The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-04-30

excessive importations and speeuations Oh that
period. Then, when VIC compare the con-
dition Of The whole ] 400 banks in the country
in 1867 with their present condition there is any
thing but ground for alarm. From the Secretary
Of the Treasury's report we end that their loans
and discounts which in January, 1855, were
S576, IA 1853 ran up in January, 1867, to 1884,
45G,6S7 and probably in August to S75O,O00,-
000 Then the sudden contraction took place,
which brought them down in January, 1858, to
1888, lG5 ,242; WHILE on the other hand their
specie, which was reduced in January, 1857, to
$5S, 349, 1888, and probably in August of that
year to S4O,OOo,OOo, rose in January 1865 to
S74,4l2,sS2 We have not yet received the re-
turns for this year, but there is no doubt the
present amount exceeds that figure, perhaps
$l0O,O00,000. Thus, then, the specie now in the
banks Of only four cities-New York, Philadel-
phia, Boston and New Orleans $55, 459, S93-
was nearly equal to the specie in all the banks
of the Union in January, 1857, and more than
they contained two years ago.
As to our city banks, the danger is yet to
come. When the Treasury notes are repaid, and
when importations increase still further, as they
will do, then the banks, not knowing what to do
with their specie and deposits, viii be likely to
lend recklessly, and to send their cash begging
for the acceptance not only Of merchants import
ing to excess aud OVERRIDING their legitimate
trade, but to railroad and other SPECTATORS who
will be sure to break down and cause another
tremendous crash such as shook the country in
1857. At that time they lent their money freely
to the most rotten public and private concerns,
such as the Ohio Life aud Trust Insurance Com
pany, ard merchants who traded far beyond
the amount OF their capital. The consequence
was the commercial earthquake, whose shock
will not be forgotten for years to come, and
whose eff cts are still felt by thousands.
Now. what is wanted to check this headlong
career Of the banks, and to operate as drag
chain on their glowing wheels is not tariff,
which would have as much effect as pitchfork
would have in arresting the flowing tide: not
this, but bankrupt law of Congress, which, the
moment any of the banks scattered over the
country suspend specie payments will put
them down beyond recovery. These institutions
can buy up State Legislatures to pass acts Of in-
demnity, and they can wheedle complainant
Judges to connive at their violation Of State
laws; but law of Congress, universal in its
operation, cannot be thus eyaded and will act as
a complete check on the fifteen hundred banks OF
the Union, and, through them, on the whole
commercial and specializing community who de-
pend on them for accommodation. Banks
greatly facilitate the operations Of commerce,
but they require to be held with tight rein.
From s24 in the year 1850, they increased to
I,422 in 1868, and now they probably exceed
1900. This is the time to take precaution,
when there is no revulsion, and no apprehension
of its speedy approach. When the evil is done
the remedy will be too Interpretation is better
than cure. At the opening of the next session OF
Congress, therefore, we hope to see wholesome
bankrupt law proposed and adopted, which viii
have the most beneficial erect IN restraining
wild speculation and controlling even the legiti-
mate operations Of commerce within proper
bounds. This is what is demanded by the ext
gencies of the country, and not a protective
tariff, to make few manufacturers rich at the
expense of the whole community.
TIE GOLD MINES OF NORTH CAROLINA The
RESOURCES OF THE SOUTH.--In another page we
publish notes Of spring trip to some OF the
Southern States. Among other points of in
terest will be found some account of the gold
mines Of Charlotte, in North Carolina, from which
it appears that the gold region of that district is
superior to that of Pixies Peak, and equal to any
Of the diggings in California. 1t produced last
year more than half million of dollars, and,
with well directed energy it might be made to
produce from ten to twenty millions of dollars.
The same energy and enterprise are only want
ing to develope other great resources Of the
South. There is water power enough there to
turn the machinery of the world; and yet it
flows idly away without being applied to any
considerable extent to manufactures, some Of the
raw materials Of which are produced in the same
or in the adjoining States, and arc exported to
when they might as well be done on the spot
where they grew. But the day will soon come
when these great resources viii be brought out
by Northern energy and Northern capital, aud
Virginia, Kentucky Tennessee, Alabama and the
interior portions Of North Carolina and South
Carolina will be peopled, and cultivated, and de-
veloped by the labor Of the white man. and slave
labor will be confined to the rice and sugar plan
tatioas regions similar in their climate and
character to those Of the black mans native
home inAfrca. II is only question of time. The
high and rolling regions of these States which
we have enumerated are the most delightful and
healthy in the world-superior to France, Ger
many Or Italy, to which so many repair for plea.
sure or health They tcom with the choicest pro-
auctions of nature, and the Norther6 hordes of
the Anglo-Saxon race WILDE sure to overspread
them with the same instinct which prompts
swarms Of bees to seek those fowery regions
which, flowing with honey, win reward their
labor and skill. This consummation will be
hastened by the new railroads which are opening