Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-22
900 Indiana Bonds,

We stated yesterday that the bills Of the Globe Bank Of
Bangor horeleemed in Boston in consequence of
which have been called upon by the agent the bank
no states that the bills redeemed in Respec
table brokers in Wall street. however refuse to bow the
bills, the ground that they not taken in Boston
The fact that bills redeemed by certain brokers
in Wall street, is evidence of their good character
small temporary deposit lodged with broker with in.
strucons redeem as long the funds hold out is FIRE.
quently the cloak under which extreme frauds
mtted. 1.-THE bills included among those taken the
Suffolk Bank, it is evidence of their goodness The
matter turns upon this fact, and shall make more
particu inquiry into il.
The period is approaching for the Legislatures of
the different TO their sessions and we
may naturally look for action upon the subject the
currency. The last winter spent by nearly all the
in endeavoring 10 patch up the circulating paper
medium devising to the frauds of the
banks restraining their action passing laws le
ang their suspension. In this state, of the ses
sion spent in amending the banking law and the
redemption law. The latter law was bone of conter
ton among contcndng parties, and owing to the small
business done and the peculiar situation of the banks has
hitherto worked will This we'll, however te no bar to
renewal Of agitation upon the subject by the intriguing
Wall clique The legislature of Maine has already
commenced regulating the banks and the Indie atoms in
every that the absurd will be pur
sued This constant tinkerng of the currency BY both
the first place by allowing unlimited number of nd
yduas and 20 create Giro alatng medium AT
their pleasure. The nnumera5e evils which grow out of
this absurdy call for nnunerable remedies until nearly
the whole time of the state governments spent in patch
ing legal vessel
While each State has been regulating the financial az
fairs its territory the Federal Government Ia, heen
equally busy derangng the commerce ofthe hole MON
The three last Presidential terms have been spent in
ag,fa he
ola change in the administration VIC may perceive in
dcaons OF repetition OF the scenes Already the
agitation OF the Land Bill has commenced and will be
probably urged through notwithstanding the aeknow.
LEGGED mischief caused By similar measure the dstrbu
ton OF the surplus In April 1886 the dcposles
in the pet banks TO the credit Of the United States was
s33 2ai02A In June, 1850 b passed the
sum and authorsing the distribution Of the la
lance with the several States according their represen
,raiion in the Senate and House OF Representatives This
was accordingly done, and the money was employed BY
the states different ways. of them lent At to the
banks others spent works Of public mproy cncn,,
and many lent II out bonds and mortgages which
the in this state The mortgages inconver
,ible, and Of the property is dead The with.
drswsl Of S2s 900 from the channels in which was
employed by the banks having deposte and turned
ato other channels produced contraction in quarter
and speculation IN another and OF the principal
causes of the reyusoa Of 1887 The distribution of the
proceeds Of public lands would inevitably reduce 81
miIar results.
There IL another view. however which more alarm.
ing than this For the pas; four the
OF the Federal have exceeded the rev
some or ssoooooo yearly The has
supplied py borrowing Treasury notes and the Govern
ment is in debt sSoooooo, besides spending its pro.
pery in the United Bank and the fourth insaen,
of the surplus enue making together sl7 100000 The