The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-29
ARE THE NEW YORK BANhs me-
sPONsIBLE?

There is nothing like treating every
case fairly and justly upon It's merl's'
Rhetoric and denunciation are very wei
IN their way. and their way is generally
IN mislead. But judgment is improved by
considering actualites and giving us
proper weight to every consideration
So conservative a journal as the New
York Daily Commercial Bulletin arraiSns
the banks Of 'Sew York. and holds them
responsible for bringing on the country
the present condition of stringency. 1t
states it's case against them thus:
1t is impossible to emphasize too strong
ly the fact that the real immediate cause
OF the existing arrangement In the solu
movement centres with the New YORK
banks.
Ever since the active outflow Of gold
set in, the banks have sought TO protect
their own stocks Of gold, first, by using
greenbacks or Sherman notes rather IMAM
gold in payments to depositors Tor the set
Element of customs duties: and. second,
by observing a like discrimination to-
wards their customers who wanted gold
for EXPORT The effect of this course upon
the Treasury has BEEN on the one hand,
TO largely restrict it's gold income, and,
on the other, TO compel the Government
10 meet the commercial or export de-
mand for gold from its own resources
provided by law for quite other and pure
ly public purposes.
The extent to which this policy mas
been enforced by the banks may be in
ferred from the fact that. during the first
twenty DAYS OF this month. the receipts
of gold and gold certificates at the New
York Custom House have been only IL
ner cent. of the whole revenue paid;
while of the s17, $50 900 of gold given out
by the Sub-Treasury for export from
April Sd TO 25th, inclusive, only IL per
cent. or $4,000 was drawn out by gold
certificates. and l7120,0OO through de-
mand notes The following official figures
show the amount and ratio of the diff
ferent forms of currency used in these
operations
For customs duties. April LIST to 2Oth.-
Per Cent
In gold OBSERVATION-DISCLOSURES. OIL
In gold certificates ACKNOWLEDGEMENTS. 80
United States notes ACKNOWLEDGEMENTS. 5O.3
Sherman notes OBSERVATION-DISCLOSURES. go
Silver certificates NEUTRALITY-SUSPICIOUS.. 10
Gold coin delivered by Sub-Treasury
for export from April Sd to 18th. inclu-
sive-
Against United States notes $50. so 1863. 700
Against Sherman notes .......... 6.l66.9OO
Against gold certificates ......... $4,000
Total OBSERVATION-DISCLOSURES. 81. $50 900
These figures show that, both for the
payment of customs duties and for meet
ing the export demand for gold. the banks
have almost absolutely ceased 10 furnish
either gold or certificates comforting a
claim upon their gold in the Treasury.
The Bulletin thus argues that 1t is the
duty of the banks to push out of their
own vaults whatever is there that some
other persons may want. and leave them
selves with nothing whatever in their
vaults but such things as those others
do not want, and il is more than limited
that this is duty imposed upon them
by the patriotism that all good citizens
should possess.
Our own judgment is that when serious
on the country like that which confronts
II now, the less said about patriotism
the better. Appeals to patriotism in such
cases cause a few generous-minded men
TO cast themselves into the breach to
be probably sacrificed, while the great
body of the population go on about their
business I'm their own way. each man
looking out for himself and leaving the
general law OF the case TO work out its
appropriate result This is the inexora-
bic rule OF evolution and survival of the
strongest. and difficulties are met only
by keeping this law steadily In view.
II every man. woman and child in the
United States would come forward now