The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-05-06
The Southern Press on Financial Centres

We nstice q couple Of articles, one in
the Richmond Enquirer on the subject Of an
association of the New York city banks, the
other in the Charleston Mercury on the re-
sumption Of the banks of that State. The lat
or journal, which, as every one knows is dis
eased on the subject Of the dissolution Of the
Union and the formation Of Southern con-
federacy. considers that the revulsion was
another Of the agreeable incidents of the Union"
in which the South was "couvulsed by its con-
necticn with the North and, with hard.
hearted cruelty, goes on to argue that, however
vitality important II may be for the interests Of
the North that the South Carolina banks should
resume specie payments, and whatever embar-
rassment their present state Of disgrace may
cause to the great mercantile interests Of this
section, the bankers of the South should keep
ever in view their private duty; in word,
should resume when exchange is about to be
in favor Of the South We have no objection
to say that this u about as sensible sugges-
ton as we have ever read in the Charleston
Mercury. Resuming before the exchanges were
in favor Of the Charleston banks would have
been about az difficult for those promising in
stitutions as II lie for q man to ride on horse
back without o horse. We hope, therefore, that
, their managers will follow the advice Of their
newspaper counsellor. and will not resume be-
fore they can. As TO this section Of the country,
W, WI bear up against q prolongation OF the
Scuil Carolina bank disgrace. We are people
OF e It fortitude in this meridian and we will
nerve ourselves to endure few weeks more
agony Hitherto our banks have gone on
bravely. Just as If there had been no trouble Of
Charleston: Of course this was all afectation,
but We will try to keep up a semblance Of ease
and Indifference little longer. Don't LEI the
Charleston bankers worry themselves on our
account. We will bear up.
/ Our other Southern monitor, the Richmond
Enqairc7. Is not pleased with our suggestion In
favor Of an association of our city banks with
/ q view TO give tone ~ and take the lead OF
financial transactions throughout the confede-
racy. That journal singularly mistakes the
I tendency Of The scheme when II says that IL
would amount to the erection Of ian overgrown
money power at New York" which would ICON.
/ troll all sections Of the Union" We believe II
would be the very opposite Of this.
Our proposal is that the present fifty odd city
banks do now associate themselves together
| dust as the States Of the Union are associated
and as the daily newspapers Of this city are as
socisted) for certain specific purposes and under
certain specific conditions; that they take in
hard the very important business Of supplying
the whole country with q uniform paper cur
rency or circulating medium, which shall be
everywhere at par, and redeemable at
that rate at certain branch Offices ere.
ated by the associated banks; that as the
chief business Of internal exchanges in this
State IL in the hands Of the Metropolitan Bank,
just as the redemption Of New England country
paper lie left TO The Suffolk, either the Metropo-
Titan or some other bank be selected on behalf
q the associated banks to transact all the bisi
ness Of domestic exchanges, and TO regulate
them in obediencato certain fixed and honest
rules that, in the same way oas hank b