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


and value of the standard erected by the mee
By that standard sale in hatcher or in yicksburg, at
sults Of he bank only abont 80 cents for the dollar
The exchange between Mobile and New York Is Ia per
against Mobile. Would New York bond, f'oid al
par In Mobile, produce per in New York;
For 20 out of26 years commencing in 1922 and ending
in 1915 exchange London a, discount in fhiladei
pha and New York the rate Of discount vary ing IRON one
TO nineteen per Would bond Of New York. or Penn
syania sold in London at par have paid the OF
No expected or believed that the two millions OF
dollars for which the bonds issued, coui obtain
tanned in the territory The Object the Legislature was
import capital not to employ capital already ubsis
ting in the territory Hence the provision for assignment
without or within the territory They might
be maio payable In any city ina the United States in Eu
rope, in Asia or even in Africa
Asondon is the great stock market OF the world and
the great purchasers OF stock naturally prefer making in
in such will enable them TO receive both IN
,eres and principal a, home has become the practice .,
and interest in London Some Of these States have sent
agents 10 London to negotiate sales Others negotiate me
sale a. home to brokers merchants who purchase Tor
the London market The bonds Of some OF the states IKE
those of Florida forbidden to be sold for less sum
bond and have been sold 10 brokers and others for the
foreign market for the number OF dollars sd IA 'he
bond, without suspicion that the p'"hooh h"" wv"
be sisurd,y of the doctrine Of the Committee, will be
clearly shewn by few cases as ny -c most
nsrcban, In Tallshassse wishes 10 make remittance
TO New York OF sieco ana s.o.n, nens Co.. Wbeb
he "a, the Bank s07l man OF plain good sense, wouh
that the Bank charged premium ol uV PCT ctne
for its check No :" says the Committee the Bank has
sold It's check at discount r. r. B may hold the note
of r. VI for $1,000 payable in New York three or SIN
months hence Wanting the money here in Tollehasscc,
he sends the noe broker in New YORK TO be sold, and
directs the proceeds be sent him in check OF notes
tho Union Bank The holder sells the note Cor $3.50 with
which he purchases check the Union Bank for }l0I
and RENTS the same r. r. b. supposes he has ohtaincd
for the note premium Of S7i The Committee say he has
parted with The note Of a loss. % l-~s .-aa
In answer similar argument in thecase Of the Hi
nois contracts the Chancellor Of this argued IS fol-
lows:-
The defendant en- icsvors 20 avoid this difficulty by
his affidavit that the rate OF exchange between New YORK
aud Illinois at the time Of making these contracts was
five per cent favor Of the former place He iners from
that circumstance that the funlsin New York would De
worth FIVE per premium 90 the state, and therefore
that the bonds sold under their value as that
would be equal to the interest the bonds Tor me zen
months az six per cent per annum presume ne sIeaks
Of the rate Of exchange ct the city Of New York end no'
that the state coad sell the drafts in Illinois a hv Per
cent PREMIUM IN geld silver, its yalen' ana ne
certainly halno right TO presume the Legislature int naea
auhorise its officers agents TO turn brokers anl puy
up the bills OF the nsis Banks in the city 81 New iork
or drafts uron the banks indiy idua for the pur OF
rerbursin the state for the loss Of interest
difference Ia exchange in the city OF New YORK IN aNsr
Of that place wouldno necessarily be the same ~ illinois
where the state would have 20 sell It's drafts 10 obtain the
money and realize the difference in eSohenge"
This aryuneD. o. the Chancellor to suppose TIA.