Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-03

I
Loans, S29O,43 asos7o SU
S Sss%i,s"' a ijssi a ssss o7 ass
The the following banks received by the State
Bank of Western New York, Bank of Vernon
Rochester Whitest2wn
fs sTs::r Merchants no. hSs pR1S SSsiGS
isa nh Bank aSftPf crust Com f'aeS COUNTY
Farmers Bank Amsterdam. Ogdensbug.
The towering of credits the high prices of commodities
the fictitious business the extravagan valuation of property
and the price of labor that reached their zenith 1885,
with the expansion banking operations in both
and have since been feby supported by the struggles Of the
spectators have reached APPOINT which the downward
tendency longer be retarded Commercial legislative
and natural all conspre complete the revolution that
has long been going forward Amid the confusion produced
by the elimination of events progress holders of
perty gveway and prices sink below specie
They will then and aclae until the working of the
system produces seadness The from England
presents affairs there similar that of this country
with the difference that her interests manufacturing
and those Of the States agricultural The results OF severe
curtailment the of Ensand circulation just
vsbein the multitude of failures that reported The export
Britain retarded up Septrlas by the
of the maximum of circulation. So long this
manned the same the manufacturers and leading dealers could
get along by boerng and renewals at high rate of interest
in the same manner that pracsed here September
necessity of curtament imperative be delayed aud
the circulation has decreased per since that time The
effect of this Immediately felt in the manufacturing dis
The of the distress indicated by the following
from Burns Commercial Glance -
ESTIMATE OF WAGES THE MANUFACTURING
DISTRICTS
1928 g Ess 5000, sSia
,s sss (qc per cent. iess) $4,000
q Of sIS IN @ % 1 Wages ss paid s 70 one
aE ss% %Sad s2. earning BY
pocket Of the people Of ancashire What wonder then that
the population Of this country starving
AT time the materials have fallen very low
the natural result Of which will be renewal of orders from
the continent and extension of trade T object the
bank already attained that of bringing gold from the cont
nent
In the United States powerful national bank on
the movements which depend the activity of trade; but the
policy influential portion Of the banks cenerng in
Phadeph, has been the that of the Bank of En-
gland IN to September bolster; but having less means
suspension resord in order to enable them TO main
tain the of circulation The result the
as England tsgnaon of trade The same necessity for
cuaen prev as here in England but will be brought
about by different meansthe first of which the resumption
hill which ssed the Pennsy House of Representatives,
on Thursday night by of SO to a. and sent to the
Senate on Friday The following the points of the bill
/ PESSsyLvAsI, RESUMPTION BILL.
banks required the payment OF gold and
silver for all their Liabilities whether notes deposes on the
S %S e az ana 1 Gt s ma; Ss T't spsSn
lie tenth day terer fora hearing OF the parties aud
@ S Of s se dsP P & a s saSEa S
iisted shall within two days, inform the governor Of
sewing such e issue o b, gGfa&stoo
IT, entered into and TO ena.
bic he trustees to collect moneys the said bank The
gSsilea eomnssioners to sle charge bank arleing
oath and give st security before entering upon The duties
S ass Ss debt. n due SS% and Sy CSeS %%ou
PRO rSa amongst the ereditors ali he money ha may
II the end 81 three years The holders 10 be paid .i
h1 eTTs sse . eTs pSbted ser directly indirectly
from purchasing the notes obligations Of bank whose at
T. The officers and directors the banks required
s. The sheriff coroner to the notice the bank
and receive compensation therefor ont of the county treasury
the duties aS s AID S any Other Officer spoken Of the
Than sso not greater than $1,000 and Imprisonment for
q, H. III d;. y, ~ he court - ~ ~
pension By S'i tie bar banks '''''''' ''' ~
resumption in Philadelphia by releasing the cash balances
due the Western would enable the banks Of hatsccon
afford hl accommodation 10 the produce Dealers which
now absolutely necessary bring the forward The
movement Of the crops will liluate the commercial balances
due the Atlantic cities The wholesale dealers viii become
possessed Of their active capital and trade will
matter With the movement Of trade, short business
paper will multiply and will b. greedy taken BY the banks
The circulating medium will consequently become abun
dant and will continue the foreign balance Of trade
pareny il favor The suspension in Phladephia the
weight which holds down enteprze and parayzes trade
Sound extend while the L. s. Bank stands ready
drain them OF specie TO export for it, and remains
itself in nonspece paying attitude. The repeal bill now be-
fore the LEGISLATURE will be passed norris IL requisite that II
should Its effects merged IN that Of the resumption bill
II the banks are solvent and the public will not be
benefited by their destruction hut they should not be permitted
continue their fraud the public. IL they cannot resume
let wound broken banks and the solvent banks
aud merchants their business unrammelcd by the en-
barr,ssments Of insolvcnt concerns.
The fate Of the Treasury BILL in the National Lega
ture pretty surely indie ed by the vote for Printer Messrs
Blair Rves the ocooco candidates, have been elected by
laru majority showing that whatever sparring there may
have between the factions Of The party they unite strongly
ON party measures and its yore scheme of am independent
Treasury viii become law This powerful element IN the
l of prices The discussion in the Senate the plan for
assuming the debts which has been owed By those
interested in the stocks the only of sustaining
their dit indicates that this last viii find no favor;
and loans in the words Of Messrs Barring Co.
"amorc comprehensive guarantee than that individual states
viii be required From what source, then, will be derived the
Soo)ooo necessary pay England the interest due in 1910 on
state loans The is made earlly distinc Ia the
failure Of the State Of Pcnns vana yesterday to the in
tres on her loans amounting to Ssoooo and due at the Bank
OF Pennsylvania Applicants for payment answered.
that no provision bad been AIDE r IT," 100000 bor-
rcwcd topay the interest which be reimbursed the
ist March Pennsylvania has thus commenced that series Of
State bankruptcies which will for destroy the credit Of