Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-07


This shows increase OF currency 10 e f4sa 600
And an increase ofbuiicn. .SO'o 600
And also in the increase oil securities" ss .
aence on the part Of bank than she has shown Tor many
months She has doubt, taken the earliest opportunity 70
expand in order to the manuctang districts ana al
v that popular feeling which running strongly against
bank favor of joint stock banks IN spite "i '"SP
confidence the part OF the money power
trade vet remains the manufacturing Districts The
ue,s carried out BY the British Queen calculated TO give cot
ton start; nothng out the controversy
business with the continent so FAR revive az TO give prices
upward tendency This view has led many imagine ns'
vricvs have their lowest points.
An individual calling himself s. f.. Watkins from New
Yokas been arrested in New Orleans, and i of bills OF
exchange post the Farmers Bank OF Seneca county
found upon him. The post notes OF this concern nave u'
many weeks under protest
I'm pursuance of the report of the committee the Mch-
gan loa abstract of which we gave lie" DAYS
since a law has been passed. and received ue signature
Of the Governor entitled act to authFrise the anu
sioaon of certain instruments of the five million loan'-
By this law the auditor authorised to make arrangements
with the Of Michigan and the Farmers and Mechanics
Bank of Michigan either Of them any specie pay ing
Bank from TO time such sum or sums OF mo
ev as the State may outstanding claims upon the
internal funds by selling to said bank or os
the for the hereafter to become due on account
the oaa and often shall become hceS
TO raise money TO meet Liabilities of the State under
made made until the next annual meet
ing the legislature until provision shall be made by law
fr placing the funds State State Bank, II one be
hereafter Provided that the interest to be paid
IN of said stsmnts shall exceed six cent
er annum This apply to not more than five instruments
The following are the Sd and +th sections OF the same
act shah be placed such bank banks as havs advanced
credit Of the internal % cement am Of t h
STATE SS aSar Soa ass% Of
ssc TSa provision seqqiriog %
ns amy any SssSsn HI
said banks ,sgsssy with which y,sT ea TO lest them s To-
suspend their operations aud IN % 20 &
herby Sssended Until lie Monday oFebruary next
Here another specimen Of Pennsy wanna iegsaton Inc
Banks are exempted from all penalties for their fraudulent ss
penson crowded they will lend money to the state Ia every
STATE the same feature predonnas The governments are
through necessities entirely in the power oil the oak
and all legislation against the institutions ends IN the triumph
of the latter The Michigan law is preferable to the rensy
vana law isarmuch it compes the banks TO pay specie
and provides that every bank which shall become
the the whole part Of the instruments Of
the five million BY this act authorised to be sold shall be
to its notes. the notes OF It's branches and
M notes and evidences Of debt either by specie or
nv drafts York at sight To be drawn from time
against the several instruments Of the five million ioan and
payable the days when the several insalments shan re-
orcyely fall due beginning with the April instament or
such bs Of exchange shall be taken in the regu
lar business said bank Provided that no bank awaiting IT.
se of provisions Of this act shall be permiedto charge
more than two per for drafts able at sight and
hal. r cent Cor able thirty days after sight, one per
cent for payable sSiy days after sight, hall OF one
cent for drafts ninety days after sight and that
drztts
premium.
This accepted the banks mentioned which i'm
edat~ly commenced drawing against the nstalment due
The lat April by Bank and curing the three day. sub
10 the passage Of the the Bank Of Mehgas drew
On NewYsrk the amount Of $4,000 at cent The fol-
lowing notice has been issued by this Bank;
BAys OF MemeAs,}
meeting e the PTIs,U ss Of The 5n1 Of mshSs held
ORDERED That hereafter be resolved for collection
not
collections to be made Except for resident dsposng
ess e"n. '' '-"~ '' H. K sasera' Cashier
The report Of the Joint Committee. appoinedby tine Lega
ture into the Of the suspension accompa-
nied by minority report Of that Committee in which
charged Bank OF Michigan has violated by
Issuing their made payable at the branches and
at their On the LIST January lsio The crcua
ton Of the Bank of Michigan ............ss $50
The Deposites S7e5 IS
~. ;mmsai" ~ mems was specic Sssi a.
or about IL Since that time has issued $50 oo of bills
stamped pay able the branch OF Kulamaseon The majority
the committee state that the late suspension caused by
s increased demand for exchange pay Eastern creditors
~ the inability Of the debtors of the Bank meet their
and by the peculiar position Of Detroit which
her the point which tends all the circulation Of the
Western Banks Tor specie exchange. The bills Of the De
Banks and their branches form the entire circulating
medium Of the country, and s value of remittance
10 the deprecated consequence of the
y Of the Banks TO furnish Eastern exchange II in this
that the drafts ofhe Banks the loan
entoned supposed to the value o the II
uncertain, however whether the insamens will be paid
by the United States Bank in acceptable currency That
institution, taking advantage Of the late Law authorizing
PENSION has refused to specie its marked notes which
have become due and will probably pay nothing but tr
bills the state loan. These being AT small premium
Michigan compared with her currency may be called
the that the law Of Florida eyaded
Col Gamble. That law required that the Territorial bonl
should be sold he sold them loss Of aud
said that Tallahassee cursncV In the
United states Bank bs may be par IA Michigan currency
Tesh Ward Bank Post par Mississippi currency.
The report made by the COMMITTEE apo s,sd by the
the which all such reports pres,nc
that w. that the suspension owing to the suspension the
seigboring States. II We all the reports made the
subject 6nd that actual necessity for
where existed All the banks have been
ensd by the failure oC the a. Bank cannot now any
satisfactory for their suspension or their counu
snee TO refuse redeem their bills specie The committee
agree Their, redundancy OF capital in Louisiana olows
That there has been for several past of
banl ing cital in tis state fact generally admed The
aggregate capital OF all the banks paid IN al this
bS circulation the January. WAS Csos 7et
Er.a dsproporuB between the capital OF he
AID thcir gate circulation indicates that large
amount this m must be Improbable beth to the stock
holders and TO the public.
A.a fart her illustration Of this fact, will state that
Of fits cf all the banks without allowing for
bad deba losses IN Other during the ending
The slst January, sio, was ............. sa2t6sf
The total their according ST meni No.
IL y ~ rcud numbers about; ;.... .....7oJote
inc odipg interest ON the Of banking houses SC
Leaving asc ~ round nugbcrs, abor ....... 100000