Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-01-31

have received the Message OF the Governor Of Mchgsn
contains few facts regard the financial al airs Of
that state He states that the projected works Of public
improvement will fifteen millions that the
OF the State by adequate TO the com
peon He this refor recommends repeal all the existing
laws relative 10 the internal Improvement system excepting
much relates the running of roads 'd
and the payment Of the stipulated interest tie S5cooOOO
loan. The Governor strong claim the possession of all
the INDICATED lands within the limits Of the State and now held
by the United States Ia reference the state Of IN" curren.
cy he says that there IS the then sah
pert Of circulation necessary for the local busntu opera
ton of The State and that ah ugh the surplus whea. crop
3OOD coo buhe eanuot go marketor want Of clrcua
thug medium. lie therefore recommends by
which the banks may be enabled expand aud thar in order
ecetualy to DO this COMM tee should be appointed
to The affairs Of the banks, and ascertain how far
esupenon Of the Pennsy vsna Bank Of the United States
has influenced the suspension of the Michigan banks and how
far it may continue in ience them Dr. James Hagis OF
Mississippi been appointed examine into the a rs Of
The Agricultural Bank suspected Of mapractices The bank
FIRST refused undergo the iuvetig on but wards
submitted The Hsruands Bank ias issu's bills payable
demand, at the Commeroial Bank Of New Ohssas.
On the .u,penon Of the U. s. Bank October last
of institutions in Philadelphia voted against the measure
po sedy because thy did not realise the necessity Of it
The overwhelming influence of the United States AID Grsri
backs, compelled them to it, The two last mentioned banks
aud their officers, lualy had long been dealsg and
eustiug stocks which had been for many months depeea
ti,g and affairs had reached poiri when mmmsrss
.ss would be sustained involving the ruin Of the banks ssd
those connected with ten une reaction could be Effected
This be done in other than by general
sion and Of the whereby prices wosid be
ed and se, uators relieved The OF the New
York been SUCH that found unexpectedly,
part the Phi 6nancior that they without
the charmed rcle of influence and could msinais
themselves opposition to the behssts Of the u s. Bank
sound Pnadep ia Obliged edi but from that
time their policy identical with that OF the Ne~ York
tanks. ihsy have cuted their liabilities, and realised
their debts far possible while the u. g. Bank and CO
rad Bank have pursued the expansive policy. The
q-encs that almost the whole circulating medium OF Phis'
dphia the oftho,e banks so long these
depose by the other banks they liable to be
called upon specie tue they resumed The U.s. Bank
thu. in their tells until week two ,ince, whs n
they issued card which published the Herald stating
that ,he,s bills would only be taken special depesiie pay
able in the aud not specie. This movement has
been gradually relieving the banks from specie stes, as
the old deposic, withdrawn aud all under
the new regulation. AT the tins all ca' dpoass have
been re moved the u ~ Bank and Gad Bank and pa.
ced in sound banks in Of the growing dstrust
sraa. The former Invitations The result OF this gradual ae
tos the really solvent bak have nearly worked them
selves 9at OF power Of the U. s. Bank and will
sumo Of their The following represents
nearly the present condition " Eve of the best banks AMI the
| charge IL their business, since Jan. 1873.