Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-22


is yet high. Ii appears 10 have been merged by the
action Of the newspapers into . political quasFel'
Great efforts are making by the banks there 10 pre-
vent any further failures. We are afraid howeverthat
what has taken place only the beginning OF trouble.
Bosros, Jan. 18th, 1888.
As important steps have been taken by our
Banks, 1 hasten TO give you The lalormauon, De.
cause know how earnestly and sincerely you are az
work in The good cause OF banns nrt &c mo
Banks in The country more require the WORK OF the
ebesom" than ours. Charters have been granted 10
every applcant-the nuiber IN Boston alone ID aoout
49, The capital, or rather nominal captai, mas dou
bled within five years, notwl'hsIanaing Ten ma
hon monster was siranglcd two years snce, and no
charter (thank God y was granted last year. Banks
have been got up here on plan wncn wouid strKe
an European with horrsr. Instead OF being assocl-
atoms OF individuals connected logener 10 oivloe the
risk and save themselves the trouble of investing
Their surplus funds they have been wholly formed OF
rooney borrowers. If speculation OF any charac-
ter Is ared by needy men, bank charter is obtain
The subscribers TO the stock pay their assessment
to the bank by obtaining loan on II from the yet
embryo bank on a pledge of the stock. With such
banks in such numbers, is il a wonder that we have
got ourselves into such state as we have!
But to the new move, and The good move, on the
part of the banks.
The Association have agreed TO receive the notes of
the Hancock, Fulton, and Commercial Banks on de-
poslte and in payment OF debts due to them, ana as
they have obtained from them ample security fer all
their IN circulation, they have voted 10 with
draw them Immediately and put out their own notes
instead. This will at once restore us 10 healthy
circulation and if al any future time any other bank
srays frsm The correct course, Will instantly be put
under the screws.
Our banks are now awakening to the importance
Of prepa ing for resumption OF specie pay menis
and the sound ones have determination that, rather
than allow this desirable object 10 be postponed on
account of the weak ones, they will put them down
and out Of the way, bat manner the least nJurl-
Gus 10 the public.
The reports concerning the delinquent banks are
not vet made 10 the eglsafure-when they are shall
seRd them to you. The Franklin will present the
most startling instance Of outrageous fraud that has
come to The public knowledge for years and years
From BuEalo and A ibany.
We annex further dispatches from our valuable
correspondents at Albany and Buffalo. The descrp-
lions given of the termination of the Navy Iland a
fair are highly interesting and graphic ], will be
seen however, that although the war is ended at Ma
Wy Island, there is strong probability that it will
break out further west.
BUFFALO, Tuesday Evening Jan. l6, 1888
JAMES Goa ON BENNETT, Esa.
DEAR SIR,-Tne war has ended the cause OF
Canadian independence has swampea 1.-The patriot
army has e,sbanded!
This is The word-but be net too fast TO believe it,
believe can tell you trick worth two of it. At
any rate, if there is any thing 10 be known guessed
at, II cannot escape me-
When the patriot army left Navy Island on the
night Of the l4th they went IN Their beats 10 Grand
Island, sending to the main American shore what ar.
tIery they did not ,rdnf! The report was given out
that they had dIsbanded, because they were on Amc
rican soil, and 10 mlslead Their enemies, the loyal
forces. Their arms are in safe kespinglH The hands
Of Their friends, on board the steamer Barcelona
1t is my private opinion that the.whs patriot ar
my will be in Canada in week. firmly believe
that tas movement is in conse quence Of an agree
ment between Gen. Van Rensselaer and Gen. Scott
and Gov. Marcy. deep plot 10 al work. and they,
with the Buffalo parrot committee, are at the bottom
SfT This committee is In constant session, and It's
cha rman DR.. Johnson, rich and influential citizen,
and formerly mayor is going his death on the patriot
cause.
Gen. Scott sent his aid de camp on board the arm
ed British schooners which lay below Black Rock
The officers told HIM that II the Barcelona came up
and did rot lay 10, they would blow her 10 hell re-
monstrance was sent oy Gen. Scott 10 Maenab's
head quariers-the orders were countermanded and
she came up this morning without molestauon.
Gen. Van Rensselaer, came up TO the city last night
and arrested by deputy U. s. marshal c-
ca. ding 10 agreement p esume--and baed in the
sum Of S6000-Sl000 each, by DIR. Johnson, r. "A.
Barber and H. X Smith, Esqrs.; fer the rest they
took his own rccognlzance.
Several of the officers of the patriot army are in
the city. All is secresy-ihey give out that the army
is disbanded-bui thiRs know better.
think their best pieces Of artillery, with some 200
men, went through this city last ngn for some des-
tnaiion up The Hsmbureh, perhaps-er Dun
KIRK further up the lake on the American side.
think the res; will follow.
Nothing definite be positively known for two
days | have onversed with several OF the officers
since The evacuation, and some weight may be at
tached even TO the surmiscs send you.
A party has Just gone by who have very patriotic
look about them. They are portion OF the army,
and know their destination The allsts are exult
ing III having driven the patriots from Their position
know they might have stood a months lombard
mcnt but II high time for move, and they have
made n.
Governor Marcy has been understood 10 say that
he has Authority prevent the patriot army march
ing through The State, under He has ase been
heard TO censure officials for exceeding their
authority | believe both he and Gen Scott are not
very unfavorable the Of the patriot cause
believe further, that this whole moyemegt IS the ef.
feet of specific agreement.
The last night Of the hostile intentions OF the
British schooners occasoned much excitement Ma
ny of the military FASTENED TO the spot prepared To
act on ike defensive.
The u. $. Revenue Cutter was ordered here by the
Secretary Of the Treasury, and arrived early this
morning The lake and river are clear from ice, and
tic weather 10 dellghtfa Yours respectfully.
From our c srrespondeni, Broufhana-No ~!
ALsAsr, Jan. l9, 1898.
Mr.. Sterling made sterling speech today IN the
def, nee Of the convertible small note system. lie
speaks by the book. He stated that he was man
49, IN fha