Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-17
MONEY MARKET.

Wednesday, Dee. 1876 II. NJ.
fair of business has been done to-day at ii
Stock Exchange, and prices have not varied maierial
United States Bank improved per cents Yicksburg
Delaware * Hudson per cents Stonington per cen
Sales of bills Philadelphia 4. dis; Baltimore Iali;
vannah 81 dis.
EThe Havrepacket to-day carried out $4,000 in sreci
bank fraud it is said, has been got up Galveston
Texas to releve the cotton planters of the country
after the celebrated Biddle Mississippi plan The chsrts
has been purchased is said by two individuals, name
Mckinney & Williams. They propose to redeem the
notes with Baltimore bank notes, probably Niliagd
notes, or other notable Let the TsxiaH
Danish promptly all shinplaster vagabonds They con
to prey upon her industry and she will escape gre
evil.
On the ooh ut we published the bill compelling Il
banks Of Georgia to resume on the LIST February NED
which passed the legislature of that state almost una
mously. 1t has now passed the Senate almost una1
mously, and is in all probability now law. This nf
sure is singulary dcmonstrave Of the force OF pub
opinion when fairly aroused After submitting to innuu
rable bank frauds the citizens OF Georgia seem TO la
opened their eyes to the inevitable ruin which attends
" relief system of banking. AT avery numerous me
ing Of the citizens of Bbb county, at Macon on the
ult Elias Beal Esq being the chair the following
solutions passed
That The present deranged state Of the currency,
the runous OF exchange demands reform and corr
ton that the suspension OF specie payments by the ban
If made with view TO subserve our Interests and relic
the people fails TO answer such purlose-thst we
lisve that 1t now curtsils the amount Of sound and
dsema able currency, and preyen;sfhc circulation 81
which woald otherwise constitute sound basis Tor
transaction OF business and equally current in every
Of the stat-that il necessity has existed Tor such
pension Of specie payments, that At Is now 10 great
tent ohvatcd and only gives 20 banks and brokers an
portunity exercise upon the community spirit OF
riay and avarice in eStoriing enormous prices for
change. =.
n, h,r,tore resolred That it is solemn belief,
the only remedy for these evils is speedy resumpuo
spec. payments by the banks end their adherence 10
legitimate rules and objects of banking, and the proys
Of their several charters; by which their notes ina
ell times be convertible into specie such equivsien
| nav suhserye the transaction OF business.
~ further resolred, That this meeting most resp
fully request the cmbers OF the present Legislature
pass Law compelling the banks OF the state 10 res
specie pay menis early as the first OF February IA
The political cast of the meeting whig, and tbs
ere,ic and wise view taken Of the state OF the cure
il the ernes, ofte,ter times when period will be "a
bank msrule The bill which has passed the leglsla
compelling resumption is the eiest Of this AM sin
meetin1e bill is also before the house TO repeal ths
authorsng the Central Bank to issue notes for donh
amount of It's capital; to authorize the Governor to
81 900 900 Of bonds, rcicrmabe within Eve years bes
per cent interest the proceeds TO be applied to III
aempton ofthe bills of the Central Bank, and to auth
the bank to sell the stock owuedby the state to pa,
| balance Rue the Phc1n Bank ia New York and the
on the public deb, for 1850. This Will possihl
| come Law.
| few DAYS since. We cautioned our fnen3s Of the
i. general way. against the movements Of certain
ofmeu who are buying up old banks, with view e
them false reputation on which large circulation
be loreei out and thus defaud the public cfarse su
money this Is old trick which has hoarshed rerc"
whenc, sr the difficulties Of the times. render !;
bent upon the sound banks to contract. The want {
ney SO occssiOned affords every facility to force
| fraudulent paper. Within two years great VAR
| frauds have been committed in this manner. The
| Bank of Gulihall, the Roxbury Bark, the Oidtown
|, he saltwater Canal Bank, aad the Globe Bank, a.
fresh upeu the public mind II will be recose;ed,wf
sei the projects Of the Essex Bank, in the sP.
| Isas the owner. one Townseni Of Palmyra, CT
this CITY, in great wrath, bully out Of our pos
| bu, the babhle exploded in his hanis. The new be
law fthis s,a.e has been made the instrument oil
| grea, extent instead Of lay ing out small car
| purchase old bank charter, the same money laid
| stocks CAV. them the same rank, under the guars
| the Comptroller. as the best conducted insiitui
| Agents were then sent all the country, vi
chased produce Manufactures, or any description o
.. any price. The mos, notorious Of these Gomez
have exposed. aud may be summed up as follows =.
| Bank Of Commerce of Buffalo Globe Bank in New
| Merchants Exchange Bank NorthAmeican BAN
| Citv Trust 4 Banking Go. Great Western Bank
| North River BaRkingC Co Eagle Bank
| Washington Bank. uen,h Wsra BANK
| Chelsea Bank. Mechahict banking
These concerns, with many others, issued nes4
600 in post notes. certificates Of dcpositc md othe
lent parer notw outstanding that we constantly
| their doings The operation has now become 10
rious and the old system Of buy ing old hanks Is
| sorted TO- and in many cases by the same ndisid 4,
| few weeks ago we gave account Of the ma
| which the West Union Bank Of Ohio hal been 30
| and rcsuscit1,ed by George Willis, Holster aB,H
| with one ssy mour q Renck. The former OF a
one Of the agents for circulating the paper Of TIL
| named North River Banking Company. s.
published these facts, We have been csll,d on byl
| diyiduals. who assure that the concern Is nov
hands Of persons entitled to the highest credit A..
| fthis kind evidence in the face OF suspicio
| actions. The persons who started and are
ed are known not TO be worthy Of confidence as
and we caution the public against the concern.
Another gang Of individuals have lately made
pearance at Lebanon, Ohio, TO revive the chart,
old Bank OF Lebanon. The persons called
James Earl, aud J. J. Bingham. They represe
selves TO be concerned with the Union Bank Of
They appear without credentials Of any kind,
procured persons in Lebanon, VIGOROUSLY ban
| subscribe Eve shares each These Eerls and
pay for the shares 80 subscribed, and have made b
nal holders directors Thus prepared, these in
| held meeting on the 10th Nov last, and elected
| as follows
L.r o. p,ssoroS. OF rny Lrr,yoS Mr.s B.yIH
| PssY. FLrcrrD ON Nov. 10, 1850, TO srnps vSrii.
svsL NLsc fios ~ J,S. 1891
john 3. IqIehsr,. or williams
n ten,esop II B. Van I{ori
" g. C5rwin. William selel
| 4 Bradley w H-rl.
r. 1glchaft, J. >. BinghsN
| J.. Earl, J.P Reyn1