Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-12


At meeting Of Banks Of the city Of Baltimore, held
this day each bank being represented 'e following
Resolved That inasmuch the collections made by the
banks this c received great extent in bank notes
not Immediately bic into CON- expedient that the
following rules and regulations be adopted by them IN relation
No eastern or northern bank shall permitted check
collection made for nnder the Of thirty day, from
.Ss BE- drawn a. one ssv. ssh without grace
Resolved, That the time after which the foregoing Provi
sons shall apply, shall be foilows:
To Philadelphia and York, from and after 18th inst
Boston and Providence, do. do 10th
All other Banks. do. do. Goth
NICHOLAS PRICE, Chairman.
Samuel Jones, Jr Secretary
Baltimore, Oct sth, 1882
This arrangement is made to Raltimore Banks
immediate pressure by enabling them to call upon the Rich
mond Virginia, and Banks which always in
debted her. each draft The abundance OF the
pie crop Of that section and the increasing demand hre
European account, must shortly remove this difficulty.
On Tuesday last the bank Of Commerce made specie
the North Amer Trust Banking Co. for Oos When
the suspension at Philadelphia minated they
and refused to receive certified cheeks ofha
pose The Harlem Rail Road direction gave orders not
take red back moneys the proprietor Of large hotel
whose have drew depostes the Of 5000 in
specs yesterday md today $4,000 In these
easily discovered the dark and treacherous Of
clique which govern the Bank Of Commerce They the
street profess the greatest desire that the New York banks
ton create and consequent suspension OF the hanks
This the greatest dangers banks exposed
The secret opposition Of prsfeed friends persons whose
every exeren directed to promote Of confidence in
each other the banxs and mutual fer
specie, which would break them all in half
day
The effects Of mutual dsrust made painfully evident
in the spring Of 1887 when the banks undertook ascred
the bills Of the Dry Dock Bank. The panic which excited
by he
their subsequent receive them and they all
obliged to close their doors among OF riot and threats
from the popuscs Of demelishing their buildins,.
The demand for specie to 60 abroad not great upon
bsnks. The quantity which has gone forward doubt
large The letter. from London that MIR Jaudon
BY the Liverpool Ea4oooo 81 100000 II viii be reeoect
ed that when that packet e here $500 reported to
be board aud every effort conceal any
board 10 therefore but fair TO presume that the other
packets had actually far greater than reported
Probably 5000 0e0 has len here since July t Had this
gone of the regular trade Of the country il would
hare been saeni keep matters easy until the crops
in the market But the extraordinary Of the Phadel
phs banks have caused the absorbed exchange
drawn credit post notes. and or paper and then shipped
tosusan Mr. Jauden while the Of the importers
been totally unproyded for That ceased and
the demand for bills spscie coa6asd only the mercantile
classes
To meet this /, that certain Of the banks have
packet aud in The per This will have
~ beneficial tendency but the rate 10 too hgh ithould be put
t7tas per cent which, with the interest Of the money will be
about par The great scarcity money such that the relief
to merchants will be but trnng ualess the banks
range take their short paper for exchange This easily
be done before the nils fall due STEADY stream Of South
bills drawn against cotton, will be setting into
ket and in the exchange will be available,
based Orders estent received BY the
PACKET Unite, So This below the market rate but
sour WILL according the best advees pay profit
- probability that At least s5eo0oo in bread
stuHs will 20 Gsrwardsoon During the three weeks
least ssoooooo will require to be shipped To meet this
shall have Gotten bills SiO00000
Bills other produce 10000
Aid The Banks m y supply 100000
Mahinga total supply Of ssoooOoo
The banks may double thssua whsu, asy great inconvs
nince.
The demands upon merchants from the east las
and may ncsnvsnienee and temporary pressure
among the merchants the the Of produce
this market will rapidly sesd forward those stocks Of produce
which aociuang Of the markets has caused the
farmers hold back while the great fall in stocks and
ehandse will capital fer from all quarters
Philadelphia, United States Bank stock quoted ioo and
s77 h the Phsdelphiass have any confidence In the
institution great difference win fail brisg bschlarge
OF money which has been carried on by poet
In all descriptions &C property the win operate to
This fas sndths certainty that The which baphs
pursuing will NYoh BE- the great ofa the
trade Of the COUNTRY, viii stimulate Philadelphia srert every
mean. connection with the speculative clique here force
banks suspension The effort will however, be vain.
Our bank. are in situation which daily gaining
strength. The bills circulation sufficient
10 cause them stop, and prices Of securities lower in
this market than any other No hold, therefore, likely
To he got on the depostors; the contrary the
stsnt disposition get clear Of secarite. BY ressing
on them al any will accumulate capital here.
ould any offensive be adopted by the riladel
phia banks 10 coesee banks iso stoppsge insu
sion. have amply their power TO retaliae There
probably now Ealing due New Ysrk BY renn,ylvanA in the
nest IS oooo These will Be collected In Philade
phia according the bank nstce msn,icnsd above
These payments specie may he enforced BY appeal %
legislative action The present Legislature Of that State 10
Of character opposed to banking Institutions and 10
of the specie Paying policy the New York banks The
very existence Of the radeph banks is therefore preca
rious.
has been stated that The Of that state, has en-
hts intention ofvorns the suspension from the fact that
che Of vaus bound up in the welfare Of the In
suton and mus, be supported All hazards This do
not believe heavily in debt do but little good
40 an insovent baak 10 esly effort stop the tor
rent
New York so eastern states strong, aud remain