Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-06-02
MOI Ely AR X K II



Monday, June LIS p. M.
The British Queen took her departure the appointed hour
full Of passengers and carrying large remtances in b
Stock and specie The demand for sterling bills this mornings
previous to her departure active but the supply is
large and the closed at 7ast cent S41aie
the pousd serng which decline from Saturdays rates
The stock market has undergone but little changes sales
small and in instances at improved prices. u
Bank II per cent Harlem Delaware Hudson declined
~ per cent North Trust Banking Co improved
per In and domestic exchanges there
is but little doing, and without change in rates.
The British Queen will carry to England indications of
any edy the state Of commercial affairs
The state things but seriously ALARM
only the Of tae securities Of that state but the
Of the United States Bank The of business which
has effect this side changing public OPINION
will operate the other side strongly against the United
States Bank to the position Of which institution may be aser
bed the of trade and consequent absence
Of orders for goods iii England This cannot but nave
great effect upon all American securities no" !"
the Lendon market, and but produce the same
indisposition the part of capitalists to NEEDLE win he
which is manifest here. The fear to invest IN state
stocks much from idea that their intrinsic values
deprecated with view their probable future avala
by In London and Europe the demand for these stocks
mostly from capitalists who wish permanent investment
at higher of interest hanis afforded BY the securities Of
The only bar to la absorption OF stock
these the comparative Of nstu
tons Of conviction Of the stability Of our republican
institutions the Of visible and certain
Of paying the interest debts incurred by Of the States
Capitalists without fears that the legislatures Of some
States may take it into their heads to the debts n
Cured former Legislatures The conduct of Pennsy
occasions awakened this fear similar apprehen
sion regard the legality OF issues of stocks led to
the publication Of the opinion of Daniel Webster few months
since London in behalf of the Barngs Europe has not
yet become accustomed novel form Of
IL only within three four years that has
become important, that the borrowing operations of the
United States have become Of such importance to nvt
the attention Of lenders the nature Of
sources and means of payment In that time many
I.v. af.1 pnf
perfect confidence Many States have actually agitaed
the question of reputation, and the fact has become de-
voped that most of the states depend loans to
their interest other words that all their debts at
compound interest This the with Pennsy That
state created temporary loan last June the August
teres She failed the February interest and the packet
of the first OF June carries out the information that ab
vide Tor the payment OF the interest by taxation has been
jected and that the banks loan required il
they to in January next This calculated
have very injurious effect the stocks of all those
which special provision has been made for the Of
interest The anticipation of this effect e.inced in the
displayed by parties interested the sale OF
stocks in Europe, previous to the departure of the packet
sham sale made the exchange and quoted in the all
street with great pomposy increased demand
for securities The miserable stock jobbng trick laughed
at all over the street.
Mr. snowdens bank bill has passed the Penns House,
and been the Senate The following synopsis
etSr ahs
sss leS Gs Ct ike f@ 'front.' .s s' post notes.
Sc Requires Banks, after the first day of October
the notes Of other ecie Banks at
1's
Secu... holders Individually liable in proper
ton TO a.. r< held by them respectively. Courts
such
Section g. with fine and Imprisonment deliberate
false By any officer of Bank in relation state
ments made of their affairs.
Section 7Provdes that if any Banking Institution SHALL
after the fifteenth day Of January refuse to redeem
OF its obligations gold silver its charter shall be for
feed proof Of the refusal TO do to be made the mode
prescribed by existing laws.
Sections 9-Rserve power for future legislation in
gard the Banks and repeal existing laws which conflict with
this.
1t passed final reading By a vote of SO to e.
This bill has curious features IL provides that the
paper money of specie paying banks shall be legal tender az
ter the LIST Of October next The Banks however, not
until January The fourth section WILL there
FORE be dead letter. until that shall have taken place.
There but little probability that this bill will pass the se
nate.
The following additional returns of ,a banks
RETURNS THREE GEORGIA BsSxs on THE erH APRIL,
WITH OCTosrR, 1889