Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-25
MONEY MARKET.
Monday, August 24-.6 p. NJ,

Monday, August 24-.6 p. NJ.
1.-THE Stock Board, this morning, the sales
ally small further decline in prices United States
Bank declined per cent North American Trust and
Banking Co. per cent; Delaware ana Hudson per cent;
Harlem per cent; sonington per cent? Utica per cent
There sales Of Southern bills at the board The
quotations Philadelphia 968 9es Baltimore 97a
9S Indiana Five per Cent Stocks II ri Kentucky Six
per Gents IS 90.
The Chicago Tribune says that the Branch Bank in that
city became extinct the 3lst ul in compliance with
provision of the of the last legislature legalsing the
suspension. The business of the late Branch will be
wound up at the old banking in this city, by an
agency for that purpose.
The corruption and fraud which has of late years crept
into the of banking institutions has reached
alarming extent. The demoralising influence of the
abuse credit SYSTEM by which spectators and bold
projectors suddenly of large fortunes
the expense Of the Industrious pervade all those
who in contact it'll the bank although they
hold subordinate situations, which place them of the
circle Depreciation The example of his superior officers
by encouraging love of extravaganza and contempt
for industry induced Newcomb make away with $4,000
belonging the conhng stockholders ofthe Manhattan
Bsnk, large portion Of whom were in circumstances
scarcely than comfortable, while their subordinate
rotng in This state othngs
is by confined 10 bank to this city Lewis
in Philadelphia surees Cincinnati Dabney, in Rich
ville Kentucky has recently excited by In
regard oft inferior officers in the Bank of Ken
lucky. We learn from the proper quarter that errors
amounting about twenty-five hundred dollars, have
been detected in the teer's bloer The general ledger
clerk is involved with the teller in the suspicion
touching this apparent defalcation. An investiga-
ton the affairs OF the bank resulted ON the Ith in
an excupaton Of the ledger clerk, and the holding
the teller to hail $4,000 The frauds which have been
in hank wear
to between So to s4cooOoo, frghtfu when
slider the state of society, which has given rise to it.
The operations of all the banks from the L. Bank
the smallest shinpsster company, have been inn
bued with the system of iayortsm and speculation
by which few individuals and their friends and allies
generally brokers' have made OF the funds Of the ils,
tuition conduct monopoes aud speculatons of different
degrees of magnitude, but always the principle of
"heads wn tails you lose" That is say ifhe specu-
laons turned proGabeas in 1885, the different cqus
and aes congregated round each institution, became
reh built splendid palaces, and amsssed large fortunes
small salaries Small brokers became loan contractors
and clerks gave their sorecs aud kept horses When the
came and property Deprecated the banks were
made to settle with their debtors by taking their fancy
property with them collateral and giving their
vorites discharge and expressing others to the utmost
This operation in the of the Schuy KILL Mani ATTAIN
and United States banks has been laid bare TO the public
The latter is still in the hands Of the parties
;snd yet notw hs anding the injury 1t IL daily
doing the business community there is no popular
calculated to bring its affairs a close. why
does not Mr.. wink, who is in this city represent
the Holland loan Of the Morris Canal Bank and Robert
Stuart Esq, the State Treasurer Of Michigan demand and
force investigation into that conceni The
tive Of Michigan aduiy to the tax payers of that
state into the safety Of the bonds they have
given to the Morris Canal There is ssfcty in delay.
Unless prompt taken the farmers Of Michi
gan will have to be taxed s5oooooo pay bonds for
which they will get equivalen
The Bank of the Unitel has for the past year.
been undisg endcsvorng perpctuate suspen-
sion specie pay ments in the United States Its nrgues
with the Governor of Pennsy lvaniaits movements in
Newyork and operations throughout the Union have all
pointed this object which would have been obtained,
had il not for the Unexpected strength Of the New
York Eastern Banks When the T. s. Bank failed all
its organs and the advocates OF suspension loud
their rdiculc Of futile attempt they pleased
20 call IT, the New York Banks to sustain themselves
The lapse Of time caused them change their notes
Since then they have attempted by arguments equally
sophisca their former assertions ridiculous, to
conynce the public that rredecmahle paper money is
They have unfrcqucntly cited the condition Of
England during the Bank restriction from 1927
an instance OF the successful use OF paper money.
The situation Of England during that period pecu.
liar, nasmuch intercourse with the continent al
most entirely suspended aud the currency Of England
not subjected to the comparison with that ofhe
continent When peace restored the fuy Of all at
temps by parliamentary resolutions other expedens,
TO give real value currency vastly exceeding the
wants Of the community became apparent. In dealing
with foreignersno expcsent could make worth but
pass for its British value Of 2Os and be-
established that the system which attempted
cract each successive dcprec aton Of money by an in
creased quantity ofpaper, founded upon false princi
PIES and must ultimately end in the destruction Of me
dum Of exchange The following table Of the crcu.
laon Of the Bank Of land and the scale of deprec
ton ofpspcr money with the price Of wheat during the
tcnk re~tricton:--