Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-04

The of these banks in very slowly, notwit
annr that the law expressly requires that they should be
published within the months Of January and July each the
State paper and paper Of the where they
located. The Comptroller should see tot
The whole Of State loans which the interest
due at the Bank of Pennsy Saturday last forms
eregate upwards of Oo The interest from
TO per per annum and the due and paid
Saturday. $500 The loan of 1884, for 100000 at
per cent? and cent loan for S2ooooo the only
for which funds had been provided.
The bill compel the Banks to resume referred to the
Committee Banks in the Senate Friday. In the House.
resolution adopted nstructng the Committee of Ways and
Means inquire into the epedieney ofayng adrectax The
committee from the Philadelphia Banks that went to Harris
burg negotiate M the loan have returned home. The result
of their mission is not Known
The failure Of the Of Pennsy vania yesterday pay the
her loans another step in the mighty revolution
which is in progress The elastic and irrepressble enterprise
this young and growing country has whenever cast down
the periodical revusons incident the banking system
risen above the temporary embarrassment and and
mgher power has been necessarily called into existence a
rdng broader basis which to asl more stupendou
credits Each succeeding reyuon has therefore been
disastrous than that which preceded it, and the attending
distress wide spread
This will be evident if farther back than the
the three VS. commencing when the American business
concentrated in their hands, after the failure ofsam. Williams
Esq s2s and the competition for the American business
settled by the Barng taking Mr. Bates into partnership
DER secure part Of Mr. wams business connexions the
most ofwhich taken up by Wiggn Co.. the rivalry be-
the houses then led to extension of the business
England then slowly recovering from the disastrous Effects
the rcyuson of s2s and until 1854 that the Bank
England feeling secure kept money permanently
cheap thereby stimulating the rivalry for the American trade
which, tempted by m ucratyeness the Rohschds and many
other houses into IT, Open and individual credits the bus
on which aggregate credit Of seOOOoOOo accumulated
against this country. This amount large the nature
Of the business "oud admit and revuon and failure Of the
Merchants the r-su higher power then ntcrposed
in the credit Of the United States Speculation then became
passive wcrr that H. the power applied sustain
those valuations that had under the active specusons
previous the suspension. sluence of this WAS that
continued saynan and the mass Of aoat be-
came auy unavailable To nfusc life int the dormant
energies Of commerce, still higher appealed to-
that of credits and the banks sustained themselves
on securities until the market became glued The banks
then followed the merchants sn failed The of State
credits with their accommodating interests ten stood alone,
AMI the involved in expenditure without the
of meeting IT, We have compiled from the executive
messages the following table Of the debts of each Of the
Of interest paid by each ths meet it,
and the deficiency.
DEBTS or THE SEVERAL STATES, AMOUNT OF