The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-05-06

selected for the transaction of the foreign ex
change business, which is in the hands Of the
banks at New Orleans, but here is monopolized
by certain private foreign banking houses, ali
of which were near failing during the revul-
sion; and that the general policy Of the city
banks in relation to expanding and contracting
while so far as each bank is concerned indivl-
dually it remains wholly and altogether under
the control of the managers Of each bank,
shall be matter Of consultation aad cOnside-
ration among the members of the confederacy.
We submit that system of this kind would
save US from many OF the incOnveniencies of
tie present system, such IS the tendency to re-
vulsions, the want of a uniform circulating
medium, the frequent failures of private
bankers engagedsin the exchange business, and
The growth, existence and inevitable failure of
sham concerns like the Valley Bank of Mary
land, which are growing more abundant every
day.
TO all; this the Enquirer answers that this
scheme would 'provincialize our financial and
commercial interests" in other words, that it
would enable New York to exercise undue
influence in Virginia. This is as though COW
were to complain of not being as able to draw
carriage as fast az horse. Virginia is very
fine State in many respects an ancommonly fine
State but it is no finer and no better entitled
to the position Of pre- eminence in "contesting
with New York the palm of monetary CONTROL
than Ohio, Illinois, Massachusetts, Pennsyl-
vania OF Louisiana. Its vocation is that of an
agricultural and producing State New York
is fnancial-.and commercial centre. The two
things are separate and distinct, with no analogy
between them. The tendency "to provincial
.ze" as our Virginia contemporary calls the
natural process of concentration at centres, is
an essential characteristic Of civilization. AS
this country progresses and become. more de-
veloped and richer, Capitalization will lneces-
sarily increase, and Virginia wlllsdo less and
New York more commercial and financial bust
ness 1t is a law Of nature
The Richmond Enquirer intimates that in case
of need "the restraining power of State legiH
lation" may be called into play to prevent the
establishment of an association Of New York
banks with branches throughout the country.
We do not exactly see how the Legislature of
Virginia is going to prevent the New York
banks establishing branch at Richmond and
redeeming their circulation there at par nor
how John Smith or Brown, of Norfolk or Peters
burg, is going to be estopped from taking New
York bill for his wares, if he chooses to take it.
goes seriously into the business of breaking
down q bank association here, it will have
enough TO do. The new Bankrupt law, which
will be before Congress in few days, will
make some regulation OF the subject Our Vir-
ginia friends will consult their own interest and
comfort by leaving the bank question to nature
and to the national legislature.
THE SECESSION AND DIsUN1oS CRY-Is IT
GENUINE OR BoGus?-Th political contrasts of
this great country are worry striking. While
among the masses Of the people, North and
South, the Union is cherished as the source OF
all our greatness, prosperity and glory, We
| have always, in one or two Southern States, 0
| terrible clamor for secession, disunion land Q
separate establishment on account of thisIthng
| that thing or the other not being done exactly
as they have demanded This is q curious fact
but there is another and still more remarkable
fact which, more powerfully than anything
else. indicates the real solid strength and sta
bility of the Union. 1t is the continual pres
sure Of new States to be admitted into the Union
Thus. when Texas was an Independent repub
lie and firmly established as such, she not only
sacrificed her supreme national sovereignty to
come into our great Union, but she was so en-
thusiastic about II that she would hardly wal,
for the door to be opened, and came very neal
breaking il down; and SO 1t was with Caliior
MIA but of all cases, Kansas has been the
toughest one to keep out Of the family circle
| till properly dressed for admission. She hal
tried all sorts Of contrivances to smuggle her
self in, until Congress has been compelled
| TO let her have her own way. Their
there are those other and more dignifieG
| young iadies-Minnesota and 0regon-knockinr
at the door like policemen, and they will no,
take no for an answer; and close behind then
are Nebraska and Washington, and we know
| not how many more, sll az anxious to be State,
and to come into the Union as O sensible girl il
| to get good and handsome husband. Doe,
| this look like secession, dsunion or a Southern
confederacyr Not bit of it Turn the noises
seceseionist Of the lot-South Carolina-out o
the house, and before six months are over sh,
will be glad enough y come back, and climb \
at the window, or by way Of the basement |
she can't get in at the front door. II would b
funny &c ee the experiment tried
1
The KANSAS QUESTION IN KASsAs-TERRBrJ
THREATS or bLooD AND THUNDER.-Some o
the organs Of the niger worshippers waxing
perfectly furious over the Kansas bill passed By
Congress, are threatening the most terrible con
sequence in Kansas II the Missouri border
ruffisns should attempt by force to carry tn
| election Tor the Incnnnfnn constitution the,