Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-19

-, ..nv \ .s,.s 70 = plseA listed ststes Bank in.
.s.a 49, ssts Delaware ga Hudsos y per cent; North
Ascss Trust snd Dsulng Co ~ cent; Bank Of Com.
sree Il Lung Island Railroad Bank Of Kentucky declined
psr cent e the Of yesterday IN consequence Of the
rhiI,dslphia faui The reputation Of the Kentucky Bank
i nor be injured by transaction but people do not like
~ sddls with stock in which fraud is knswn to ess
TIL. rasnsv market cheerful, ALTO money was
ea,v comparatively speaking. There very little doing in
.,ernc bills. Prime Co. ask per cent but good bills
oau he had 81 per cent premium, $4sa $4so the
pound sterling
The improvement in stocks today has been produced oy
the influence of psctsa Of political affairs
At Washington. This is the effect of the first super
fetal view of the present position Of affairs There "
however, nothing to increased confidence IN
hank or corporation stocks. The present prospect OF al
fairs well dgested would have had contrary elect Ine
standing and influence OF banks now better understood
BY the Of the people than ever before The mischief
done to country overbankBg through ignorance ana
created spirit Of hostility against banks
in all classes which rapidly extending ITSELF The
suspension, Of specie paymenshs constant deve
opemen,s OF in Philadelphia, and this state, wei! as
throughout the Union aud tax that paid
the shape or aoehaye prodsious strength
10 the aubank policy Of the adninra,on, and caused
the plan rapidly to gain friends AT the present
session Of the National Legaturs the sub treasury plan WILL
past Doubt become law. The government will become totally
Quoted on specie basis solely The effect Of this will be
to create so great activity Specie pecsde the ability
the banks TO extend their loans at all beyond the natural
trade which vauees stock and specu.
property not be sustained and must all be reduced
to their real value great radical change will he pro-
dsced ty the actsn Of the present Congress.
The transactions Philadelphia, with the Schuyk Bank,
have much excitement and the frauds to
be much larger than have yet been discovered John Price
cted nt0ft
schuyk Bank and yesterday the Bank put forth the follow.
ing notice:
ScHuYLKILL BANK-The directors Of the Schuykill Bank
public that in of The
in which the Bank suddenly finds itself placed by
the the late Cashier they have found them
selves compelled upend their payments for the present
The Board think proper further to state that he acts OF
the late Cashier above referred TO- without the
kps wedee Of former President Directors Of the Bank
tors believe that the amply sufficient
meet circulation and deposits and therefore caution the
public sgans, making undue sscrihces
After this announcement the Bank crowded with cred
tors demanding Of notes which redeemed in the
bills of other Banks O'clock when the sheriff
and Injunction sued out by The u States
Bank present agency the Bank Of the
doors were finally closed is aAoa that large de-
has been the late cashier
Of the western Bank Of Philadelphia
The assertion that the acts Of the Cashier OF the Schuy
kin Bank extending period of eighteen months, aud
va. unknown and unauthorized by the directors general
" ridculed The facts known this city last week,
and the Bank first Monday last If stock 10
the amount Of from Millions had been issued by the
Bank the must certainly have been aware Of the
ure Of the asset, received H. Il well known that tho
Bank msde mprudenty large bond and mortgages
through their Branch Port Carbon and that the Bank has
made heavy pledge Of stock OF such character that
were they to throw the stock the MARKET they could
fueYc of Wha
upon and also the directors have been large borrowers
Of stock.
This stock shutting, oaning. borrowing and bolsterng has
been the policy Of the Philadelphia institutions
and very many the othets deeply implicated the
Schuyk Bank These institutions have said agreed to
much OF the choicest Of the paper held by the
bank as will suffice meet the circulation AID depoes
his /, probably aay that popular elsmor which the
tinued suspension Of banks begins TO and every
ssavor banks themselves for the contest
which will usdouSsedy tsks place the opening Of IN
P.unsyvana Legislature The suspea.ed banks, ineludin
the u Banh according 10 the existing law have forfeited
sr charters The Law provides that The refusal Of amy
bssk 10 redeem specie the proprietor Of the note
shall mahe application in writing to any judge Of any court in
shs county for psvmou TO make proof Of the fact before
said Judge whose d7ty shall be give ten days notice
the prsdent cashier Of said bank In order that there
he an Of rebung the BY testimony, and
te facts sussssnated the judge shall transmit the same
20 the Governor II the duty Of the Governor Immediate
IL on receipt Of the proof issue his declaring
the charter of said bank forfeited Thiss the law and
their thrown them upon the Of the
sure which begins session the art Tuesday Of jan
u.rv The continuance Of their beyond that peri.
cd win no far 10 involve their overthrow and there but
te dosbt that the law will be vigorously enforced against
them One Of the 6rs Of the Legislature 10 10 institute
r;vd inquiry into the affairs Of all the banks probe the
the fraudslent banks the bottom and
mel those that are able resume TO do so forthwith.
days since the protest Of post notes issued
nv the Of Seneca county, sent for circulation
90 Indians, today post note Of that coneern made payable
the Clinton Bank this city, Tor $500 presented and
fud ma, ment for want funds appears the Clinton Bank
does net paw only receives the bills depose at par We
have frequently mentioned tie concern called e Clinton
and znamoluous position II appears to have beer
started Tor other purpose than to give kind OF shadowy
credit 10 certain the bills Of which intended
circulate in the curing the winter; asd there
bong an advertisement In the New York papers stating
that those bills received at par, dealers in the
,rv do not hesitate take them; bat the reopeang
alton with the city in the spring, when the bull
Of the money TO the city in payment OF goods sh'
ceases and the unfortunate holders have 10 sui
fer the loss This last winter with the Essex bank
0uidha About 81 900 depcs,ed with broker IN Wal
street who advertised redeem the bls and during b
winter $4,000 were circulated in the interior, the
Of the condesse gained BY that advertisement Had Il MOI
been for our timely notice probably $4,000 would have beer
nut cut With the 6rst opening Of the navigation the espo