The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-23

Shst would DO tbs elect the ananoAal and osm
cni ipsrssts Of sAs onJ2 Il ~ouse seriously en- -
saatss and doubtless saakYuyA soas lnem Bat therc
no reason Why shgula impair cmbdesos n, q sn-ct
me credit Of any oshS houses nor = there any resoa
Why snsnd anect our money maSkes or aay osss y
securities not connected wah Ihoes slAses b sDpr.,
there N nsthisg in The possible aspect u he oAse
thR city.
Blu. Lhe suppesit,on 10 toe absurd 70 mont serious
eons,ceraticr The threats Of repudiaisoo oons from
Inc pubic press and excited po,it,c,sns hut, forto-
Lsey tLote are not the parties indebted 10 she North
INC dsotorr are merchDe, and their rI,irg sentiment
10 the n,cn Of lhe panic and ocneequent embAyrAes
mran produced by these Doey mensces, lns merchants
81 w soa'n are sAlhDs every nerve to meet Their On
gsgsnenr ~ The North should actually
take pisre, would not change sentiment Abaae
there snofs Therefore, ihe WORT NC have 70 spp,e
bend, any contingency n less pro mp.i,ude In ooUec
from The south bot could 10. produce any sensi
Bile effect on the money mAIket
b., recesssom cannot as place, eishar pesoaabg or
WEcniy There be itto oouns thai large majority
o. the people OF the south with thu entire NORTH Will op
pose H. IL believed lss m state South Osrp
hns are Inc s.cssrtonbrs in major,ly-8 indeed they
are there but such should prove be tbs Gaze they
Utterly powerless ans the nnhed oshe
,iaes ana the power Of ahe general Cover smentS
ID. .sistms financial ernbarrS, nents then, have
res eause They the result Of fears s0d druust Of
the u,urs excited by threats which fraush
1nh real political dangers much iess ~ith real hssAsd
10 the commercial 6nancA al interests OF this nity In
other words II e ng panic a. AZ ground
60 as ,re baseess fabric Of . vision
The remedy Tor q phenomenon 30 discredtsble and
unworthy this commercial metropolis lie sufficiently obvi
aus issnply this: Les every bank officer, ca,tais
and merchant lay aside ma un,asn fesrs and puTsu
DIS Appropriate ousiSess IN the usual way whou. any
excitement or dmuution Of confidence BIN self Or
oshers The banks have set noble example
zoe business c1mmuniiy. IA resolving pur
chtfe sterling bls 70 the extent Of $500 COO and
crease their discount nes. they have imporLnt
step N the right direction orssary, they snond
promptly lake another direction and that
20 nnne n refove 70 discount ~ 70 liberal
tens y exess Of their receipts provided the right kind Of
nN Sns
ndsn,y believed would At confidence, per-
nh reason 70 resuns It's rghifa sway In the minds OF
he ousin ess community and thus e6eo.nsliy espel this
th~eowy and ghost ike psnc Nor Can the bank
the slightest hazard 70 themselves the adoption
York IN every market with which sne has
iptercourse There Ia not single exception Thu
make her for the pfefept .De centre Of attraction
the Circulating ouon Of the world Aha its VARIOUS
rtnls tarned ID lhs direction by Lag certain
oil d ipvsrabe az that OF eravtAtioD. Nor need II
spprefenoee IN view Of our Jorge exports and omlnsn
imports that these currents witt be isely 70
before VI. Golfers OF banks literally repenisned
Under ordinary circumstances the committee would
dtprecaie the policy VI increasing bank liabilities with
or corresponding enlargement Of the specie basis
They believe the inteI ess Of the banks a. well hs
stability II the currency, would be promotes by the
ornament enlargement OF their specie reserves But
70 emergency ike tbs, when ungro inded have
generated Fictitious demand for money. and the
cants anpot be called upon export We deem
. tbeiT cuty 10 come forward and example Of
courage and common ense 70 the busne unity
promptly relieving their real and imaginary wAnts.
Since tho foregoing VT sten, sh. banks united
In policy even more liberal and effective than that
% recommended. they have virtually agreed Z, stand
by each other make their specie common fund and
10 extend their discounts 10 such extent eg
mate wants Of the communi Ivy may require this ar
r-nsenent IN boldly and faithfully carried out a. II
,tess will be-for II BE- In she DO yer
o. any more banks 70 enforce f-lnen the
panic may be regaroed ~ end When the British
government In 1857 author red the Bang OF England a.
extend It's issues beyond the limitation OF ~ caarter
Instantly alsyed more epergesi1 panic This step
The part Of our banks 10 analogous, and prov.
soualh effective And yonr oommittee feei bank
oncere entitled 70 tbs gratitude Of the ,onmant,
having taken such liberal and enlightened view OF
ber duty In The trying circumstances under which they
we're placed.