Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-11

ss last returns by her State HELD seossOs
Of stocks Of the following descriptions; tlU.ta
Ea.: Ba n s S viii a.S .s
Ns ssI, ossa. Gas Ms''ss .a Rail Si
and r aS;S RAJ. and
many of kindred character all Of which
deprecated per and Of them rs cent be-
low the price which hypothecated fair inves
tgaon of assets in the of shrew capitalist
purchaser would involve loss to the bank
Of his item of hsr assets alone Practical men
all Sides admit her only chance of alton na
Won currency, which fictitious values for these stocks
would raised extent that would enable her put them
of upon the public without loss herself This
grand motive for the suspension last fall and the
Of the late law great efforts have been made to effect that Oh
ect The position Of affairs generally and the firm position
Of the other banks has defeated the attempt and
ed unduY the only rebounds to her own
ascrd and increases her difficulties The public mind has
become alarmed aud explosions taking place in all quarters
Of the Unon rotten banks bursting and the true character
Of speculative rail roads becoming better understood In
efforts have been made to puff the Commercial and
Rail Road Bank Of Vcsburg the notes ofwhch concern ar
offering Philadelphia cents the dollar. The
rail rad has been assigned the u s. Bank and has been
pued immensely profitable when the truth is
at it is bill of expense The liabilities of the bank and rail
road grea the rail road tsfs built snsuban
tial that will require rebuilding in to 10 years
is impossible for the U. s. Bank, any clique Of
Banks initiate values of old property Her
proong the period of suspension indefinitely SO long
with the countenaRce Of the State Govern
long will the final liquidation iof the Bank put off,
That day must however, later large
Of her post under protest. The holders
ed to accept deprecated payment Every
paper becoming deprecated and the creditors the
Bank camorous The law Of the state Of
ssthorisng the suspension, direct violation Cons
tuon which provides expressly that State shall pass
Law impairing the virtue Of conracs Many persons
pending the laws for the security claims and pro-
perty loaned money 20 the u s. Bank security post
notes. bearing six cent interest On the maturity Of
shose notes. the Bank falls and offers its
sotes not bearing interest," thereby failing in its
and breaking its contracts The State authorities
law egaisng this breach Of faith, and the robbery
creditors Of the Bank.
The result of this unprn disregard
rcter of individual property and the rights creditors very
apparent in the want Of confidence displayed by capitalists No
will lend their where they subject be robbed
and have their claims at nought the capces of
borrow money in the market time
the federal readily obtained specie
81 cent and the States of York and Ohio easily
tain for exavagan purposes The
by the Pennsylvania legislature during its past session.
struck the root of commercial Men
their astonishment that in this republic property
than under dominion of the Grand Turk They
draw in their hard money, creating universal de-
mand for specie under which credit and whitening
and perishng The Boston and New York creditors
peaedy offered to extend old debts any length of time
banks will keep fah and continue for the future The
M stone ofdebt and insolvency is however, about TIE
the state and the Bank and will drag them both
efficient taken at the present
store the credit of both This the part of the State
immediate resort to TAXATION and immediate
on the part OF the Bank.
The follow ing is statement of the Planters Bank of
the 9Th st, compared with the return of Oct