Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-01-04

Mobile, sac N. Orleans, 2
The difference between this premium specie the
rates of premium bill. last year. pre- very great
| alton
II this time that the resumption became general and
the of bills the u States Bank became the active agent of
change the rates consequently continued improve until
February when bills New Orleans premium Of
Ia cent the balance being fave of that city,
quenee of the movements of produce. The prospect
holds out no such promise and the chance of receiving
men from the out much less than last year. Note. due
New York merchants be real red The mel chants Of
this city, whose assets SOUTH have ing
their old Liabilities to banks since 1887. At every
ew from per has been called in until our city
banks have realized three Of sum- then due
them IA the mean;ime the merchants have realized the
extreme south and southwest scarcely anything The
lion has been to absorb their act i've capital in their pa
banks, who have in their hands paper
the Of which could not be collected at all and that
which paid average los. Of 10 per cent tanned
the exchange. When the Philadelphia banks suspended
October, they indebted 100000 to this city,
about s3ooOooo of wnch has be'n realized at dcoun of
10 per cent equal to 100000 Tn item Of the losses
that have pressed heavily city.
II asked recently Of large southern dealer why do you
not insist that due you shall be paid New Yo k2 Be-
cause said he general hing souheners do for
their standing with banks aud less particular pay
ing notes d4e here, but made payable at bank
in their town and from which they expect vors Trey
will pay If k.y Helcs the necessity which have
experienced Of rGnn the rick Of the exchange ourselves
The disasters OF the past have. however, nearly taken
away tie ability Of merchants gve credit ali ch
WILL therefore, OF necessity he the term, Of the coming year
The Indebtedness II Phiade phs and Baltimore Being
nearly paid TO New York. aud the great the
latter, and gain to the former the banks of cities
preparing The banks have very little paper
out and the only notes IN circulation in Phadepa the
u 5. Bank aud Girad notes. The frat towards hon.
ey has beea made by the yarmers' Mcehane' Bank as
seen in the following notice ihawc have received.
FARmEns' AND Mreu,s,c.' B,sx
Philadelphia, Dec. 81 1892
Every Note Draft other Obi CATION discounted or col.
eeted and every Deposit oih.r than in ConJ
received BY the Farmers and Mechanics Bank upon
The Ceds thereby created shall be payable in the Note.
osueh other Bank ofhe City and County Pladephis a,
at the when such Discount Col eciion or
Deposit was made.
This Is the 6r, line Of aemarcaion between the sound
aud rotten banks Of Philadelphia. The notice, although
dated the 27th not issued until the Id inst IL thu,
appears that all depostes made in the bills Of u and Grard
Bsnk which the only liun OF circulation will be
considered special depO,i,es, pa able n similar bills This.
under the circumstance is virtually dscredng the bills Of
those banks, and indication hat the sound banks will
they relieved from tbs influence those
Institutions This the lrs, ray Of light which has broken
through the cloud Of Southern bankruptcy and may hled
the harbager of much good eventually but tempo
struggle bewee, the redeemabe and the iredsemsb
Whle the soshrn post note system scattering Philadel
rhs has bcea rapidly approaching it downfa many have
bea tie ttempts made force upon New York, and
western trade SIMILAR train Of evils, in the shape Of post
notes, Of which the following Is sample.
STATE Oh NEw \ ORK. Nignette, FIVE
(5) ship
Fieuette BANK OF COMMERCE ?
Cupid. IN BUFFALO, -
ProBssfo pay H. r. Leach, or order,
FIVE Doliar, FoUR MoSrHs after date,
for va received.
BUFFALO Oct 25, 1889.
o j w. PfaH, Cashier. o. Allen PresL FIVE o