Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-05-27


Wall street yesterday again influence Joony
orebsdn caused chiefly BY the nature Of the from Eng
land At stock exchange sales limited and Pce in
most closed under the Friday Nechans Banking
Association rsseaed per cent Illinois Bank per cent; Del
Hudson per sent Kentucky per cent? Harlem per cent?
u Bank improved per cent; stonington tper cent
From the south learn the situation Of the banks becom
ing gradually BETTER although in Charleston the Bank Of
still concerned in those shorghted movements
wcA AFFORD temporary profit bat fraught with evil
inc pubic, and which will eventually rebound their
Misfortune demand has recently been made spon tho Sa-
vannaA banks by an agent Of the Bank Of Charleston pe
ce and in making his demand the agent actually refused
checks On the Bank OF Charleston ITSELF ues at
Such conduct needs comment From Alabama we learn
thathe banks that section pursuing vigorous syse of
cnrtameRt The State Bank at Tuscaloosa the Bank at
Montgomery the Planters Merchants Bank at Mobile and
the Bank of Mobile, pay specie demand; their circulation
showever exceedingly limited The principal circulation Is
that Of the nonpeciepayng banks oowthe Branch
Mobile at Decatur and Huntsville. These latter mentioned
institutions do net expand their se and therefore they gra
dualy contract and thus gradually the currency becomes
valuable This the only for the banks Of those
sections They must bring their liabilities within their MEANS
and by doing restore their to the character which
it has lost by contrary proceeding
There in circulation in Indiana bills Of the following de-
scription:-
The Mechancs and Traders Bank promises to pay FIVE
dollars demand to H Hill or bearer Albany, New 25th
1885, John WILKINS President A. u Allen, Cashier. Sc
cured by pledge public and
coantersgned the Conptroer Office Of the state of New
York Jas. w Smith Register
This swndle throughout, there being such nstitson
We have heretofore cautioned the public against receiving the
bills Of those institutions the of which have not been
published In the Herald as good and trustworthy.
We time mentioned the fact that the Joint Stock
Banks Of England about to form agency Lon
den for the transaction Of their business For this purpose
provisional committee has been formed who have issued pro-
spscus, of which the following condensed view Each
bank SHALL according to tho nature Of lis deposit with
the agency certain ssm, the interest of which be
oyed paying its proportion Of the Of the agency
That order the perfect safety Of the funds Of
poyng any Of the country bankers protective capital
floating balances otherwise than upon Government Secu
rites East India Bonds in temporary advances
rity, to any banks employing the agency.
That the Directors shall with each country bank
for the interest and profits arising from e investments made
behalf Of each bank.
That addition capital each bank shall supply
necessary to meet its current demands"
The following statement of the present system
pared with the proposed =
There 67o private country banks and as4 joint stock
banks making together 904 banks keeping accounts with Lon
don bankers.
By the present system each bank makes lodgment pays
which upon assumed to be equal
f300 per which, multiplied by 90a gives total amount
banker supposed have his account with the London
banker average, fsOeO making total Of Ca
the interest profit which at present received BY the
London banker and, estimated at per cent, amounts
fls5 SOC per the whole therefore is follows
cane eoc