The New York herald., 1866-05-09

regarded before morbid senimentality. In>
aexible justice in such case is mercy 70 the
0o""un'y' IA. ~
The Bank Failure AZ washington-The
| National System.
| The failure of the Merchants National Bank
at Washington is very justly attracting no
small amount of attention. It reveals the
dangers Ybish threaten US under the national
system Of banking, showing, as it does, the
inherent weakness and the lack of the neoes-
sary checks and safeguards to prevent those
| institutions from falling by their own corrup-
| ton. The loose manner in which the business
I Of this bank was carried on shows very con-
clusively that there is something radically
wrong in the organization Of the national
banks. While this failure has only revealed the
| mode of doing business by one Of these banks,
it nevertheless gives the public some idea Of
the rottenness Of the whole system, and the
chances for general collapse of the national
banks throughout the country. 1t is, to be
sure, only the beginning-the opening OF one
of the ulcers in our financial system insugR-
rated by Chase for political purposes. We fear
that it is only the commencement Of series
of explosions Of the same or similar character
all over the country, and therefore calls for
the immediate attention Of Congress.
II Comptroller Clarke had attended to his
duty we dare say that this collapse might have
been prevented or at least the government
saved from loss. But it appears that he did
not understand his duties, and instead Of watch
ing the banks turned his attention to crticising
and overhauling his superior officers. He was
placed in his present position for the purpose
of looking after the banks and protecting tho
public as well as the interests of the govern
ment. But such does not appear to have been
his Interpretation of the. functions Of his Office,
and he therefore let the banks run to suit them
selves, while he spent his time in writing letters
and pamphlets about the Secretary Of the
Treasury. We trust that the developments in
regard to the failure of this bank will - suf-
6cient warning to Mr.. Clarke TO- attend TO the
affairs of bis own Office and let those of the
| Secretaries alone. He has at least received .
| significant hint which I've will do well to act
upon hereafter. Secretary McCulloch and bis
deputy, Mr.. Spinner, have also, in the collapse
of the national banks, conclusive evidence OF
the danger of intrusting the funds of the Treas
ury Department in the hands of these concerns
These facts do not remove the responsibility
from the shoulders of Congress in this emer-
gency, but on the contrary, call for immediate
and positive legislation from that body to pro-
vent universal collapse of the national banks.
The Bank Committee have now duty to per-
G. I,c,
session. They have reported no bills nor taken
any action in regard TO the banking interests OF
| the nation. They have now plenty of work 10
| do, and can obtain the facts necessary to guide
their actions without leaving the national cspi-
tai. The committee should proceed at once
and make thorough investigation Of the cause
of the failure Of the Merchants Bank, and upon
the facts thus asccrtained prepare law which
will remove all further danger in the future.
This much IL is their duty to do; and II that
committee allows the session to pass away
without devising some means to protect the
people from The losses which must inevitably
follow unlcss additional safeguards arc
thrown around the national banks they
will merit the csn,ure Of the public. Con-
Banking Bureau, have now an important
duty to perform. They cannot commence this
task too soon for their own reputation and the
good of ihe country. The explosion Of tho
Chase system Of national banks has CON-
| menced, and il rests with Congress and the
| officials at Washington to determine whether
the failures should stop here or spread ell over
the country. Both houses have been spending
great deal of time in legislation about the
negro, endeavoring to create a new system Of
! slavery for the blacks under the Freedmen's
| Bureau, run by New England parsons, and at
the same time degrade the white people. Il b
about time that they abandoned their schemes
| to inaugurate q new system Of African slavery
and looked after other fnportanS interests. The
public now expects Congress to attend to the
| banking interests, and see that proper safe
| guards are placed around the national banks,
and to perform thai duty without delay.
THs CHOLERA ScARE.-Among the most
ridiculous attempts to create sensation or
panic is the one respecting the existence Of
cholera in this city. Every sudden death, no
matter from what cause, II il have any resen-
blance at all to the dreaded pestilence, ia pro-
nounced at once to be cholera, and fumiga-
ton, the application of disinfecting materials,
and q general stampede among neighbors fol-
low. There is no occasion for this alarm. The
| fatal cases of sickness that have occurred and
been attributed to cholera have been proven
to be nothing Of the kind, but diseases likely
to have happened at any time Of the year under
similar circumstances. The preparations of
the Health Board are ample, and there need
be, we sincerely believe, no apprehensions Of
q serious epidemic in this city the present
season.
FATAL ExPLosIoSs.-Explosions by steam.