Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-11
Delaware Bonds
Maryl md

the Union Bank OF Ohio had been bought by Sey
@ Renck, George S. Wills, Hallster and Reed, and the
bills ofthe circulated appears from ON article
in the Milwaukee Wis., Sentinel th the agents Of the
Union Bank have been in that vicnitfsrcing Oft it's bills
After copying article the Sentinel adds follows
gentleman, rery nearly related to of the persons
named owner Of the bank, day or two since Pur
chased goods, to the amount Of nine dollars Of
dealer in this town, and made payment in one dollar bills
ofthe West Unon Bank. He had apparently consider
able quantity Of it, and upon the msrchsnt Directing to
take it. he offered to make good by exchanging the same
future time We do not think there is danger
of the merchants orhs people Of this town being imposed
ation in the eoantry from the fact that some Of our
oAanis take it in for goods We would therefore
the in the country against receiving it.
The character of the persons who now control the con-
not sufficient guarantee that the paper will be
redeemed. They the last men who would parchase
the stock Of bank they expected be abs to
form operation of swindling which will doubtless
be made apparent in due time
We have received the message Of Governor Mcdonald
ofhe Georgia. to both branches o,he State Legs
lasure dated Nov. 1870 10 very concise and refers
mostly to the Of the currency After emu
merating the evils which the public has been exposed
by the suspension Of the banks, he adds sf
II would respectfully recommend that day be fixed
for the Resumption ofspece the banks
reasonabe time to prepare for it. and that such penalties
be annexed to their REFUSAL az will insure their somp
ance." .-. -e.1ss
speaks avorably of the subtreasury Law Of the Fed
erai government will be recollected that the State Of
Georgia indebted the Phenix Bank OF this city, in the
sum ooe which debt has been dishonored since
Sep. 1889.
Some time ago the "wsll stree. Express of the
editors which appointed State director in the Phe
nix Bank through that system Of party fay osm which
has nearly ruined the wing party in New York. stated
tina, had been paid On this heal he has the fol-
lowing,- r.t 1a'.n... -llItDrf
IL may be possible that the arrangements male by The
Bank the ment OF the debt due by the sae
in New York, which have already alverted may fell
Il depends entirely the punctualy of its debtors As
ol.sue chs ~ h.. Gkata
should be placed beyond it due the creditor
whose circumstances may be seriously affected by the
what creates legal liability in the OF an indv dual
imposes moral obligation only State an her homer
Will BE- to provide for any deficiency tia,
in the mesns provided by the Central for the
pay meat ofthis debt 1850. -.
From this it appears that the debt not pail and posi-
biz m,ynot be- and yet the directors OF the creditor
ban, has stated wilfuy gnorantly that it has been
paid.
Tae Governor hos also laid before the legislature the
proceedings the worlds Conv enton" held in 10 ndon
in Juae last and remarks in the following strong Ian
guage:-
claim the madly fanacal spirit that dictated them, and
fully demonstrate the fatal extremities 70 which false
philanthropy may impci Its yotares The suggestion OF
the General State Governments of this
Union whether constitutional not, by the subjects Of
foreign powers an impertnence not to be enduredi but
otter to dictate unconstitutional policy subversve
he authority the States yolstiy OF Individual rights
eracy is an iry should be felt by every America
citizea the nations whose subjects thus offending
should be reluiredo bring them to condgn punishment
Te revolution which has taken place the politics OF
this country has undoubtedly had its origin in the low
pres winch ruled Cor every description OF proisee
througho the past year. The revulson which over.
took the merchants in 1887 has reached every
grade Of society The excitement Of speculaons FIRST
passed OF from the markets and left trade sluggish, but il
until the bolsering power Of the banks and spc
cuaors exhausted that prices found their level and
the depreciation has reached every description OF pro-
perry Curament and reduction has been forced upon the
southern banks, against the policy Of the speeulaors
whose saiyation expansion and imitation return
fiently as the result, Of change Of in power
We are ofopinio1 however in taking into consIera
history Of the past presen, position and the future
prospect that material rise In prices be expected
for many months, perhaps years, to 1t is
doubted TACT that since 1896 production has far exceeded
consumption, and must continue TO DO 50. The great
Abundance Of the crops main instrument in break
through the power OF the specustors TO bolster prices
and but for their desperate Efforts to sn; values pr
would long since have fallen Thsvss. productions
OF the West have nearly trebed since 1887 Thus in 1897
in Michigan sol 400 bushels OF wheat we're raised In
Islo the crop estimated at 800 900 bushels II is est
mated in oho that half Of the surplus crop OF that
state passes off through Cleavclsni 10 market. The fol
lovinr is an Of the surplus wheat crop Ohio ac
cording TO these data;
.stu,r Recsip., at Ciereians surp'ss crop Of Oiis.
isss bushels asiss-s bushels tssiz52