Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-27

w. will call the attention Of the reader the three loans
made to Robert White c. White and James Mcbride on
the Of Feb lso security of Camden and Amooy fa
road by which these three individuals obtained S27"
the day after report the committee of which Mr. James
Mcbride made their report The amount oil money
about per than the par value oil the securities they
xave for it, according report Of the last committee fol-
lows
:. ,s,ia. c.~e:s Railroad So: :s:s
E Rob.r W White. s,sss,a $500
fetal, m7s7sa saosoO
This operation made at the very time public indignation
aroused at the bareaced transactions which had transr
ed 1t to have been dividing of punder in anticipation
of burst The loans to the directors Of this bank under
the two heads bills discounted and leans stocks are as
follows:-
Loans on stocks. .................... 2Sass2
Total loans to al, directors. s4ll,2il
This about Of the whole capital The whole
ofoans stock ordins to the reporter the commit
The par value OF the securities s.s 5.s
Average market value rs per cent.
THIS gives aoss supposing that The present mar
ket could realized Again, oil the whole amount of
loans is received on Ss6oooo which leaves
S4 only that productive II the securities really worth
anything why have they not been long since disposed Of and
the funds therein made active This shows the most
reprehensble misconduct.
There are % hanks in New York. the probability is
they all hold equal fsecues which yield nothing
the holders and have been on hand three This
will give Of securities held, equal TO $500 900
The annual interest on which, is $4,000
BY which appears that the stockholders city banks have
sustained loss for three years, ofover Si,5OO,oOo
interest money, while So has been Withdrawn
from business and sunk in stocks that utterly worthless
large also remains dead unproductve mortgages
Do not these facts call for the searching
into the affairs Of all the Banks and require most radical
fom2 Our merchants under such SYSTEM cannot
guar business uniform currency Let investigation be
Immediately commenced with all the Banks similar to that
which public opinion has started in the naa No Law is
the occasion Legislative action could have
brought about the thorough which has been mad the
force OF public sentiment alone do it, full and frequent
investigation and publicity of the reports the only to
insure sound currency.
The Senate of this State have rejected the bill introduced by
the Railroad ommttee for the construction by the State of
the New York and Erie Railroad by vote of IA to H. They
have however, adopted another BILL providing for Of
State stock to the company the ratio of dollars of
stock orevery dollar expended by the that
whenever the company shall make it appear satisfactorily
that they have actually and properly expended S5o State
stock shall be issued to them for $500 ooo and to
amount exceeding This does not amount muc
and apparently dong the by those opposed to
the BILL and yet who wished court the favor Of the South
western counties high time that useless expenditure
stopped and the spectators who started the ridiculous project
made to father the loss.