Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-01-23
srArEMxrr OF THE mIpDLErowN BANK
If specie, circulation and debts due

November 4ss5 $4,000 as6s3 1888
December 47s2 1857 1880 D ACT
The COMMITTEES Of Finance in tae Common Council Of Paa
dephao whom referred the communication Of the Hon.
Horace Bnney The subject Of city loans held by him. and
which redeemaoe the lat January ls4O-have
ported the following resolution
Resolved hat such Of the holders of the certificates of
city lean redeemabe the LIST Of January ls40
sire 10 receive thereof shall be entitled receive
sir per interest thereon from that day payable semi
annually heretofore resrvng to the city right pay
on the same ON one months notice at time they may
think proper.
Iw be recoeced that payment rendered in the ire
demable and bills ,f the u s. Bank These Mr.
Binney refused but proposed the settlement adopted in the
resolution. The committee in Justification of the attempt
pay the city debts deprecated paper state that the failure
Of the banks there 10 the credit OF the city treasurer in
the u Bank Sol $685. which accumulated by the collection
Of the city taxes $2ss 1885, the LIST of January lsaO
The taxes received in deprecated paper and therefore
thought the city creditors would consent to lose 10
ceat of their just dues; especially this system had
been praciiced with great in 1887 The committee
hen state Somewhat acetousy, that disappointed in this
reasonable expectation they have recommended the above
course" the amount of which h that rather than pay per
cent for specie pay their debts now, they will continue
pay 6per cent interest for money they do not want This
he true Philadelphia spirit, exhibited in their banking
affairs.
The state of financial affairs this moment is one pecu
liar anxiety On every Rand maturing each Of
which will have great influence the of business
throughout the coming year. The interior Of the country
filed with the products of the SELL which waiting the
opening Of the inland navigation to forward to market
The board cities stocked with merchandise waiting
Customers from the interior At the North and West the RI
aad canals closed with and the South and South
west the too low admit Of transportation While
natural thus n,erpose barrier in the of trade
financial operations effectuay interdictd by the
changes revolutions the each
state well in the fiscal OF the federal govern
ment and the commerce Of Great Britain and Europe
The arrival Of The British Qseen is first looked for to throw
light the state Of affairs affects American interests
in London gre OF the world to afford
indication of the prices which large surplus
likely command This matter Of anxiety to large cass
of citizens but there other matters home which
nearly affect the public large The legislatures Of
of the states in session. acting upon the late
fraudulent suspension Of the banks The most important Of
these movements that of Penn vana because her de-
con will involve the fate Of Institution In the wei.
fare Of Which is bourd up no, only the vel. being Of the
State of Pennsylvania with its S34 900 900 Of debt but
the and fortunes Of great majority Of the banks
throughout the Uson wei. private individuals, both in
this country and in Great Britain. The Legislature Of Lou
siaDa, in session the expectancy of deprivns the banks
Of New Orleans Of the charters they have forfeited by their
suPension Toe fate of Of the largest basks Of Ohio
in the hanss OF the OF State NAL practices
The State Bank Of Illinois has lost its charter The Virginia
Banks have endangered theirs revolution has been effected
in the Georgia system which has already resulted in the
pension Of the Central Bank Losses and NAL practices the
Alabama banks the subsct Of legislative inquiry. The
Bank OF Kentucky is involved difficulty, by the Philadel
phia frauds aud general explosion TO await those Of
Mississippi In State the operation the law
habeen that great amendments found uaavod
ably necessary aud many Of the institutions will, doubtless,
be closed up.
While all these local Of anxiety remain 10 be decided
involving banking capital TO the amount Of and
dts and securtie, to the Of additional 500
the general at Washington have under debate the
subteasury scheme the collection and distribution Of the
fund, The ground work of the scheme has been
in operation for years. without the sanction Of the laws
and the les,rng Of that which before prsctced
will net alter the direction Of the currency but the bill
before Congress- and which will become law contains the
skeleton Of bank providing for the payment Of
the government cues in treasury drafts The effect If these
must necessarily be to lock up large proportion Of specie in
the government vaul,s whilst the issue Of s00ooooo
sl2 600 900 treasury drafts, which will mnediatsy into
circulation will drive in rapidly the circulation Of the bnk
the governnent dues received specie and paid in
specie would in the present rroPee; Of its
seldom be balance hsnd all the specie would
be in circulation; but the plan Of the treasury drafts
900 may be paid the receipt OF into
the easury consequently the government receipt. specie
for three mosth. which would otherwise have pas
out will accumulate hand, and the payments by drafts
vey large prop triton Of these drafts will absorbed for
purposes Of exchange. bill may be issued by the Rec ever
General at ST. Louis payable either the mint New Or.
leans the mint in Philadelphia by the Receivers General in
Boston, New York, Charleon consequently il will be at
par in either pace, and will msnd premium where
Of exchange high These bill. will therefore dispaee
all other Of remittance, involving great and radical
change in the currency OF the country assisted by tn prec,
rous position in which the banks above enumerated stand
it'll all this uncertainty, revolution ,hsnge aud disaster in
prospective cannot be wondered that capitalists renal,
quiet.
Sales at the stock Exchange.