Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-11

srnhsd with Hudson Banking Co. aDdeoud thai
into operation for of They then hired the house
soa Broadway got fitted credit and opened the neSo
with MIR. Burroughs above described
nseve directors After some weeks hard dun
ming On the part of Burroughs for his So the security Of seve
raj Of proposed to him to guarantee its pay
ment The advertisement of the bank had then been in the
Wall eet papers time, by which il made known 10
the mpaten public that this institution ready to
recere aeposies The announcement brought money to
their empty s and they turned their attention the of
posnote certificates of depose and species of ire
deemae paper described by Mr. Burroughs These were
10 sold for country money if possbe not for anything
which might be turned into moneyhe proceeds to be used
the purchase of uncurrent in the city which was 10
be returned the issuing banks for specie Uncurren money
now at discount of three cent in the city, the expense OF
collecting would be per cent Therefore the operation
would yield clear per cont might be asked how they
were to have these postnotes engraved e
associated with the Mr. Phelps formerly connected
with similar concern called the Clinton Bank lie Is an
engraver and the third story of 2o2 broadway busy
employed in the bills Several weeks have been passed
in maturing designs upon the public In the meantime
the creditors of the directors of whom, have al
ready mentioned Mr. Burroughs !sve had TO wait the
hopeful plans for their money The negro
men who cleaned the floor among the number.
This il faithful sketch Of the manner in which all those lit
tie post note this city have been started The fol-
lowing is a list of them.
Clinton Bank, ~ An. Banking %
.nS Wala ssnE Hudson s T Rel Baans Co.
Manhattan Tx. Bank, Eagle Bank,
These banks preparing deluge the with their post
Their basis and the probability Of their ever being paid
may be judged from the in which heyare started
Those take them after these repeated eYpostons
part dot their risk and will have
plain # they victimised.
The manifesto of the u s. Bank which appeared the Ma
tona Gazette fIhsde pha Saturday. probably writ
tenby Mr. Bddle. We gave extracts from on Monday
The itself the entire change ofpocy whchhas
forced upon Bank by the eYens Of the past few
months. At the Banks suspended it advocated on
ndnfev
Banks suspended the merchants break The New York
and Eastern Banks would not uccumb to this poicypubc
opinion would bear and Philadelphia and her mer
reapng full fruits Of the absurd policy OF her
banks The institutions will pay the deposors, but mark
the good" These checks perfectly vaueless
taken by other banks payment OF notes.
There therefore medium of payment Every day witnesses
failure oerhants who have large unavailable funds locked
up the The Banks quarrelng themselves
the whole credit system on the eve Odds
solution In this ofhings Mr. Bidde comes out for mme
date resumption the east VIII not their demands In Oc-
agreed among the banks that in
should be allowed for balance Soon after this by
Of Of confidence the u s. Bank and the Girard
Bank large amount of depostes removed from them to
the other banks the time these two banks extended
their circulation which the others curtaed until the former
engrossed the circulation The majority had therefore large
against the banks which they charged interest
This excited i'll feeling they refused any longer pay out
their bills but marked the checks geod further step these
checks are refused and the banks water logged and
useless.
While have been approximang to this crsshe suspen-
sion party foot the general uniform bankrupt law
which compel single individual to surrender his
pery IN payment Of his lawful debts The popularity Of this
Law thus far renders highly probable that will pass What
will then operation the banks2 they to continue to
refuse to pay debts while individuals obliged to
10 settlement
tits obvious present position Of the U. s. Bank the
other could not be maintained In this
we have of the changed views of the IT, Bank In
the an which have alluded it is stated that there
falling due from to $500 800 Of post notes of the u Bank
IN ZACH throughout the OF these abo $4,000
month are New York and Boston This Indebtedness to
the the chief difficulty in the Of resumption
thus by the admission of the bank that they borrowed
post this city and Boston at u cent month
which was specie and TO Europe the foreign
debts OF the bank The post notes unable to In
addition this the manifesto states that the u. 5. Bank
the other banks Of Philadelphia S4oooooo which is
owed BY them banks north and The
manifesto gives following the condition Of the banks OF
Ind. IL L. how ixxnit