Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-15

The operations at Stock Exchange have been again
large to-day. United States Bank improved per cent;
sonington declined per centi Boston and Providence
per cent; North American Trust and Banking Company
per cent; vicksburg improved per cent Delaware Il
| Hudson declined per cent.
In mentioning yesterday the OF banks under the
law which have stopped were in error in regard
to the Staten Island Bank That Association is still in
operation, and its bills redeemed regularly at its coun-
ter in specie aud at the Offices of NJ Woodward and
j. Smith, in Wall street. at per cent discount Every
day DEVELOPS some roguery of those engaged IN
starting the shnpaster shops that have gone into
operation, under the sanction of the law. few
months sace, individual connected with that rotten
coneern the City Trust Banking Company went to Bos
ton, and purchased of celebrated manufacturer there
piano forte for which he paid with $500 post note IL
months short time after this transaction the hank
blew up and its projectors J. b Munson and A. Abbott,
made their escape The sellerof the piano here
what he get for his post note, which is perfectly
valueless. This is among many transactions by which
this issued 100000 of this illegal paper The
banking law the of these frauds by ming
the door and giving the color Of legality to the Of
paper money by individuals II true the law requires
security but the distant public not able to discri
inmate between those which have given the required
cury and those which have not; they are therefore,
easily duped.
We have received files of jamaica, W. L. papers to the
10th September The interesting information they
contain is that the Colonial Bank resumed specie pay
the 18th September and the Local and Planters
Immediately followed the example. On this the
| the Jamaica Morning Journal remarks -
The result is that silver is abundant, and the
muny benefited particularly that portion whose daily
premium on the article silver the poor man may
take his check to market with the full certainty that ne
will obtain value for IT,"
Here evidence OF the robbery sustained by the
working classes through the medium of bank paper
Of the greatest evils that happened to the West India
Islands the introduction OF banks. This the
suit of the bank mania which existed throughout the
world year two ago. when the banks in this country
and in England increased rapdly-when the bank Of
Belgvm Late's bank, and the Austrian banks were es
obhed on the continent and the mania extended itself
to all the British colonies, New South Wales The
reaction which follow ed ruined all alike and the Jamaica
banks, which suspended in ls37 have just resumed
the annual products Of the Island having, in the
time, ndled away third their former value An
agricultural report for the island Of Trinidad has the fol-
lowing
The crop just closed proves decidedly short one Is 100
hhd only have been cleared out and more than 500
hhds remain the harbor-in all 10000 hhds TO thes
add 1000 to 900 more lock up on the estates in
quence Of the bad state Of the roads and 1900 it is
al ieesnss Of S
is Likely that, at the pressn, prices Of sTssr much more
prove at all propitious-but the extra quantity will BE-
much anticipated on next crop, do not think
70 se OF s shpmeSs %p 10 e @ n sS~pa
1870 is as follows:- i
Hhs,. Tres Bis
July s si 1870 sss, isc ,sS ,SM SIS s
With respect to the importation Of immigrants, the
goes to that 235 arrived in the month july
Of whom los of African descent The total number
arrived since the LIST January, is ALAS.
MessrsF D. LIZARD and Co. OF New Orleans have sen.
the following letter to the Democrat Of that city
to certain allegations made by that print -
CrNrLEMES,-As your remarks. in this days Demo
crat" under the head of Commercial aud Monetary
indebted the Citizens Bank OF louisiana beg leave
to state that such is not the fact.
The of SIs0 s3 mentioned in the bank report of
January last arose from purchase of bondswas then
due at stated periods and has Ace been entirely settled
and extinguish-d.
The of 81 222a2a is contract for bonds the pay
mens for which hitherto entirely contingent the
sale Of these bonds which has yet been effected
As to the idea that these bonds portion Of them,
had been time, hypothecated to the Bank of Eng
offoundation, probability for such suppostion-
We are, respectfully, Gentlemen,
+. DE LIZARDl co.
New Orleans, Sept. aO.h, 1870
This bond appears be another instance ola
sale credit and in conflict with the decision of
the Chancellor of this State The Illegal Of the
United States Bank have long been the subject Of discus
sion in the southwestern States and the question Of
pudaiion has been boldly discussed Governor McNu,t
published proclamation some months since, cau'ioning
the Cubic against buying soo0oo of BONDS issued to the
Union Bank. II wants but the decision OF the New York
Chancellor in the of the Illinois Bank, to confirm
this policy and SoOco0o of State dehs may yet be -epu
dated the ground of egality Of contracts The debt
othe Territory of Florida precisely similar to that Of IL
linois. The legislative committee in reporting the
sale Of the bonds in London in favor of reputation
Of the stocks ground that they sold for less
than their par salue against the law.
The following is the 3.th cation Of the charter.
That the said bonus he executed and furnished by the
said Governor in the OF this territory as in the
section of this act provided, shall instance ts sodor
negotiated, at discount, for less sum than the amount
and expressed in sail bonds for the purpose Of rails
ing the capital Of said bank but in such each
and every bono, sodor less than the amount named
and therein shall thereby become for aso-
luely null and void.
The committee go say that the purchasers of these
bonds could bat be the nature OF the risk and
ha, sale discount dissolved the government from all
risk and yet they completed the purchase with their eyes
open, and cannot therefore complain If their demands are
set aside, In answer the reasoning Of the committee in
regard the sale OF the bonds for less than their full va
iue Col Gamble behalf Of the Bank argues as fol
In adopting the term por the committee insist that IL
means par New York and par in London and no. ar IN
Tallahassee in the vaults Of the bank II must be par at
the place of sale, as they contend.
and value Of the standard erected by the com ree
By that standard sale in hatcher or in vicksbuTga at
par would be see at although it would place in the
vaults OF the bank only about 20 cents Tor the dollar
The exchange between Mobile aud New York Is Ia per
cen, against Mobile. Would New York bond, fsod at
par In Mobile produce per in New York;
For 20 on, of26 years commencing in 1922 and ending
in 1919 exchange London adscouni in Philadei
pbs York; the Of discount ing from one
nineteen per Would bond Of New York. or Penn
sylvania sold in London at have paid the par sue Of
the bond into the New York or Philadelphia banks,
No one expected believed that the two millions OF
dollars for which the bonds issued coul be obtain
tanned in the territory The ect of the Legislature
import capital not to employ capital already ubsis.
ting IN the territory Hence the sion for assignment
snywhere without within the territory. They might
be made payable in any city in the United States, in Eu-
rope, in Asia. even in Africa.
As London is the great stock market the world and as
the great purchasers OF stock naturally prefer in