Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-26
rErsm mr. BOSTON Corresnond

TFrsm our Boston Correspondent
Associa' ed Banks-Threc more Eosi on Banks
10 be hung up TO dry-Le gisrature's om-
n,f.tee-Pressurc and Failures.
BosroS, Jan'y 80, 1899.
DEAR SIR Since forwarded you nv last let
ter the ASSOCIATED Banks have concluded 10 wind
up three OF the present banks viz. tho Fulton Han
cock and Commercial. The associated and COM
bined wisdom Of those who compose this dictatoria
body is wisely developed in their determination moi
only TO knock the aforenamed banks in the head but
receive their bills at al their counters until they
are all paid in. This circumstance goes TO show very
clearly, that these associated gentlemen have some
regard fsr public opinion. Had such exhibition
of their precoclty beeen developed before the Com.
monwcalfh and othsrs had stopped il woald have
been much more to their credit we'll as TO that If
the Boston Banks. But The downfall Of four
banks which were once ameHg their number, and
who have 50 recently been kicked out OF the ring"
has thpwn upon the once undonbted credit ef Boston
Incorporated paper stain which time cannot erase.
Az the sale Of Bank stock, It was found exceedingly
difficult 10 palm of some OF the aforementioned
stock ard for some indeed there no offer OF any
kind There were TIVE or three banks which were
sold no, far from par, while the following were SO
sighted that offer of any kiad was madc-Tre
mont American, Middesex, State Market, Hancock,
Granite and Oriental Banks.
Lest you may think that the above were not sod
because they were not wanud. would state, that
the Fulton Bank brought as high forty three cents
dollar. This bank, as you will AT once recolect
is one which Is speedily destined 10 90 the way Of oil
the earth. meeting Of the officers aud stock hold
crs was held yesterday, and IL was then concluded
best add four directors and for the purpose Of
hauling in their horns with much expedition as pos
sible. Al this meeting II was stated that there would
probably be enough 10 pay blll-holders and deposit
tors IN ill while the stock will not receive
more than fifty per cent. However, time will deve.
lope how they come out 1t is selling al twenty
cents.
Our wise legislators have appointed Committee
~ H. r.. al Iii
fayette ard Franklin Banks. They will soon report.
OF the latter Bank Of oil corruption, msmanQement
carelessness, and, IN every respect censu able con
duct, this caps the climax. The truth 10, the people
have been cheated, defrauded, and bambeozled by
corrupt and corrupung banking corporations As TO
The Franklin Bank, shall not give YOU any further
particulars until the Committee report; and assure
yeu that If the explosion is not loud and terrific
enough 10 open the eyes of the people, then they
wrapt in slumher that the mutienngs Of ten thou.
sand thunders would never awake them from.
The pressure in the money market Is on the in
crease For this there are several reasons. One or
two will give. l. The Banks are preparing 10 re-
sumo the payment of specie 2 The closing of three
Of the present hanks, whose circulation is $500 600
very essentially decreases the amount Of bills in the
market. There have been some heavy steppages Of
large capitalists and merchants, which have greatly
surprised w. But this Is, IN my humble opinion bat
the beginning Of sorrow. Failures almost daily oc-
cur. and there is scarcely any business dong
There is a story going the rounds here tina, New
York broker had on hand $40 000 of the Common
wealth when the bank suspended | regret that
your citizens do and WILL get nipped by our city pa
per.
RJ The Conservatives will undoubtedly succeed
n their ulmste projects and, in a few years, WELD
the destInes of this country. They rather favor
able To General Harrison too One Of the principal
features of the conservative policy is the element OF
social life which they are Introducing into their polti-
cal movements with fascination tina, is truly admi-
rable The late soirec at Stuyvesant Place s the be-
ginning OF new era in political movements
Ff PArSs's birth day will be celebrated next
week. will not somebody get up a celebration Of
Rohespierres birth day. He was pure democrat
and as pure devil.
Ef negotiation In now pending between the