Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-08-07
TRADE AND COMMERCE..
MONEY MARKET--Ciiy News.
NBw loRK, Angus, ..

Stocks have al gone up to-day. No, only the
sPccaiati'e stocks. bu, also oil sod stocks stand
better. The cause Of this advance is owing 10
the prevailing sentiment that a better state Of
things ~ fast approaching. Money is slready
more neutrality-suspicious. are quite disposed to
hnd objects OF investment. First there Is gen
eral desire 10 get hold Of Bidde's Boud,-next
Government Securities As these begin to disap-
pear aud become scarce loans on stocks are Getir-
able. At present IT is not Il diiicut thing to OBJ
tain any sum on stocks at 6 per cent, and brok
age as this description o: securities become
scarce, good business notes at 3 Il 6 per cent per
annum viii begin TO be IN favor, and then as the
difficulties increase to find iayorito securities mon
ey will be readily obtained on bond and mortgage
The instant this period arises, there will be new
spring 20 business. Builders and real estate hol-
ders will obtain the means for setting mechanics
10 motion and in good time we may expect that
there will be general improvement in all depart
menis of trade and business.
l. is said that the United States Branch will hle
their necessary papers for organising business to-
morrow, and will immediately proceed to transact
ing business.
# is the opinion of many intelligent men that
Banking in this country will undergo a very con-
siderable change. Hitherto the legislatures Of ev-
cry state in tie Union, has been 5eset for acts of
incorporation authorizing Banking. The number
already grened exceeds one thousand. The late
law of the State of New York has placed the
matter, in this State, under one general law
The whole matter therefore is beyond the reach Of
political or other iavotites, and all now equal
ly at liberty to Bank, provided they conform TO pro-
visions Of the law, The principles Of the scheme
we're well understood and iorcibly argued by many
leading ana int eliigent men, and yet it is exceed
irgly doubtful whether this great revolution in
Banking could have been brought about this year,
had It hot been for an accident, altogether unlock
ed for, and not connected with the subject. While
the measure was before the legislature the expo
sures Of the usurous conduct of an officer of the
PhGuix Bank, first made public in this journal,
was brought before it and many Of the members
who were in doubt, decided OF once to throw the
whole matter open TO the public. But whatever
was the cause Of its final passage ii is now the
law of the State and under its provisions. three
large companies are about to 60 into operation in
this city and others in different parts of the State.
There is now to be an end to all application TO the
Legislature tor new charters and hereafter all
capital to he employed in banking must be under
The new law. The leading principles of one Of
the new companies is TO found itself on trust prop
ery, principally on real estate. A false notion il
entertained by many that the Directors intend 10
bank real cst.tf Not SO though the strength,
soIvency and power of the establishment are foun
dec on real estate. The intention Is TO build up
credit sufficiently strong to enable the company to
issue bonds that will command a ready sale IN the
European markets. The money realized on these
oonds will be invested ia this country on bonds
and mortgages OF per cent; or in other woods
money will be borrowed in England at and 5
| per cent and Loaned here al aud per cent
! THIS Is now done 10 an Immense extent by com
pauies existing by special act Of the Legislature
snd Il II can be done 10 advantage By companies
with Two millions capital, II surely may be done
by other companies, n equally well managed, with
/ larger capitals. II The experiment should answer
a this State, It Is not only probable, bat almost
| certain that the example Will be followed by most
Or oil Of Tie other States. Whatever ohangcs
/ here may be 10 the mode Of banking and IN he
principles ,here will be none 10 the circulating
medium Of The country. Tie local incorporated
institutions scattered they are over the great ex-
tent Of our country, Will issue the great circul4
ing medium, the present bank notes If the coun
try. These institutions, therefore, enjoying The
whole circulation, viii continue where ,hey arc
well conducted, TO be as profitable q. ever.