Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-07
From dc Now York paiIr Express.

easy, and not until then.
From the New York Daily Express.
Messrs. Editors: am a friend to
banks; am opposed to the doctrine that
call interpretations are Inconsistent
with the spirit of our free institutions"
but | am most decidedly opposed to the
course pursued by the banks in this CT
Lty. Banks are Incorporated, ostensi.
bly,, for the benefit ofthe Public, recei-
wing at the same time certain privile.
ges, such as the right to issue twice or
tw~ice.and.a half the amount Of their
capital, &c. &c. which makes it an OBJ
ject always for capitalists to invest their
money in bank stocks; for p~roofofthis,
look at the value of bank stocks in this
city.
What do the banks do? The story
has been told over and over again, and
the energies ofthis community are not
awakened. The banks loan large a.
mounts Of money to brokers on the
very paper which they refuse to dis
count when offered by merchants or
other regular business men.
1t is of no use for the banks to pre-
tend that they have no %connexion with
the brokers; some of them Aave, and
some have not: but why do they dis
count so largely to brokers, and on the
same paper, too, which they throw out
when offered by merchants, when they
know that the broker wants it to shave
notes with, but the merchant to pay
his notes and save himself from bank
ruptcy?
Look at it /! a merchant in Pearl
street, who has formerly been courted
by the banks, and promised many fine
things, offers at the - bank five
thousand dollars of notes for discount;
it is all thrown out ; emo money!"
"clear up;" and after one o'clock he
is, perhaps for the first time in his life,
obliged to go to a broker and pay him
8 per cent. Il month discount. The
broker offers the paper the next day,
gets it discounted at Z per cent. per an
mum, and is prepared to see his Pearl
street friend again !; a little past
O'Clock he enters
Merchant,-Lam disappointed again;
today about discounts; | do not think
the banks use me well.
Broker.-It is hard times; money is
tighter than ever.
Mer.-Are you buying notes today?
Bro.-Hardly-haye you some good
short paper?
Mer.-Yes, as good as can be made.
Bro.-Let me see it.
Mer.-What is money worth to-
day?
Bro.-Almost any price, sir; how
much do you want?
Mer.-rhree thousand dollars.
Bro.-lfyou will come in about two,
or half past two o'clock, | will let you
know what can be done.
Merchant leaves; the broker says to
himself, now I've got him; how much
will it answer for me TO take? The
merchant IS good, and the paper with
out him is good; it has about three
months to run on an average; it cost
me to get that amount ofthe paper dis.
counted which bought Of him yester-
day, about$53. | think, as it is get
ting late in the day, and he'll not have
time to get it elsewhere, that it will do
to charge him 81 per cent. a month.
He figures it up and strikes the balance;
about half past two o'clock the mer-
chant returns.
Mer.-WeIl, what's the report?
Bro.-Why, sir, us a hard case;
but | have had an offer for It at 81 per
cent.
Mor.-3l per cent! Why, that would
kill IA man.
Bro know it; but then We must
be satisfied with almost any treatment
nowadays.
Mer.-Is that the best!
Bro.-Yes !; and not anxious at that.
Can do better.
Mer.-Well, give me a check, |
must have the money.
The broker draws his check, and
credits Profit and Loss with about $500
and then, with this same paper, pre-
pares for the next day in the same
way.
From the Baltimore Gazette.
New CoIN.-The new fGy cent