Mobile daily commercial register and patriot., 1841-07-09
From lhe MoneY ArlIcle or lhe N. '. HeraId.

From the Money Article 1.-the N. ' Herald.
 The prospects for revival of business now, are very gloomy. The future promises no relief 1he establishment of the new bank will be the ol more disaster, ion ol trade, and real distress than has yet a>en ihe pIbIic. The scenes of mi s Y th were witnessed during the five years thai succeeded the establishment st the last btnk are to be revived wilh tcniold calamties. The bill of Mir. Clays for the erection of bank with $50 900 ,O0O, to be increased tu OO0 900 will from present ap- pearances, become a law after qualifications. Al the same time the bill of Mr. Fillmore, for the creation of loan for ZIP, 100000 and the land bill of w. Cost Johnson will become a law. The marks of Mr. Clay upon his bill, indicate clearly that he either does not know does not for either the situation of the country the operation of his proposed bill commercially. The reasons he gives, why the capital of the bank by the lapse of time since the first bank created, and by the popula- laton, and the ertenf of territory, are follows:
 'The last established hank was that of 1916 ,whlch was established with a capital of thirtv-fye millions, but nasmuch fifth part was subscribed by the nation, the amount night be reduced to 2S millions. Taking then the capital of that amount and the popu laon of that period a criterion. the capital of bank now should be 56 millions"
 This IS a curious calculation, and if the population goes increasing at the rate 1t has heretofore, it will require pretty 'ssiceabe" bank at the end of the present century. The assumption that the capital ought to be 9O ,0O0 0O0 according to the in
 
 country is computed at $3000 000 ,000 and that of Great Britain at Ss20, ,OO0 100000 The bank of England ought, therefore, have capital of $480, GOO 900 instead of s70 O00 900 it's present capital Still more whimsical than this, however, is the no- ton advanced that the bank capital ought to be pro portioped to the extent of territory. This reminds of the freak of notorious wag in Boston, who of- fcated at the Indian Queen Tavern. When stranger ordered sausages for dinner, requested him to stand up and be neasEred, as he wished to get his exact heghth in order to know how many "hnks" to cook. Mir. Clay proposes to have the capital taken one third by the government directly, in per cent. stock, redeemable in l5 years and the remaining 20 by individuals. The government stock to be sold abroad and drawn again by the bank. In regard to individuals, he stated as follows:
 " He had 1t from sources which did not admit of d0ubt that there is much dolm capital lying inac- tive in the country and that its holders would invest it the moment bank. with suitable charter, would allow them to do it. They could take up paper from New York, that great barometer, without find ing that money plenty and business scarce.''
 If money is lying idle it IS in consequence of the sagnation of business, growing out of the agitation got up by sPeculators and political partizans That money IS only waiting time when private enterprise will be safe from the schemes of politicians, then will be absorbed in the regular channels of business Not one dollar of it will be paid into political bank to be managed by the agents of London stockobbers The bank stock with the government stock must be abroad he sold under the auspices of those whose instigation it created. In giving reasons why the bank should deal in exchange it is avowed that the object is for the hank to monopolize the ket and an utter ignorance of the details of business and the agency of bank Is displayed, for which it is difficult to account.
 This bill, however, with it's chief features will, il is now highly probable, become the law of the land also the distribution bill reported from the com mittee by w. Cost Johnson, a synopsis of which we Wah h.Na fIa,t lx,l rt tha nl,a ble effect of these measures upon commerce. The books for the Bank are to be opened on the first Monday in September, when the government stock will be created, and the remaining stock put upon the market offering to capitalists an investment gua- ranteed to yield per cent, nor more less. The government is to pay in the first of January next $3, 800 900, and when 7 900 900, additional shall have been paid n,naking $lO, 500 0O0, the Bank is to go into operation. This sum is first to be with drawn fro the nA. .kets, and in addition, probably the ,OOO 900 government stock about to be issued for other purposes. This will make $22 300 900 to be borrowed, first step towards "relief" The first question is, where is the money to be got? Ii we look abroad, shall find little in the foreign markets to encourage the beefthat the United States per cent stock will command par for less than that they cannot be sold. We then turn to this market and we find that State stocks, the creations of last winter, upon the mark ct to the extent off 20 000 900, and large amounts of them have been taken by Banks as temporary investment until business Im- proves. This will make 42, ,500, 900 if subscribed abstracted from the commercial capital ofthe country Trade is now dull only because that capital is not employed. If it is paid into the Bank by January next, the Bank cannot again pay it out under l2 months at farthest, during which tune the remaining
 20 000 900 to constitute the Banks capital will be drawn from the markets, making prospective absorp ton of $62 OO0 900 before the Bank can move at all During the next eighteen months under this process how can revival of trade be hoped for1 After the Bank is fairly in operation, it will begin to conflict with other interests in every quarter and the capital of the Bank will move through channels different from any before occupied, and cannot settle into regular business for at least two years longer The Bank is to monopolize the foreign and domestic exchanges consequently all the present currents of that business will be broken up, and new ones will he formed