Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-04
MONEY MARKET.
Tuesday. March 3---G p. M.


TIL. Manhattan Bank is rapidly approaching denouemen
the the Legislature Ii is pursuing the
steps its great model the Philadelphia Schuy
kill Bank committee examined the affairs Of that bank IN
November and reported all right few weeks after ofits
officers and all the declarations IN the concern were
laid upon his shoulders James Mcbride, Thomas Sufern,
and W. w Todd made report of the Manhattan affairs re
Gently favorable they could Today the first teller, Mr.
Colin G. Newcomb has disappeared from the Manhattan, as
suddenly did Mr. Lewis, frem the Schuyki and it is said
he has taken with him principally gold Jonathan
Thompson and Campbell White have been employed this
morning. counting the specie to ascertain the fact Mr. New
comb will have doubt stand the sins Of the whole
The first teer of the Manhattan have always been
ted for their rapid advancement They always necessa
ry the confidential clerks the cashier Mr. Robert White
has the institutions his family have helped
themselves and the affairs of the bank bad can be-
Probably than half of the losses yet discover
ed. AS far ascertaned they stand as follows:
Loss on notes and bills discounted, Sas 600
" Stock oaDs, zooVoo
Discrepancy in depose account 7e45i
Over drafts ll55oo
C.C. Newcomb, lefalcaon or Texas loan, $4,000
Losses as far as discovered sI,ois,s9s
This one half the capital Of the bank and further deve
opponents looked for in order judge how much
of the other half The amount due to the State by the
bank will be scarcely worth looking after, if at
tended to- There material variation in the price of this
stock the facts here stated having after the close Of
the board Stocks generally declined Harlem receded per
cent Mohawk per cent New Jersey Railroad per cent?
the sales very small and decline of per from
yesterdays close Sales of bills Philadelphia made
81 per cent discount.
The position of the resumption bill in the Pesnsy Lee
gature looks quay for the banks The bill passed
by the Senate before the house Friday and the Chair
of the Bank Committee moved with the
Senate This did prevail but the BILL it from the
Senate committed to the Committee on Banks the chair
Of which moved to with the Senate therefore it
probably reported today without alteration and all
liability will the house. and receive the signature of the
Governor II is stated in The Philadelphia papers that in such
event. the banks of that city viii throw up their charters,
and proceed wind up their affairs This REFERS of
TO the nsoyent and will be of the first good
effects growing of the law The rotten institutions and worth
less will cease to exist The sound banks will not be
endangered by the struggles othe bankrupt they
will be able txpand specie basis quite sufficient for the
wants of the mercantile community.
The relative position in which the affairs Of the u. s. Bank
stand to the Federal Government has been in great
the Of the hardness with which the important
question Of the the Treasury
notes due the 9TH inst has progressed The former issues
sfTreasuy Notes by the government by coming into general
circulation, time when the u. ). Bank specie
Saying and in high credit eranped her movements
very much by driving in her circulation The Treasury Notes
always commanded par when the outstanding
as high 5000 and all the banks paid specie IT. in ths
present position the u s. Bank Treasury Notes should be
issued able in New York the first movement Of the nsttu
ton would be to buy them at price, and Immediately come
upon the The notes would thus be benefit to
the public, .ut would only to bolster the Bank
The administration policy has therefore been delay
until the resumption bill should be passed Pennsylvania The
position Of the dominant party regard to the debts OF the
State has been Of dependence the bank and the anti
bank consequently moved slow until the interest
the debts secured up August Since
effected the resumption bill has progressed with great rapdy
fn order that the fate OF the bank may be ascerned
for the Government to provide for its liabilities There
little doubt but that Gov Porter will ax his signature to the
bill i'm nedia,ey on its passage.
The time for the of the Treasury notes OF the Fede
raj Government is approaching fearully it is the
I'd OF March four days hence its Liabilities for post fall
due, and nothing provided them possible
tina. much dependence placed upsn the receipts the
House in this city to meet these bills but this will be fatal
understand the receipts the Custom House for the
two months the present year have fallen OF rop receipts
oflast year fully two thirds, "a foows
he cash receipts Jan and Feb have fallen of $500
The duties payable BY bonds, 100000
Total decrease, s2OOOOOO
In addition to this deficiency, the debenur payments have
seen very heavy also large proportion Of the have
been IN Treasury notes and therefore available The
amount Of bonds given In th month Of January not FAR from
100000. These fall due IA three and sir months Moreover
letters from Europe state that very few Of the vessels find
fright to this country There is, therefore, but little
prospect Of speedy increase ia the customs With h, dull
state Of thugs at tn Custom House. where twohirds Of
the collected payment 5000 900
due saarday next and Congress doing nothing to
meet IT, The credit ofthe federal government Of th United
States about 10 be dshsnorcd and vet made
to avert the impending evil -Four days may find the United
States Government bankrupt AMI dshonored and the event
Merchant
sner merchant bank after bank, and State after State
have broken their engagements failed and dshonored their
obligations until the public mind perfectly cafous
TO disgrace and the credit Of the federal appears scarcely
worthy Of passing remark Indeed such height have party
SPIRIT and moral laS,y reached that the bankruptcy Of the 90
Is eagerly hailed the harbnger destruction to the
dominant party
The only Of avcrng this national disgrace prompt
issue OF treasury notes Thee viii relieve the necessities
the government and IN the disturbed state Of IN. cur
rency he Of gr, bcnei b a. trailing The erops
Of the south moving forward with celebrity Az CON
sequence Mobl the al the rate Of discount on New
York redu ell per cent, AMI the premium on specie f
Per cent se,g bs decline in value they are sent from
New Orleans Mexico Tor sale, and ths proceed. return in
specie sal5O arrived IRON Vera Cruz tie ut This
operation ins the New Orleans market those Larry,
amounts Of specie which thsir vey 10 Eng and The
prices specie must, therefore, r B the banks resume
The exchange the north nli. not much the
balance die the NORTH the depreciation Of the redee ble
paper &C the suspensed banks Government Treasury Notes
will obviae this dibcuIty anl form sf remance
which no loss by depreciation will b. susttinsL
The resumption IN Phalelpa will dcibss be followed by
The Banks Of Maryl,nd abou The bill passed by the Legisl
ure Of that state FIXES the time the st July; vt this
sone probably in the bsf that resumption would take place
w Pennsylvania The New Orleans Banks then
and The scuni tanks IN the intermediate states must follow
sales ut the stock Exchange.
waN..~