Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-13
1ONEY MARKET.
Thursday, March l2.-6 p. M


Harlem receded cent; Canton Mohawk Delaware
Iudson American Exchange Bank q North American In
surance Banking Company, III Manhattan Bank again de-
cned per cent There appearance yet expected
report; great deal Of thrown away OH its prepa-
ration has been announced the hands the printer
vera days, or time enough to have published Bible Every
seized keep the information from the public,
until those in the secret shall have awaited themselves of their
knowledge to operate the market In this they will be
unsuccessful Thirty forty shares only quite sufficient
to knock the price down cent and enough has already
transpired TO the public that its real value under
per cent or IS cent less than its nominal rate
The State loan for $500 900 has been taken at by the
combined banks II stock and good sale; the
last sale of New York State Stock auction, made
and principally taken by Prime, Ward King Sales Of
Indiana cent dollar bonds made at the Stock Ex
change at s7as7 This places strong light the successful
operation of Col Murray Paris he obtained 81 for the
description Of stock.
The legislature Of this state apparently about to make
themselves ridiculous by the passage of law for the redemp
ton of country money the city Of New York We have be-
fore given the points Of the law The substance that all the
banks of the state shall appoint agent in city who shall
redeem their bills presentation at half of per dis
count If bank neglect to appoint such agent the comp
troer shall do for them So far but how that agent
be Supplied with funds not stated perhaps if the bank
negects to place in his hands the comptroller will
ply it, The penalty for noncompliance is that the bills IN
ing refused by the agent shall be protested and for
waded to the comptroller who shall proceed the d
reced by the fourth section of the General Baking Law
Now this rideulous1 Under the present system the
rate of discount varies from to cent in ordinary times
If the proposed law into force it would not
discount the bills of those banks which do not
comply with it, but any individual should attempt enforce
the awt would cost hmn delay nearly per
the bills he migthod and when paid through the nterven
ton Of the comptroller he would receive than if he
had them Immediately TO the bank II is truly astonishing
that should assemble together and waste weeks and months
of time aud hundreds of thousands Of dollars egisang
subject which far beyond the control Of legislative
the revolutions ofthe planets.
The object of making the currency uniform by keeping the
"A
trade that dstrc of the highest importance the pub
lie large That object is however to be obtained by the
edc of politicians but by the operation of the laws of trade
The executive Of those laws is the monied power its
Such the banks Of Boston, and the Of New England
governed with uniformity unerns the laws ct trade
themselves his the only plan BY wA the object be
eected and until public opinion forces the banks of this city
employ their capitals in the legitimate conduct Of the trade of
the country Instead Of makng loans to stock gamblers and
cuaors of all kinds there be uniformity of the
cy The State Bank had last the in her hands
She bad the State uns work and when the redemption
became by of the activity of the circulation
growing out of the conflicting systems it, instead of weakly
giving the and throwing the redemption
had proceeded the Suffolk pan and forced the country banks
to keep deposte with her proportionae to their business
the evil would have been completely remeded The weak
and vacating of the politicians who direct that
concern cannot be depended on by mercantile men.
The assumptions bill which the Pennsy vania Assembly
did with the Senate has been insisted unanimously
by the Senate and will be returned to the house for
ton and IL then pass but outstanding the state of
things Philadelphia arises from the
fact that il tbs fear of resumption which Expresses trade
but the Of iredeenabe which holsters
aos and enables holders property value to
their debts By Of bank loans rather than TO SELL causing
that inactivity of capital which sasnates every branch Of in
dustry In addition this evil the banks quarreng
among Themselves, and open outbreak may be soon
pected
bought presses been endeavorng to identify their inter-
es with those of the other banks Of Philadelphia when the
facts are that the United States Bank the Girard Bank
aud the schuyls Bank have represented the policy Of all
the bankrupt spectators the country whose Interests
csis, IN those thEse a i omst
banks of Philadelphia These have since their forced suspen
sion which they voted against far in their powerlay, fol-
lowed the New York policy and by curtament and reduction
prepared themselves for resumption The result OF this eourses
that the banks them large balances which
by agreement the OF suspension, they to inter
every day sinks them deeper in dseredt The other
banks already refuse take their marked checks, either de-
pese OF debts being unwilling to increase their
accounts This the L. s. Bank through its the Ma
ona aretee cas eaosies and chickering's aud endea,ors
conceal the that is between the three nsoven banks
the sound ones that those jeaouses exist but endta
convey that all the banks quarreng
with each other These are the assertions OF the banks but
when NEEDLES with figures the truth shows itself IN spite oil
their decacaon They have divided the u banks into par
pared with those OF the United States Bank and Gard Bank
from October to the LIST March, as follows -
MOVEMENTS OF rHr PHiLAprLruA BASK.
Class /, 49, !asa CAS-
PS SIIsSel ,isa OrsS ss liberties Grsd Bs"i
s sS"sr.' I S,thaaie., so%!a,ss ,
Mo%@eic,sl'. go. ks sn"fg Mechanics
The first class decreased the circulation from Oeio-
They increased their dsposites .aSsoOoo
Withdrawn from circulation ................q9 7OOCo
Deduct increase OF LOANS, 'VOV
Total withdrawn from circulation saisOOo
The second class decreased their circulation m same
Tiey increased their dero:,s ................ $4,000
They decreased their loans ,oV
Total Withdrawn from circulation. $4,000
Add anount withdrawn BY st class NsOVV
ss1,cOO
In another view by increasing the posts and reducing
the bills the circulation reduced sfOsOOo
The nett increase OF loans .........'.'. HfVVV
Reduction Of circulation sssa4O 900
The third class Of banks n the same PERIOD increased
their latuu N5OOoVO
Decreased tn gOlvVO
Increase thcr deposits
By tbs II appears they have decreased their circulation
S.7aoco They have therefore, stood nearly in the posi-
ton IN which they suspended regard to the while
they have become indebted 20 the other banks very largely
and wcr, therefore the only which paid interest This
amounted $1,000, Of which the let class received $3.50
and the al class sIo which Is the proportion In which the
have increased in each Now these figures given
m the United States Brink order to attach blame 10 those
banks in which the have ncreased but II is very eY
dent that this is matter Which the banks have no con-
troll but arises entirely the want Of confidence, caused
by the acts Of the United Bank The Of depo