plan CT such regulation
/ that seems feasible and bids fair to be bene-
fcent. Bnt the errors or vices OF our BanK-
/ Jog system mus, not be 80 pushed into tho
foreground as to obscure the more enormous
dcuravi;v of our Mercantile System, whereof
/ Nj. Hunt ia a pillar. Had not he aud sucn
"a be imported and sold Or tried to sell, many
/ Millions worth of European Fabrics beyonl
The capacity Of the Country to consume aud
/ pay for, the vices of the Banking System would
/ have proved as harmless as sheet lightning
! Our Indebtedness TO American Banks did
not break US; it was our Indebtedness to
/ Earopean manufacturers aud bankers that
did that thiug-nde btedaess unwise!y cre&-
ted by Mr.. Hun, and others ike bin. Oar
debts to our own Banks were generally pretty
well secured, the borrowers aud lenders
having a fair knowledge of each other; but
the debts owed by our interior retailers OF
goods to tue city iJbbers and lm DOrters, and
by these again 10 European manufacturers
and bankers, constitute about as lmsy 4 lot
I OF promises as could be found ~ the world.
| There is no other credit on earth 50 vicious
as tina. which our dry-goods jobbers have
| been accustomed ID obtain on the one hand
and ex end on the other--l system which
suspeuds the integrity aud solvency OF the
civilized world Oh the contingency OF an un-
timely frost or disastrous food or fire, and
keeps our planters and farmers forever work
ing for dead horses" Let our great sea-
ports stop buying goods in Europe for
dubious promises and selling them to Ne
Dra.kn add Texas for stil trailer promises,
bringing back merchandise to i,s riIhttul
character OF a simple exchange OF products
instead Of gambling shufi Of property out
Of the hands of It's true owners into those ol
Tom, Dick and Harry, and Mr.. Hunt will
find our Banking System N harmless rs even
he Gun desire.--N. !. Tribune.