New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-06-04

Mr.. Wilson G.. Hunt, at recent meeting oil TIE
Mercantile Librsry Association Of our city, mads
on adde's on the evils Of our Banking System
which We find reported in The Chronicle. Its gen.
ersl IDEA is that already familiar to most readers Of
the inherent, inevitable vice OF alowiugtwo thousand
Banks scattered al over the country and respons-
bic to nobt dy in particular, to expand or contract
tie volume Of Currency at pleasure. There is some
truth in this representation. though not nearly 90
much az Mr.. Hunt appears to suppose. Practically
a Bank is ju.t as subject to the laws OF trade
a. any Of VI, and expands CONTRACTS IA obedience
to influences which it can neither control nor with
stand. If all the Banks in America had tried to
prevent OF arrest what was absuIcly called "the
Pa1ic" of last Summer, they would have had just
the same feet upon it as Canute had over the adj
vsrce or recession of tie tide. The power of the
Banks over the Currency revolyes in very narrow
orbit, AID csruot be stretched beyond it. The
Bal ks might easily have rendered themselves nso-
vent la.t Summer by trying to stop the Panlc,
but "the Panic" would have occurred neverthe-
less. 1. might have been somewhat postponed by
such an effort, but we believe it would hare been
intensified.
Still, we bold that there is something in this idea
Of regulating the Currency BY deahiug and Limiting
the power Of the Banks to issue circulating notes.
and We shall be happy to second any plan OF sucn
regulation that seems feasible and bids tair to be
benefcent But the errors or vices Of our Bank
ing System must lot be so pushed into tie fore
ground as to obscure the more enormous depravity
of cur Mercantile System, whereof Mr.. Hurt
is pillar Had rot be and such as he i'm
ported ard sold, or tried to sell, nany Millions
worth Ct European Fabrics beyond the capacity
Of the Country TO consume and pay for,
the vices Of our Banking System would have
proved as harmless as sheet Lightning. Our indebt-
edness to American Banks did not break us; it was
cur indebtedness to European manufacturers and
bankers that did that thipg-indebtednes unwisely
ere ated by Mr. Hunt and others like him. Our debts
to cur own Banks were generally pretty we'll Sc
cured, the borrowers ard lenders having fair
knowledge Of each other; but the debts owed
by our interior retailers Of goods to the
city jobbers and importers, and by these
again to European manufacturers AID bankers,
constitute about as Himsy lot of promises
as could be found in the world. There is no other
credit on earth so vicious as that which our dry
goods jobbers have been accustomed to obtain on
the one bard, and extend OIL the other-s system
which suspends the integrity and solyency of the
civilized world on the contingency of an untimely
frost or disastrous flood or fire, and keeps our
planters and farmers forever working for " dead
"horse." Let Our great seaports stop buying goods
in Europe for dubiou. promises aud selling them to
Nebraska ard Texas for still frazier promises, bring
irg back merchandise to its rightful character Of
a simple exchange of products instead of gam
bling shuttle of property out of the hands of its true
owners into those Of Tom Dick and Harry, and Mr..
Hunt will fiud our Banking System as harmless as
even he can desire.