Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-12
m ONEY Al A R x 4 r.

m n X Al A II n = Ts
Tuosday, June lis p. ~.
wall today again under the influence Of gloomy
fepes Sales have been to the usual extent but decline
Of from II per cent was apparent IN almost all de'crp
tisns Bank of Commerce receded per cent, Dry Dock
per cent Illinois per cent? Deaware Hudson per cent,
United States per cent, vcksbug 1t per cent Can
ton per cent Providence per cent, Stonngon
per cent, Harlem per cent.
The excitement with regard to the cotton circular
trey passed of from the market The surme that the u
Bank the bottom Of il, entirely put rest the
following disclaimer -
SR-I perceive that with the other newspapers
Of this city, you have connected and the Bank OF the
United States with the Cotton Circular recently issued IN thu
city. You will, therefore, permit to state explicitly
That Bank United States nothing whatever to
do with it, SO far as know or believe. =
That this measure did not emanae from Mesrs humphreys
Bidde.
That with the Of facilitating the export Of the Cotton
in this port offer to make the advances named The
That the reasons assigned for making shipments to Mesr
Humphreys Bdde those Of Of tbs holders OF Cotton
in this country who protect their interests by
concert of action. ,. v. s. WILDER.
New York, 18th June, 1882
This publication takes from the circular its Importance and
shows its real character which other than conbiua
among holders force Themselves clear Of asecu-
laton likely TO turn out disastrousy
Under our Police head will be found statement Of an i'm
robbery committed the Cashier Of the Bank OF Utica
His having possession of large probably from
the of balances with the State Bank Some conu-
sion may be caused by it.
An important financial foot for the purpose
Of sysemasng the banks under the banking law The
plan forth the following circular which has been
tensivey circulated among the banking Institutions =
ITHACA, June Sd, 1898.
Sr,-You that large number OF Banks
operation under the General Bank Law Of this State and
principles upon which they founded, would seem to be
sufficient Of themselves to entte the institutions to the
entire confidence of the public But there evidently at this
time Of action in the Of their
business and especially in regard the OF redeemg
ton public mind creating dsrespect and dcre
dit for the system, which, with proper management, Is
doubtless the safest system Of Banking the known world
Now for the purpose Of eecng of action t. equal
ze the currency aud to devise and means to establish the
New System such basis that may efectualiy serve the
public and such manner to acquire
that high confidence credit and respect which such system
emnenty merits it this day unanimously resolved at
meeting Of those interested in the State Security Banks that
from each Bank operation under the Se
neral Law invited in Convention at Syracuse,
Wednesday the 26h day Of june inst at Ill O'clock A. M
am very respectfully
Your obedient servant,
J. b. WILLIAMS
Heretofore the credit bills issued under the law
ha, materially from the fact that the public is not
Familiarity acquainted with the difference which exists between
the general business of the banks and the
and general business Of the old institutions With the former
worth of the bills i. wsy involved in the Of
the business banks exchanges other operations Their
value not dependant the standing oil the institution ut
terng hem but safely secured by the stocks pledged with
the Comptroller. II therefore follows that all the bills of
equal value without reference the condition Of the par
icular bank the of which they but the value
Of paper currency great dependant upon its
converbiy arrangement necessary by which all the
bills under the general law be made payable demand in
New York Such arrangement will doubtless become the
subject Of consideration with the proposed Convention
Of the kind would the circulation Of the
bills rapidly to extend until those OF the cid institutions
would be in great supplanted These latter
asrd security bill holder than the confidence
which he in the skill and good conduct Of those
having the management Of the institution II losses occur
in reasng the Of the Bank the ock depreciaes
in market and the bills Immediately feel the effects Of
such the holder suffering loss TO the amount
OF discount which speculative brokers may ax to them
hence the value Of the old bills and the general standing Of the
particular bank issuing them and act
each other With the banks this not the in fact
the Of bills under the law does not necessarily
vovs those issuing them all the mysteries Of modern bank
ing far from IT, the bills be procured and issued BY an
individual without Office clerks books any Of the parapher
MALTA OF banking institution. This has in instance been
done by sage individual whose bills bear the Of the
York Stock Security Bank" and the only
bills yet issued secured pledge OF New York stock
fer paper circulation we'll be imagined which,
bv keeping the m always redeemable point, will fur
nish equal currency.
The stocks deposited b, this gentleman Sa5
eo0 and received nearly the whole amount in bills
Hitherto the in circulation at has averaged about
$1,000 Ills profits therefor stand thus;
$4,000 stock at per cent $500
5000 circulation do. 480
$3.50