Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-20

gsaure and before this time, received the OF
tue Governor begins singular and extraordinary era
IN financial affairs Attic close OF the last century present
banking system began Since that period produced
nifty local and general suspension specie
paymsnbesides great deal OF useful enterprise valuable
improvements ortunes-and great dstress-for like
the divinity Of the Persans every orgaszed bankSg system
contains principle Of coed and evil in different proper
tons. The General Bank Law is to the cid banking
system, what the removal Of the purple by Constantine the
Great was 10 Consantinope began the" decline and fall Of
the old Roman empire"
The excitement, buoyancy and fsrve among the initiated
of the regme Wall street, the deep
raordinary kind. II different from any thing have
and powerful principle coming action
the currency and energetic first application Of
steam was in physics. There be mistake This
Bank Law will call into existence banking capital to the
amount of one hundred millions more years
and prodsce expansions, pecuaton fortunes and effects,
such as few at this day realize.
People may think that this statement Is such
thng-it is sober fact.
First let give the leading features OF the new sysem
By This law, number of persons, foreigners natives
residents Otherwise establish bank capital not
under $eOoOo but beyond, by putting trust,
Compueller United States Stocks 10
tho amouAihc other half good mortgages real
The association Is then authorised issue equal
paper money, retaining always ba Isl per
in specie of its issues The paper is signed by the
Comptroller, and the original capita-haf Stocks half good
always IN trust as fund to redeem the
Of revulsion accident Encouragement.
These the leading points of the ,ystem, diff
IL RS from the old.
The present incor perae banks loan out their CAPT
tai and credit in exchange for nercanle paper,
ing csntage for specie basis. In SYSTEM the
capital be diverted from purpose nohisg
bur the credits OF the bank be al ALL aeducng
from amount of credits re tanned IN the
shape Of specie TO put il, palmer we give
the following analysis OF a BANK eaca system
OLD BANK SYSTEM NEW BANK SYSTEM.
Capital $ioo,v0O fixed 10000
Iuans-auboriyed 1SA o0o do AZ ,u0
sp.cie--aay . ooo,ueo 1880
This table the capacities OF both systems The
bank system certainly the strongest;
glnai capital worth its face loaned
commercial paper may be. might cur all
profits of tie system, but the deficiency made mp by
the capital stocks and st yielding them
while In addition the capital becomes the basis
rency, aays redeexabs specie II also gives the
Of real property, all the power 10 create currency
We conceive tuis law be in worth all Cong
or Bank Conventions do in IL the establishment
of paying banking syse nitabe extent amount
force, power and influence 1t will make Wall
than the of money transaction of he United
states-ahd ultimately the Of the exchanges the
commercial world. The SIMULTANEOUS establishment Of
steamers between tn port Europe emily confirms
sway Of empire in this glorious island
Such stusion-such is the opeHing-such po-
ston Have the elen~ns put system mo,ioa
Can il be built up at
We conceive and that very shortly During the last
months the various states, throughout country
amount OF In addition 10 the existence Of nearly
by previous Of incorporation Here are the
materials that will constitute h. the capitals new
system The SOCKS will the yearly in
the time that may the profits un
der good managers, Of banking on the same.
The other half OF these capitals mortg ages on
real estate. OF this there is abundance In York.
According the last annual real state
OF New York amounted $500 900 o0s Surprising
that thirds already morgaged The remainder quite
he hank
legs.
Here fixed capitalwha have we for
the specie basis Of l2i the issues!
An abundance. From every part OF the world specie is
flowing the United states Under cotton
crop. of the seul set in action Mr. Bdd- seen
PROBABLY sseeo.00 coming into the couny, January
from the world During months pro-
badly will here-uaking Ia this
aggregate OF ss OF specie which authorizes uader
the system, issues Ss7 600 600 with
fund equal fund, guard against ui-
mate accident
We present the strong The new sysemremiad.
lag readers that It's only limited by capacity
Of the csunuy.
Ia pursuance of his things we learn that seve-
raj sasks of very large capIas system are srea
sy organizing Wall in particular OF al least
$50 100000 OF capital Isaac Bronou SAID 10 be preparing
sne-the BArings OF London probably anoheand
Trust Companies think OF turning their institutions Banks
Mr.. Bade also organize his Agency in Wall TO any
extent he plesses under the new Law.
In short, we begin era, a voyage-and
SIX do expansions
and encemen beyond what has been any ci-
vzed age, will be entirely owing Of Asaah g.
Fal the Comptroller Of the State OF New York. who by the
law, made greater and will WELD power
cid Napoleon, Cesar, or Nicholas Of Russs.
These may little they are
SOBER mathematical deductions om data.
BY the system, the OF specie aymenand
the stisn OF Nasns Bsnk both letters
un goes int operation may, however give the latest
Indiana yesterdsy;-
STATE BANK or IsDIAs.-Mareh 81, 1893