New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-02-13
THE NATIONAL BANKS.
TIE WILDCATS ON THE RAMPAGE.


WASHINGTON Monday, Feb. 10, 1861
The " wildcat bankers took their tirst step
backward I'm the House. with they oDJalheo Noe
that there ought to be no curtalnehI Oh the eS'ls
paper currency. The logical result OF ths Vote, sup
posng it to be taken an expression OF puolc JUG
mept il national bankruptcy. Last year, Wheh IiUo
flush of trade and prosperity prevailed, Congress
voted 10 contract This year. at the first touch Oh
Yressure. the House votes to arrest Curtallnen''
Nert year when the pressure shall have taken reg,
Mar form and decisive force, what may we expect
WHY. the issue Of more paper-mOney OF course.
small pressure makes the wildcat men stop snort
in tho process of curtailment, even before IL mas
fairly commenced. great pressure WILL loglcauy'
lead them to issue moro paper money.
Itisnov IN he seen what has long been suspected,
+bot tba wildcat majority of the House have the
same idea of paper money that the nurses have Oh
Mira Winslow's Soothing Syrup They believe
fresh dose should be administered every time the
child cries They have large theater of operation
and will have good time in carrying out their views
Without stopping to dwell on the intermediate steps
we may throw our glance forward, and see where the
wildcat" policy will land us, provided "a very I'M
portant proviso) it gets the support OF Congress.
The vote then if sustained, may be regarded as
the first blow struck in great war on the currency
question. There will naturally be resistance to
perpetuation of insolvency as leading to lnevtaDie
National bankruptcy Dangerous combinations Will
thence arise and these will threaten the breaking mp
of parties There always greater explosive force
I'm money questions than in political for the reason
that whatever touches the pocket nerve is the 1St
thing felt throughout the system. When the paper
money system breaks down, as all paper-moDey sys-
TENS do break down, unless there Is wisdom enough
10 curta and remit them TO the control OF the laws
4 - 80, ,,1,l ia limo IG
the consequence and vengeance is wreaed on the in
strument of disorder and ruin. We may thus look
forward Ito see the vials of wrath poured out ult-
mately ON the Banks and Banking system. and see
them overwhelmed under storm Of public oppro-
brnm. This is the uniform end of all wildcat
banking; and we put all banking on irredeemabIe
paper under this head whether it be private paper or
Government paper
Whether or it is better or worse IN the long run
for our paper money system to be carried on TO It's
bursting by their initiating process may be question:
The enormous and growing increase OF the supply oil
the precious metals points to the ultimate destruc-
ton of all banks of issue, simply for the reason tat
the necessity for them becomes superseded thereby
The initiation or, properly speaking theincreaSe
of the volume of the precious metals in circulation,
is sufficient to regularly and materially enhance
prices and thereby derange trade and unsettle the
pecuniary affairs and relations Of all classes. This
increase is to-day acting as great disturbing eie-
ment throughout the world The interest OF ALL con-
sts in reducing it to its minimum proportions and
this can best be done and only DONE by suppreSsng
bank issues in commercial countries and elsewhere
where the paper currency is steady there Is di1t-
Guilty in disturbing existing institutions Paper
money may thus in many eases last beyond the pc
Rod of its usefulness in fact after it has become an
acknowledged evil. Fit should be destroyed here
by a catastrophe it would work immense ruin for
the time being but in the long run it might prove
advantageous by giving this country the start among
commercial nations, on pure metallic cTcuiatloh
see no other possible incritOTous result from the
policy of the wild cat iHflaiOnists. II they favor
this result az the inevitable cost OF the destruction OF
our paper money system. and everything that rests
upon it. they have the satisfaction of knowing they
have taken the first step tOwardlt is p