New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-26


est agnhares are paying obeequious court 70 the
Rothsehiid and the Baring controllers OF the money
market. 70, too, when railroads 70 be made, OF
steamers 20 be built Farmers and contractors, !snd-
Crasuses of Paris and London, anxious 10 obtain a
hear ng-and desiring TO propitiate the of power
by making whatsoever sacrifice may seem 10 be re-
CURED.
OF al the questions, Mr.. President. that are now
before us, there is that so much occupies the
public mind that OF the establishment OF the eur.
rency on such basis as will secure M against future
repetition of the "extravGgant expansions and "ru
nous coutractions," that have, in each and every
case attended the departure of the central Govern.
mept from the course OF policy YOU so much admire
the urse which looks 10 giving that freedom of
domestic intercourse, from which we have been 80
much De arrpd. How great, IN your opinion is the
Importance Of this question: Is clearly indicated, well
by the fitness with which YOU have treated in your
Message, as by your suggestions 10 reference TO the
remedies that, you seem TO think may De- required
for the remoyal of the evils under which we suher
Prior 70 the formation of the Constitution, the power
10 create banks and 70 define the powers oi such IN
stitutions, rested uUquestionaby, with the states
and as when they accepted that instrument, they Ger
taiuly retained all the powers not expressly parted
with not doubt can now eNlstof tner having, I'D tue
tine that has since elapsed acted IN iu accordance
with both It's letter and is spirit Nevertheiess, go
Great in your opnon Mr. President ARE the evils now
resulting from the exercise of the power thus retained
that after long and much reflection, you nave ar.
rived at the conclusion, that, II experience snaii
prove il TO be impossible 10 enjoy the aclhues whSh
well-regula banks might afford, without at the
same time suffering the calamities which the ex-
cesses Of the banks have hitherto inflicted upon the
Country would then be far the lesser evil deprive
them altogether Of the power to issue paper cur
repcy ana cOntine them TO the functions Of banks .,
deposit and discount" The measures thus suggested,
involving Of course, the entire anmhllation OF the
rights of the States in reference TO TINS important
question-rights that, during hat century IRON tue
neaoe of 1888 had remained entirely unquestonedtis
no matter for surprise that il should have required
the most serous reflection, before you should have
satsfed Yourself of the necessity for suggesting rem
edy 81 entirely opposed 10 the views you previously
had entertained and much opposed, too, to all the
ideas of the founders of the Constitution IN reference
10 the beautiful system of local sefgovernment they
had found established. Where, however, Mr. Presi-
dent exists the power deprive the States OF The ex
ercise OF rights with which they have never parted
In the central Government Assuredly not-thai
Government having no power not expressly granted
TO il by tie institution Il ls asserted, neVerthe
less that the Supreme Court stands now ready 10 re-
verse oil the action OF the past seventy years-at
! this late period deciding that Washington ana
Adams Hamilton and tralklip, Jefferson ana Mad
son. had been altogether wrong IN their estimate Oh
the mowers of the Staes-that, according TO the tue
intent and mean ne of the Constitution the regulation
of all the banks OF the Union belonged 10 the central
authortes-and that it needs but the passage OF an
act of Congress- for the reduction OF all the Dahks vi
the Union 10 condition nearly akin to that OF saving
funds authorized to receive the deposits OF ndiv,
duals and To lend them out; but deprived OF Oil
power in any other manner to aid the operations OF
| The communities in which they are placed.
1t is but the first STEP Mr. President, that is diff
| cult That once taken, each successive one becomes
more easy-he course of man. in whatever direction
whether toward barbarsm or civilization, centraza-
ton or lOcalZ being one OF constant acceer"h
The removal OF the deposits, IN defiance OF law, oy
General jackson, was great step toward centralLa
ton; and vet il but trivial compared win tnaI
| you have now suggesed-leading, as 1t inevitably
does TO the entire subsection OF the currency 10 the
n alp phprp we
| Mr. President throughout the European history oil
the middle ages we the exclusive control OF the
iNdispensa6e instrument of society TO have been re-
gs aSse 4s ~ Taaat1n So was it with Con
4 mental money-the amount of taxes collected by ITS
aid having been UNNECESSARILY greater than could
| have been collected as consequence OF any
| direct appeal TO the people. So has It been,
| too, throughout this century, with the Austrian
| GOvemment-paper money having been issued until
it had become greatly deprecated, and then having
been replaced by other papermOney, whose vnlue was
| as the Taxpayers were assured, to be maintained
That in turn, becoming deprecated, it was called In
be again and again replaced until nearly the whoe
| original amount had disappeared. 10 rlttre mem
| ,ejres from such ODpresson u0s that the pe0pe o
European cites esid6shed 6anks and it was by means
of those Institutions that the control of the currency
was finally wrested from the various sovereigns and
vested in their subjects hands-leaving to the Gov
| eminent DO power but that of coinage
That Mr. President, having been one of the most
important steps in the road toward the Improvement
tanned in all communities an importance increasing in
the direct ratio OF their growth in civilization and in
freedom. Among ourselves alone, are they the SUBJ
ecs Of uneeasiDg denunci alton and persecution. Hav-
ing become identified with the habits Of our people,
they cannot, as you say, be suddenly abolished;
but their further existence can you add be toera-
ted only the condition of their limiting themselves
Ito their appropriate sphere "-abstanlng from adj
"mnistering to the spirit of wild and reckless specua-
ton by exravagant loans and issues, and thus rem
dering themselves of =" advantage to the public"
II is quite impossible, Mr. President to close our
eyes to the fact that all tendencies for the last
few years, have been toward the absorption Of all
power by the central authorities; but great have
been the previous steps in that direction the one now
proposed goes so far beyond them all a. tO leave
them out Of sight Let the measures thus suggested
he carried into effect; let the control OF the currency
pass into the hands of Federal agents, and all the
pansons and contractions you have so well described
| will be far exceeded. Deplorable," AS you truly
cay, is our present financial condition. the cup OF
misery WILL however, then be fullthe pages OF his
tory furnishing abundant evidence that, of all the tyr
anDies yet known to man, that Of O centralized de-
mOcracy IL the most oppressive.
That there is great somewhere there is no
doubt. Does it result from the existence Of banks
Scarcely, it would seem-their growth, throughout
Europe having been in the direct ratio of the advance
in civilization. That of France, with its numerous
| branches is the creation of the present century
Those of Germany tend rapidly TO increase in number
Turkey makes no banks Does it lie with bank notes
| IL would not, Great Britain whose advance in
civilization was so rapid having been at all times the
leader in the of paper circulation. The use OF
such notes steadily increases in France and Belgium;
and yet Of all the countries in Europe there are none
| that have passed nearly uninjured through the
present crisis. Their is greater in New-Englaad
than in Illinois; and yet the changes in the value OF
property have been far greater in the latter than in the
former.
OF all tie countries Of the world claiming to rank
among those most civilized the only two whose Gov
ernments are now engaged in crusade against bank
notes are the United States and Engand-the two
IL .no.. control the chief gold