Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-23

Bspk ha, become so bareaced in s operations
to be trusted ohe Stree bootng banks Of this
State We will state case r. < Co. Of the first firms
in this ctyshad recently obligations falling due in Phade
phia to the $4,000 They RENTED the in
due house there for its payment The was
then deposited the u Bank and when the notes fell due
At the Mechanics Bank check drawn the u g. Bank
for the amount This refused payment, and marked
good" The check offered at the Mechanics Bank and
refused they will longer trust the u g. Bank The
ssqence that the notes Of Rs Co back protested
and their in the hands ohe United States Bank How
long do the Philadephans imagine that New York and the
East will submit to transactions like hsl We have doubt
that by mercantile rule, firm in dpha having with
full knowledge of the state things having without the exer
else of prudence trusted the United States Bank for
the responsible for the damages their principal has
sustained.
Hitherto during the suspension Of the banks the merchants Of
Philadelphia reaped the benefit of the state of things
growing out Of it, but time has wrought change
and they beginning experience the disadvantages Last
this of exchange between Philadelphia
and the nearly and in making purchases
that city, the New York and eastern merchants made
their payable home, because the risk and trouble of
transmitting the than the exchange These
generally fell due after the suspension and exchange
to IA per cent The New Workers submitted to this without
grumbng but in making fresh contracts they took
make payable in currency trans
hitting the money them there they subjected the
vexatons described in the above mentioned 1t pos
sibe upright merchants continue BUSINESS where such
transactions tolerated The Phadephans will ind that
departing from the old land marks Of mercantile integrity
and in following the crooked the irrcdeemabe banks
they lost in abryn from which they escape with
safety.
We made mention Saturday Of the attempts making
In the American Exchange Bank, to Mr.. Leav the
President This gentleman formerly President of the Full
ton Bank and owing to his business habits and strict
principles that the Encouragement in that Bank 1925
discovered sndits affairs placed good condition
stakeholder in the American Exchange Bank of which he
PRESIDENT the Of $50 The direction Of the Bank
formed othat class of borrowers who failing get
hec
up suspension meetings without and then started
the American Exchange Bank; but Mr. Leav having invest
money looks after the interests of the Bank and will
not any the directors to borrow from the Bank
II il for making by them for his removal
that may be appointed who will be subsevent to
their views Mr. Leavtt there however, right of his actu
and conducts the business of the Bank with
view permanent good and will not lend his to
xcae from the results of their msmanage
ment. =. o.,
We have received the half yearly reports of the banks
from the Comptroller It is bungng and badly got up
document regards any insight into the Banks it
il AZ clear as mud" The form which the Bank returns
are given calculated TO conceal the true position of a
The following table Of the leading items, which we
have compiled from the document: