New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-02-23


sore r bankrupt Law which would have hnsl sod
not remedial effect, would have answered. No oene-
fcAl puIp0ee. ~,
Ncs, put i. to the intelligent business men of Ne--
York 10 saw II such bankrupt law hsd been IN exit
enee in lS5T-- and instead of the Suspension OF yer
bauks beipg eg.hzsd BY ne State Legslstsro, tt'y
mad TEEN forced into bshkpptey-shether II woni
have proved remedy 'or, or an aggraysson OIL me
EVIL
Would the country, al this day. have bcen better or
worse Of than Il il now all the banks in the Cniied
States that snpeudel specie payments had been ioed
into liquidation and closed
venture % cay that such a state Of desOl2hon AMI
universal ruin never fell TO the lot OF any nation or
people 90 would have fallen upon rs. " was oal
enough as IL vas: bu, rave reason "a be thaokf1l
that Ills Democratic expedieDt mad not been reaoTted
10 in tine 10 have Sde II hundred Told worse
RBt IL Il true that there was such an expansion or
II there .as tha, u the cause rot oUly OF the IN
eraupled national ds'ress in TN, country, but that
our barkI sysem had cersnged me monetary siiais
OF he whole cor eroisl globe or is this mere eX
r.de1t Of Den ocracJ 70 divert attention iromthe resi-
tauss Ia the fret place, If !, we're true, u woud
oniy proVe the recsssiy for putung do"u - su.u III
regulated institutions or Of establishing NaNohs'
Bank that wOnld Ia al other countries : eone IuE
Iish & currency that would coDstitute q cIcHAlns
n ednn fer its own citizens, with w1lch sou could
travel sLd trade IN sny part OF the Union, NIuous
diconrt at every turn, and that would, as toe o!a
Bank cid keep the S.se Banks IN check, and c'Ifs's
the tendency On their part 70 Oyer-ssnss.
90 not pose Bank Of the unl.ed S.stes. l
ouly mean 10 express, Is my lndiNdual optnon tuas
10 financial agent Of the Government has YET ce-n
adoued OF proposed, that in Gil respects, was more
fee from constitutional objections, or answered so
good purpose, would properly guarded OF Wen
conducted National Bank. Bat 90 on, aud lot the De-
lnOcrscy continue the operations Of tner EXPERIMENTAL
Sinh. Treasury which withdrass $50 600 year
from the purposes Of commerce, trade ard nanutac
tures and We sbsll all what will BE- the end or.
Isin OILY take occasion 10 say, here, thai have
alys vs. believed i. ives mere question OF une ana
that sooner or later shall be compelled to resort 20
n e. ain unless something far different ard 0slter IAN
the Sut Treasury shOuld, IN the m antime, be snS-
gested. -.
versa expsr sion ana every intelligent man ought to
know that, ii there had been, 1t would have produced
10 such results
Large expansions certainly lead to over-trsdmg, and
over trading leads to ruin and distress on the part Of
those who indulge in il; out while that oNerira1us H
co, fined at home neither the capital lost, Tor s the
property destroyed. There is always something 20
represent bO,b but when you trade abroad and spend
great deal more money in foreign countries, for ar
ticles Of annual consumption, than your income or
neaus viii justify then comes the rnin-which all the
banks ard bankrupt laws in Chrstendom cannot avert
ard that over.trsdpg may be done upon the credit
Of he importer well az upon the credit or expansion
OF the banks; but this is not the place that propose
70 discuss that question: will come 10 that after
have Opposed u the causes assigned " democratic
wisdom and financial skill.
The next reason urged, which seems not 70 have
been without It's riutnee, is that our people were too
e1trayagant lived in costly houses bought c)sty fur
niture kept luxurious tables drove fast horses, aud
fualy butt too msny railroads. Admit that all this
was cone, pray to know how that could have pro-
duced rational distress that would have affected the
fnarcial affairs of England France Austria, Holland,
Prussia, Denmark, S~eden and Russia ana al the
rest Of the commercial world
In ike manner, in regard to the contraction Of
Railroads. We have received from C.lliOrnia some
SIX or seven hundred millions of gold 10 t1e last IL
yesrs. Now suppose that all has been Ibid out IN
railroads. they have certainly served 20 open up the
eo1utry-develop its resomces-increase its prodnc-
tous-furpsh the way 10 market, and have increased
the value Of the lands greatly beyond their cost ans,
although the stgckholter may NOT receive dividend
bic stock, and may be crest sufferer and loser,
yet neither the work nor the money that built IL mas
been thrown away. Subscriptions to these stocks
ray b4ve ruined these who built the roads, suf
occssioned Individual and family distress. yet they
would not produce great rational disturbance; for
the money has only gone out Of the pocket OF one
man, VINO had il before, into the pockets OF many !
that were without it, IL has gone from the stock
holders 10 the contractor; ana from the contractor
70 be laborers and manufacturers; and from them,
through their operatives, to the butchers, bakers,
mercb snts grocers boot and shOernakeTs, hatters,
fsrmers &c and has thus been scattered through the /
general eou.munityby which the multitude bene-
fitted, although the fsw may be impoverished; and the
tnat lie spoLt by the nionsires of the country,
in this way, the better for the whole. But, when in
stead Of digging your own coal and making your own !
iron, ard giving employment to your own labor, You
ave IDLE snd upprofsbl9 and you send 500 OOO 600
y
iEon and ether manufactures of Europe, never to be
returned then you send out what ought 10 be kept at
home, and thus you impoverish the nation.
These truths ust be apparent AMI sefevident 70
all rght-thiukirg men, that / will not occupy more
tue N renting Democratic reasons Tor disasters,
but come at 70 what submit to the intelligence
of the country ms the true OF all pecuniary
troubles. IL ls because we have fastened upon US, by
Democratic legislation, the widest most absurd, most
urexaupled and most sef-destructive financial ami
commercial system that ever dragged a nation down
from the highest eminence of prosperity which
entitled 70 esoy 10 the lowest depth of desolaon and
ruin that the uusXamped resources OF country,
and the superhuman energies Of our people, would |
enable Democratic misrue to impose upon Us. What
are they
Yen have frst as financial experiment in the form
Of what IL called the Treasury, hch il put into
actual, practical operation, al intended and provided
for by tbose who framed IT, would display its ridiculous
and deOrmed features in such light as would within
thirty days drive IL out Of existence but which VIC.
lated as IT, and s obliged to be every day and every
hour, IS ner-ianglec invention devised by those
who were opposed TO all banks, and proposed 10 have
no other currercy but that Of precious metals-the
operation OF which, as acted on, 10 collect the
revenue Of the country amounting as il has done, 10
from sixty 10 seventy m Ons Of dollars 10 be locked
up in strong box snd never taken ont, except for
the purpose Of deirayng the expenses Of the Govern
meLt and beng paid out 10 tnose who had dealings
with the Government about ne fast as it is paid In
at the Custom. Houses. This 600 is not only
Withdrawn from tie channels of trade, 10 which It
might be safely and proftaby employed but is kept
gor round and round in slant circle by paying
IN ard paying out-onseen and unfelt, unknown so
far 90 lis benefits concerned 70 thOse who are er
gaged IL commercial, manufacturing, agricultural or
other Industrial pursuits and might, for all purposes
except those Of Government itself, as well be lying
buried in the bowels Of the earth in California as
in the Sub-rreasury at Washington or New-York
The contractor who Rae the good fortune 10 be
favorite with the Government the Members Of Com
gress who have appropriated themselves So 90 for
nike menths' seryice, or rather, for line months