Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-05

counties, whose cotton forward through the United
states Bank suffered loss The complete success Of this
operation made the planters anxious in 1889
The contracts entered into the Kinds County Bank
agreeing, under penalty deliver the in Europe
at specified timc being the for the pre-
vious year. This arrangement had just begun to
successfully when, in the latter part of October the
pension of the United States Bank followed by that of all
the banks in the South fell like blight npon the interests
of the planters The Kinds County Bank long semmed
the current, and being supported from New York. was
the last to suspend but the failure of the Union Bank
with capital of Sl50OOOOo, rendered it impossible to
continue specie payments The PAPER of the bank con-
sequeny deprecated, and becoming impossible to for
ward the cotton per contract the bank forfeited pen
atty Things remained in this position all the winter
the paper continuing to depreciate confidence daily
becoming less with hope of retrieve from any
quarter whilst at the tme these planters pos
sessed of the richest unincumbered lands in Mississippi
and the most prolific crops yet they could not move be-
the outstanding circulation Of the Kinds County
Bank, amounting to Sl75e0O Of the nature Of indi
vidua bonds, and they had not the of redeemng
them. Thus situated they again applied for relief
The appointment of Board Of Commiss oners to
tain and report the precise condition Of the bank,
made 1t was asceraned that the principal Indebtedness
OF the institution consisted of its circulating bills and
ticaes outstanding to the amount OF not 100000
The first thing to be done get in this circulation
To do Mr. Delaed agreed advence the means not
exceeding $4,000 in cash and acccptances the oond
tons that there should be made him security equal
at least the Of 100000 the value of which
should he Investigated by legal gentlemen appointed by
Mr. Delaeldthe funds advanced to be applied exclusive
l to the redemption outstanding billsa the bills
redeemed be held by Mr. Delaeld, additional
curty he becoming the hill holder instead of the public
his security being thus $4,000 for $4,000 advancedthe
bank ship amount Of cotton to reimburse the
cepances Of Mr.. Dcafeld they become due On these
conditions Mr. Delaed advanced cash and acceptances
which acccptances for the convenience OF the Bank in
deeming notes. held by different individuals in dsrer
amounts prepared by the Real Estate Bank Of de
denominations and made receivable by the bank for
all debts due il.
On appearance ofthese acceptaness in redemption OF
the Kinds County bills they from 40 cents to 10 cents
Immediately. The effect to free the bank from its
embarr the planters recovering their business
energies, the crop comes forward unembarrsssed
In this operation three parties benehted the plant
er dsposes his crop probably Mr.. Delafeld having
the foreign and domestic exchanges, has the be-
net the business which his capital sets in motion. The
public at the south relieved Of deprecated paper
AMI furnished in its stead with paper payable in New
York. which enables them to pay their northern debts
thereby benetng the northern public. As the acccp
ances are with the proceeds Of the crop,
they are necessarily long Dated and therefore not dis
counabe paper but the special security which they
based renders them OF the choicest description Tor md
yidua inv estment
This operation gives employment TO the capital of The
North the possible for the inter- SITS OF the
whole country vrings forward the actually existing
Of the indebted portion Of the country and places
within the reach of those whose business has hitherto
been suspended for the want Of it. Were this movement
genera one of greatest bars the indebted
ness the South the North would be removed and the
exchanges equahzcd The substantial business would
thus be released from their difficulties, and the broker
banks and SPECTATORS lose their control OF affairs
We have received the monthly returns Of the Treasury
follows:
RETURNS TRE.suRy Norss ScrT. isr, ss coMrshEs
wrru Arovsr 81, isto.
Amount or treasury notes Issued
under the provis OF the acts
,f Congress OF 18th October.
1897; May ~, 1885, and March .. ...-.|
2,is3 ls5o1oSo Is,oo. ye'
OF this amt has been esed Is,as5sz2 ls2sSo2s
Outstanding, 3oi,a63 27fwf
As si.rnb $40 a. '"''' ss74oss tsss Sc
<,r.l -. 'ln.ar ~