Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-27


torestoe sondence but the continual agitation Of tbs
ey question: under the shape bitter denuRcsons again
want called the sub treasury scheme tends to the
heary eements OF confidence from coming order Accord
dton of the several patches of the cities
named:-
H Sess0 York si; az ssS 2sI.7,,sS
New Orleans, 20S9,4N 4446242
o a,tsd P S'Ids Banks Ssss soss
BY this statement will appear that the Phlad banks
nthe best condition. and the New York weakest Th
peculiar state Of things been produced the position and
action Of commercial The great point of be-
tweenihe United States and Europe principally New
Here the centre OF American commercial action If there
disturbance in the equilibrium of the machine any
reaction from Europe, its first effects York In
special degree, therefore, should large institution
be created for this city, defend interests the whole
country and the currency intact frem the nu
ence from abroad 1.-THE United States Bank of Philadelphia
or any institution with similar capital had existed here
II II had been conducted with intelligence Skill the revul
Of 1897 need taken place For several wears
past the United States Bank has acted under malgn inau
and instead Of watching and flows of the cu
rency to keep regularity in Its action has been bro
ducing for political purposes disastrous
AT this moment have believe the United
States Bank sncreasng its stock specie for two
the to master and control the whole foreign of cotton
and exchanges by the establishment of agencies London
and Pars-and the other enable prevent resumption
the political action ofthe coxny what we hear we
have to believe move heaven and earth
the banks OF this city returning to confidence
and integrity and there but too much probability that BY
ofits stock Of specie may enabled TO nara
lyze their ac,ien for many months to come.
Such situation or business the condition of ,b
currency that many nanciers beginning to cast about
them principles in the banking system capzhe
OF placing the interests of the country new and better
position
nh octt
tens ofcurency beginning everv
day. Up to the suspension of specie payments our hanks
called specie paying Institutions only because thew were
called upon to redeem its in metal The moment
the made the whole fabric fell ound In 1900
Baron Humboldt in his computes the
production the mines of South America 10 be about
43 millions Of dolaand after deductng what he supposes
TO be used for Asia and melting for akes he SAYS that Eu
rope annually gains retains about Is msns The
revolutions in South America commenced 1904 when mon
OF the mines ceased TO work Some entirely abandoned
and Observation-Disclosures very partially worked At the same
time the of silver and gold for nke plated ware ana
gilt ware, increased to almost incredible degree
Such being the Is not time look substuts
for bullion the basis Of the credit system of the IT,
Why not substitute reat estate under proper guards Europe
has about forty thousand millions Spanish dollars of pub
debts, NATIONAL municipal corporation for Stock Ger
cates payable to bearer with coupons for interest
TO each certificate issued This fair and easily
transferred security the banker trader In
Europe small portion of the people NEEDLE with trade
in the United States every body trader or one that af
ticks, &c.
The increase Of commerce, both foreign domestic
much greater than that of the increase of metallic
In fifty years there will be impossbity to ira ssact
business under the present system Of convertible paper chr
rency that prevails in England and the Unite sta,es
The principle issuing paper payable specie on demand
found 10 be practice as rational as issuing scrip good for
place Heaven the morning of resurrection As lon,
as is believed from hand hand-fom parson 70
convert very WELL but the day of redempop
both the paper and holy scrip are equally
worthless.
The suoned skeleton Of bank tuition m,y be inter
esing at the wi the whole community
suffering from the eff, of deranged currency arising in
great from the OF contracting increasing
the currency ad htum, present vested in the monetary
institutions Though briefly stated result OF
good deal of patient calculation and obviously liable TO
any serious objections.
Eve $1,000 sock shall be accompanied with mortgage
Of SEQ worth Of real improved productive unincumbesed
estate.
Surprising s2OOOoOo be subscribed the real capital would
be $40 100000
This csptai would constitute the amount OF issues %
that each note would represent real value.
The money capital the institution would he converted
n,s specie, and always kept that in the vaults
The sank keep registry Of property where the regis
tries OF its mortgages would be inserted and clause
nigh be inserted binding of the stock ntmaa
to the bank further mortgages Of said property under
penalty of forfeiture Of stock.
Sales OF stock must be accompanied with mortgage Of real
property satisfactory hs bank attorney, and otherwise
rot AXE place.
The bank divide than IL per cent all furter
profits TO be added to the standing amount OF specie
The directors 10 be elected by Of the stockholders
fou years 10 be twelve in number TN retiring annually
e r year. not c. pable Of being reelected.
There some further measures that would eaa check
specu that might be satisfactorily nroduc ID, viz the
gradual periodical ictien Of all large discounts
whether the borrower had rssly cash enough
exposed the hazard OF lie large capital &c
In limiting the dividend to IL per cent IL per the
&oo only meant berg only about ~ per The ac,us
banksbe capital which would enable the directors conduct
business the most secure terms.
Sales AZ the stock X Exchange.
OcrosER %, IAN.
- IT, &. Bark $50 11a} 50 Mohawk Sod 72l
$50 Del Hud 10 pstenos 50
50 do sod n ~ Harlem o.
% do stw ~ 20 ". J. II. r. r. Nt
50 Far. Trust nv 81 30 do $50
~ Illinois 9b do Ga