Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-11

RocHEsTER, Dec mber g. 1889.
OPENING Of the Canai-Nlore Patriot disturbances
on The borders-SaJety Fund and Free Banks.
The sun is shining brightly and for the last three
days the air has been mild and bamy as May The
canal between here and Buffalo is in good nayigabIe
order and Is said to be through the entire lima Ia
Albany. Several boats have passed here from Buf.
falo bound to Albany, loaded with nosr, and bos.
are also leaving this CITY dali frelghted with Hour.
II this should last week longer, fJur will arrive al
Albany shipped at Rochester on the 9th December,
an extraordinary event in canalnavi gal,on
The re-openng of the canals will be o vast benefit
TO the interior OF this State, large Quantities Of
produce were on the way To market when the nayi-
CATION was stoppte by the recent cold weather. The
prices OF produce are very low; wheat g. corn 3s
potatoes Is. 81 pork 50 SO a 4 SO per hundred:
indeed the era for high Prices and speculation seems
to have passed. ana the poor Will not be likely 10
starve this winter
Rumors are nie Of another Patriot outbreak on
TINS Hcner, and tho arHorlcs Of cur Independent
corps are guarded day and night for they will be
plundered by the Patriots" Great Numbers OF The
Canadian refugees are cengregaied here, and il 10.
possible hat some desperate move IS contempla-
hon 1t Is probable, however that the reports OF IN.
tended invasion are got up by her Malesty's loyal
militia, who want employment during the winter
All eyes are turned towards Harrisburg. The
popularity OF Scott ~ unbounted in this quarter N
he Is nominated, the Van Buren, party in the western
district, will be likely 10 dlsbaAd n Clay is non,-
ma ted, the Wing party viii be dsheartened and msk a
but feeble EFFORT at the next election.
The State Security and Safety Fund Banks in this
region continue to meet thur ebiQatsR with promp-
tltude. The !" red backs" arc as ready 70 shell cut
the sinners, when called on, the safety funds or
black dogs" as the Safety Fund Banks are called
that do net redeem al 3 per cent in New YORK;
Are yeur commercial community aware, that by the
late arrangement Of both the Safety Fund asd State
Security Banks, the State Bank al Albany will re-
ceive notes Of all the interior banks, and convert
them Ins funds currat IN Albany, in sixteen days
time, al an expense oft4 per cent? Such is the fact
and your brokers must be reopng rich harvest out
ofyour mcrchantsby laying out their country money
at discount offrom 3 TO per cent. | have noticed
some comments IN your Journal on the comparative
security of the Safety Fund and Sln,e Security
Banks. The real ability Of the SAFETY Fund Banks,
CONSISTS IN their Bills Receivable OF discounted paper.
The State Security Bsnks u course hold biI .
receivatls for their issues, aud are 80 far equal
10 the Safety Funds; aud in addition 10 all
this, have deposited securities with the Comp
roler equal 10 their issues. So far then, 70 the
redemption OF their circulation IL concerned the new
banks are better OF than the old ones inasmuch as
the Safety Fund g but drop in the bucket to the
entire circulation of the Safety Fund Banks. 1t is
n fact worthy Of notice. that the only Banks, under
the new law, that have "a yet foiled, some few
got up IN your city mere stock speculaiions and
which obtained few bills of the Comptroller az q
certificate OF character. Yours &c.