Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-19

=. l., said to he in circulation
The Bank Of Tennessee the Sd inst issued notice that
they had apporoaed 100000 for discounts on notes and
bills among the counties in the Bank Districts
Two counterfeiters were arrested in Lewis County Ken
tucky having in their possession $780, in counterfeit So bills
On the Safety Bank Buffalo. and IS and 3s on the Far
ners' and Mechanics Bank Of steubenvlle Ohio.
The Western Banks both State Security and Safety Fund
making rapid progress in the arrangement OF their
We yesterday announced informally the arrangement entered
into by the State Security Banks The following the ofhieis
announcement:
Nrw YoRx, July II, 1888.
sm-n pursuance of Resolution Of the Convention re.
portion Of SECURITY BANKS organized
under the General Banking Law OF this State held at syria
euss on the 2stA ut the undersigned met in this city on the
ll instant ascertain and recommend the most favorable
udcou arrangement for redeemng the notes the Cou
try Associations .s.a ,...n
the three Associated Banks this city who have hitherto re-
deemed the of the Safety Fund Banks Of the
usd notice TO the Country Institutions that the existing
the redemption OF their notes. would DC er
the end of thirty days stated in the circular IS
sued by the Redeemng Banks in the city, that heyond
their ability furnish the large amount OF funds required to
maintain the redemption Of country paper under the arrange
pected produced unpleasant state Of
apprehension and aggravated the existing smbarras
the money market, which had ALREADY assumed most
,eriou, character endavors Of the Committee to dis.
charge the imposed upon them dcus have been en-
could not have been anticipated by the Con-
yenton Al syracuse All the propositions which have been
enabled to obtain the City lustutons require that the
State Security Banks in the country
all times redeem their notes. they may concentrate IN the
city for redemption . ,. re,r
fair. al ne pr,sept momeat the COMMITTEES unanimous in
the opinion eypedeni for all the Banks organized
under Banking Law to provide funds Tor the re-
donation of n cir this city at discount equal to the
ordinary rate Of exchange II dcr and indeed mPrac-
cabe to fix an arbitrary uniform rate of discount which
halI be strictly equal regard all the local institutions Of
the State. In order to attain that degree oil uniformity
winch the public Dictates spirit Of mutual concession
muSt predomnate the De
Country Banks the Committee have expe'
renced much doubt and After full consider
alton OF the subject points Of light have re-
solved that all the State Security Banks pro-
vide funds for the redemption Of th. notes in this city at
discount not exceeding of per cent Although
institutions proximity with the ca! may furnish Jut
exception believed the rate does not 'e
usual average exchange respect TO institutions located In
the interior Of the State.
We cndeavorrd obtain the most favorable terms Tor
the Country Associations whose interest represent 10
this end propositions were solicited from several Of the City
Banks and been received from the North Aner
can Trust Banking Company the Atlantic Bank and the
American Exchange Bank The proposition Of the North
American Trust Banking Company, which Is hereto an
pered has been selected the Committee the most favor
abb. and advantageous Country Banks II is understood
that the Atlantic Bank and the American Exchange Bank are
*. .aS proposed BY the North American Trust and
Banking Company, and accepted by the Committee,
the Of discount proposed on notes pre-
.entrd for redemption by individual holders the Committee
deem advisable to recommend that the notes Of the state
Country Banks including remtanees from the Safety FUND
shall be redeemed at discount OF oneha OF one per
cent being regularly assorted sealed up a,a
with the Committee session in this city, representing
the Safety Fund Banks and they have gnhd their assent 70
thi. ,ropoton They also consented that the
ger by Safety Furd Banks shall remittances
and Of the State Security Banks " shall pay
$50 per annum towards the expense Of the messenger
In conc usion the Committee respectfully recomms nd t.a
foregoing propositions be carried ato effect by each Of the
State Security Banks II is confidently believed that the pc
posed redemption at the great centre OF
the country and the public confidence "a the superior soundnes
and security Of our issues will the notes Of the new
hauks a
Union.
Iso.x.o- batavia Hor.cr wHrr, Syracuse.
w Hryr Loekport. JoHr J. KNor, Vernon.
w. H. Angel, WATERFOWL. j. b. WILLIAMS, Ithaca
VIZ. K srsore, Geneva
Norr-I, Is understood that American Exchange Bank
will Of those State Security BankA which DO
,sch Banks Cor redemption by the Messenger Of the Safety
Fund Banks
rssrosrro, o. rHr NORTH AMERICAN rsu'r A"p BANKING
The North American Trust and Banking Company propose
TO the Comee representing the State Security Banks Of this
state open account with those Banks and redeem their
note. at such they direct The North American
Trust Banking Company will allow interest Of five per
cent balances TO b. made 10 each week. and the Ia
terest to be credited annually and will charge Of one
DER cent as compensation Tor redeemng the notes Of the
to.ny Institutions which to b. sealed and held subject
60 their order The expense and risk attending the transmits
sion Of the not to be exclusively BY the several banks
being understood that sufficient cash at all times TO kept
on dcpoe with the North American Trust and Banking Com
pany the several banks meet such redemption
Coectons will be made by the North American Trust and
. BANKING Company At the current fates.
New York July 10, 1892 al.
wALrER Map, Cashier.
This Circular sufficiently explains the present
The statement however with regard the Americas Exchange
Bank has been desed by that institution II appears mat tne
Committee received proposals fren several Of the City BANKS
AID among others the American Exchange Bank VI these o.
fer. they accepted the liberal which those 81 the
North American Trust and Banking Company not doubt
ing but the American Exchange Bank would do business
on any other they made Of its IN the
Circular That Institution, however refuses to accede TO IT,
This Of consequence the Country Banks N
practical point The osy result will be concentrate
IN, bu.ne.s IN the North American Trust and Banking Com
pany The Exchange Bank has before shown symp
tenn. Of want Of tact its management II started The
% Instance BY obbers and asccneers and sent agent
10 Loadou FOR the negotiation Of loans The Agent returned
unsuccessu and their present movement shows equal
Of di.cernmen The North American Trust and Banking
Company the prompt to discover The relative
and critical position which the old and systems
stand and that regular system Of redemption highly
cssry give uniformity and hexibility 20 the bills
without which they labor under continued want q conf
ience the part o. The public.
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