The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-01
American Matters I'm France.
FRENCH OPINIONS on THE PRESIDENTS MESSAGE
AND on THE AMERIc AN BANKING SYSTEM.
Translated for the New York Herald from lie Courier do

FRENCH OPINIONS on THE PRESIDENTS MESSAGE
AND ON THE AMERICAN BANKING SYSTEM.
Translated for the New York Herald from lie Courier de
Paris, of December So
The banking system as it exists in the United
States is a result of that peculiar sort of liberty
which prevails in that country liberty which has
no limits except those which are absolutely defined
by the constitution of the United States. Hence it
is, that any active attempt to reform this system
beyond the mere expression of wishes and earnest
recommendations, would be an attack upon State
rights on the part of the President and of Congress-
Such an attempt would be violation of the famous
principle of self government" principle which
acts upon the Americans the most fertile incen-
tive all that is great and noble in all that they
have ever undertaken and accomplished. II is
principle of their political faith OF which they
exceedingly jealous, in spite OF the injury which it
often inicts in its practical application. and of the
absurd doctrines to which ii sometimes gives rise.
The political and governmental machinery of the
United States with all its modes sf action, has fire.
quently been explained to us here in France, and
yet il would appear that there very few persons
among who thoroughly understand it. We fire.
quently see in the public journals and hear in COM
mon conversation errors OF opinion advanced. which
lead to false appreciation and unjust accusation of
the American people. These errors OF opinion
generally spring out Of some events deeds which
il may be true, damaging to the character of the
private individuals concerned in them, but which by
no means affect the general character of democracy
and liberty as many persons wolld have il to be be-
leved But when the enemies of American demo-
crazy have been proved in this respect guilty of g
norance or i'll will, in drawing general differences
against democracy from the special acts and deeds
of individuals, they Immediately turn round and di-
rect their attacks upon the American constitution,
and make il answer for every isolated crime that mas
been committed, or for every untoward event which
has occurred. Now, to all this determined system
of depreciating all that concerns America aud her
democratic institutions there is one simple answer
aud that is this, viz:-That the American constitu
ton, for more than threequarters of century, has
covered and protected, like "a with an egis "A
people and nation who have been going on in "a
continual and uninterrupted course of prosperity.
This has been done under Its guidance and under its
tutear protection Not even the utmost excuses TO
which liberty has been carried have succeeded in de.
stroying either the constitution liberty in the
United States. The two are inseparabIe, inter-
,wined, and mutually support each other.
People either forget. they do not generally
know, that the action Of the President of the United
States cannot be carried step beyond the limits to
which II confined by the constitution With the
stution In his hand and its strict letter for his guide.
IL IL not permitted him to propose any special action
All he can do il to make recommendations. and
fine himself TO such general considerations and views
as Mr.. Buchanan has ably and clearly done in his
message. The terms of the constitution referred to
by Mr.. Buchanan are very explicit. According TO
those terms the federal government alone has the
night Of coming money. But il has been found easy
without any one being able 20 hinder it. 10 interpret
this paragraph OF the constitution according to a
certain conhned aud limited sense in which il is ap
Piled. The word money" has been understood to
signify coin in metal specie and not to refer TO
paper money. The latter kind of money has there.
fore been lett perfectly free for the banks 70 create
at their own pleasure, according TO the strength and
extent Of their credit without any one of them hay.
ing any power the others, to prevent either
their establishment or their too great expansion.
Not only the habits and manners of the people are
in favor Of this eXtravagant issue OF paper money,
but also the commercial wants Of the country, much
a. they have been exaggerated, in some measure de-
mand IT.. OF the dangerous consequences resulting
from such a system the Americans have lust had a
signal proof md experience. But notwithstanding
all that the country has just suffered, must again
remind readers of the fact that neither the Pre-
sdent of the uSyted States, nor Congress: nor
the several state governments, have any one
Of them, together separate any power what.
ever to provide u remedy for the future against
30 great an evil. Public sentiment and morals
have committed the wrong and made the law and
constitution OF no elect. and they alone repair
the evil they have done. The wisdom and experience
81 private individuals is the only healing remedy
which can be brought TO this sore evil, and
which can alone check the injury periodically nict
ed upon credit No other means are presented Of
setting mp a breakwater against general inunda-
ton.
There is another thing also. which people either
forget or which they do not know. and that IL, that
the present system of excessively expansive banks,
and Of their unlimited issues and mutations in the
United States, Is the work of President who be-
longed 10 the school and faith az Mr. Buchanan
belongs to- namely-it is the work Of General Jack.
SOD. IL j. victory Of his which he achieved ia be.
half of political liberty II is the result of the homage
paid by him TO the principle Of "State rights" aud
10 the separate independence ~ the several States.
Mr. buchanan, a man OF sound sense, and as a
man OF business-such a. he really is-cannot but
regret the excuses 20 which the principle of abso.
lutte liberty In the banking business has given rise.
lie cannot but lament the evils il infcts upon pub
lie credit. and the dangers 10 which il exposes il.
But he can do no more; he cannot pas beyond his
mere regrets. He Is obliged TO conne himself 10 the
utternce OF bis wishes and desires that the several
state Legislatures should unite TO effect reform
which is mperiously called for and is ndispensaby
necessary for the financial salvation of the United
States.
Translated from lie Pays, Dec. 49, for the NEW YoRK
HERALD
When any country is possessed of large and ex-
tensive territories out Of all proportion TO its popu
latiOn. il becomes necessarily rich and abundant in
the production Of the raw msterial-the almost
spontaneous fruits 81 the earth. In this case il will
he easily understood that its real interest is TO make
liberal exchange with other nations and on liberal
terms q its abundant raw materials, which, while
IL produces copously, other more populous nations
are better able 10 work up.
The condition here supposed was originally the
precise condition and situation Of the United states
As soon, however a. the population OF the United
States became more numerous and more dense, and
hen the country became possessed OF great capt.
tal. then manufacturing industry Logan to he de-
lei0ped and " take its place alongside