Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-22


v..,.dav aer.oou the Committee Of the Safety Fund
hank. concluded their arrangement for the redemption oil
their bill. this city The arrangement IS merely aeon
tnuance former arrangement with the exception ha
the rate Of discount cent instead Of the
former rate The b WILL therefore, continue to DC regularly
redee med after the 27th nst as before, with the nereace
in discount which difference the Safety Fund banks have
been forced INTO by Of its being the same rate at which
Al, no,es d the ne banks are redeemed The Safety Fund
have moreover agreed that the amount to be redeemed
in the city shall hereafter net be large as has been The case
Th. they are enabled TO do by Of partial system
Of internal Of balances they have Termed which
the banks .. certain neghbohsods will exchange their eaan'
&c, and send the ultimate balance to New York. This viii
greatly reduce the be redeemed In this AID the
State bank will thereby be relieved from its greatest pressure
TIL. eoustv banks have failed promptly to redeem their
balance, at the expiration Of the me and threeos Of the
wear the balance In favor but by reason OF their una
sua operations this spring, the pressure OF redemption mas
extended beyond the bssncss season, and mas eaea
the state Bank to labor very hard
Among the other difficulties apparent in the money MARKET
and which press heavily spon the city banks the Tres-
v po,e Of the which mentioned
rcepy The Gobe tab occasion to deny that any each
made with the csssy banks with the e.
eepon Of one did state the Ast which came TO our
knowledge impug blame 10 the government Tor the trans
action; on the contrary the transaction waspereety business
Ike The official reports state that there are Sosoes urea
institution. on condition tina, they shall not be thrown upon
N. market well known fact. Rsmor In Wall street. states
. .c,ptly from 10 Ss000e0o Of these notes fell due ssd
the had that amount due them al the SCUM
and west which could be readily realised Additional issues
a. notes al such moment only tend to deprecate them
in the same ratio the United States Bank the Gerard post
no,. are now .od which varies from 10 10 per cent
discount The Mt post or treasury notes had already
heen sold per dceun and in order TO sustain them
an aee.t in wall street, and application made to
an, Of the leading bankers to take them, condition that
tbev should not thrown upon the market Tn" was gene
r.ly refused Some OF the banks were then found wag 70
certain portions Of then snder the promise OF hereafter
receiving the deposs' and the Manhattan took
s,oo 600 the Mehaoc Bank ssooo oo the Bank Of Amsr
b,ls sloooos O. Of the Bank Of Engisnd being
mart Of the moneys accunr that Institution ros the settle
r,.., or the affair, Of the three w. These all
held on the condition that they should not be brought
into ,he Market the last mcsonea institution turned over
20 the Savings Bank this city 100000 Of the amount they
b,a on the same conditions Thee facts have long been
rem, in wall street, and ask the Globe hn'of We
ask for information. -
had exposed the Western Banks specie drain.
w. M, also stat. that II is alike mmaterial u the order Is
ore or IL circumstances have brought the old orde,
-; into force The fact is well knows that the Western
,, Tie character Of the money received restrced
, les, than specie be made available The result,
have stated before, that the pshss he eNposeut "
% az .,,c;e Cor entering land This demand for specie
however to operate precisely as did the demand FOR
under National Bankthat ., BY osg'ng the banks
- ;et their issues the actsa demand 81 the business
o ,h.r sphere OF action Under the u Bank whenever
issue we're redundant the balance against them was pre-
,ouably large and the demand upon them Tor specie the
ratio Under present operation o. The government
h.,c,.r ,hsr issues redundant becomes derrecaeo
no longer receivable The oonsesuense sadenand ior
. "a an extent which will correct the e, bat that specie
liable 10 be transported to other point for disbursement
account Its return, therefore, y the bank
- !, va. distracted both cireuitous aud expensive In
-, , The banks would be much slower in recovering from
on caused by government drain than under the more
49,, oneraiions of bank for their circulation be
than fair proportion balances against the branches
rsore it, The want Of regular system Of prompt
,ne balance. !. yet Of greatest difficulties,
,h door open ha, imitation Of the currency which
-. or prices speculation and rmate explosion inevi
ably inits train
sales nt the stock Exchange.
49,. n Commerce 1904 20 do DO 1904; so bank Of Amer
~ "a n,x pock bank gl 6, 80 do do %; 10 ~ Am. Trus
1000, o 7a al Mechanics Bnkg Assn 50, 20 do DO s3l
,no ~ aa os 40 do s3a; 80 Morris Canal ~ rs Del
sal 40 AZ do 6slc 100 do do 6s SO 100 10 do CSC 20