The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-06-22
Money Market----City N ews.
Wnhnocdau ID M
EXCHANGE DOMESTIC-The rates Of

| EXCHA NGE DUNES I'LL ne rates Oh
Domestic Bills have undergone no change
whatever. Georgia, Alabama, and MississiP.
pi, do not recover; other points gradually gel
better United States Bank Notes do not i'm
prove There is however brighter prospects
in the future. Congress are rapidly progress
sing The Sub Treasury Law is repealed by
the Senate, with every prospect that Natiopa
Bank will be presented and passed in THAI body
Nothing but the establishment of an institution
of this kind, will ever restore the country to q
sound position.
Money continues to be abundant. Our
Banks cannot invest their funds in good busi-
ness paper and many of them We purchased
largely of Treasury Notes, and others have
large sums idle. There is no immediate pros.
pect of any speedy alteration in the market
Exchange on all parts of the world, and on our
country is decidedly in favor Of this city
Specie is constantly flowing here. lCdiyid-
uals who receive it, find no sale, and are CON-
PEELED TO make a deposit Of it. The Banks
consequently are accommodating much larger
sum than is needed or is desirable. From the
fact that the south and west are in state OF
suspension. balances naturally centre here.
Formerly funds were lodged in different cities;
Philadelphia and other places had their share.
Not so now, all foreign negotiations have as a
matter of necessity to be made through this
city. IF bills are drawn on Europe in New
Orleans, or cotton shipped they find their way
here as the only point where they can be sold.
The avails are received here and discussed.
So long as the South and West continued in a
state of suspension, so long will this city be
the depository Of the surplus funds of the coun-
try.
The condition of the money market is ex.
ceedngly favorable for the establishment of a
National Bank. Money is abundant and
bears but a low rate of interest. The public
and particularly the European capitalist have
been wofully bitten by the present United
States Bank, and some adopting the homely
adage that burnt child breads the fire, are
sanguine that capitalists cannot be found who
would again invest in National Bank. 1t
should no wever be borne in mind, that the
stockholders of the two Banks that have existed
50 long as they were National Institutions,
were paid good interest and at their expira-
ton were worth considerably above par, and it
was not until long after the United States Bank
became State Institution, that the losses took
pIdCCs IL 10 OiliCuN uOb " SOhiOuhu ehS o'&'S
with a United States Institution Still there
is intelligence enough to make The distinction
and no class Of men are more shrewd or more
active to their interest than capitalists. If
therefore, National Bank should be chartered
with moderate capital, and with liberal pro-
visions, and with the present condition OF the
Money Market, that the stock will be taken up.
Much however will depend on the details of
the bill. lift is TO be subject 10 be broken up
al any period, short of The period of the charter
to expire or if it is to be limited in its divi'
dend 10 five percent; or ifthe directors are all
to be made by any party in power, it would
not receive the confidence of monie1 men, il
would be impossible to find persons who would
take up the stock. If however the institution
is to be left to those who have the interest al
stake, the capital will be found TO take up the
stock.