The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-29
MONEY MARKET.
Monday, March ass p M.

The stock market was heavy to-day, and most dessrp
tons gave way. Delaware ard Hudson Ii Paterson I;
Mohawk I; Illinois St; Long Island rose l; Hsrlsm
sales Of bills Philadelphia g par; United States
Treasury notes, per cent; New York State Stocks
evidently improving under the effect of the tax
bill.
There several old banks getting up for "a drive,
We shall shortly give hiatsry Of their operations.
The message ofthe President received with very
general srprobson all parties seem to uls in acknow
lodging the financial pointed out BY him as the
only frsusht with even common The relief
which the country wants is a restoration Of credit
This be done only through the selvency and healthy
actisn Of the federal and not by its dishonor
and disgrace
The State Of Illinois is melancholy example Of the
disastrous results attending Union Of bank and state
has debt Of QUO 900 ,ddon to which, It's annual
expense for carrying governments abous$iooooo
In an evil hour the State chartered the State Bank oil IL
lnos and made its issues receivable for all state dues
The bank suspended and instead Of being compelled to
resume was allo 60 until utter ruin overlook
it, and its issues nj 10 cents on the dellar AS we
have stated under the present laws the entire
revenue il pay able in this worthless paper. The de
mand for this purpose all that maintains even the pre-
sent rate OF it, The result that the taxes paid with
uncommon slacrty The collector at Springfield states
that received in day 500 being than previ
ously he could collect in a month. The amount out.
standing February 49, 81 2ss enough to absorb
the for ten earsto come. Here II state with
out money credit and without the ability to levy
taxes This fair Of the utter ruin attending
the connection Of government with bank. In it we
type of what inevitably would have been the situa
ton Of the federal had the Clay policy been
pursued the session to create large
debt and large bpnk and make the lean upon the
other, and the government upon both, and all upon
foreign foundation situated in Threadneedle street
Where nod from the British Minister would at any
ment send the whole fabric destruction. Not the
Presidents PLAN He chooses to place the government
and its internal affairs on the immutable basis Of
honesty, frugslity, and economy. To tax the people
more than they afford to pay, and to spend
no more than the amount of those taxes. The mer
camille credit of the country, its diplomatic dig.
nifty and its political stability, will then rest with
in its base, and efforts from without can
shake its solid foundation. This honest and patriotic
policy combaed by political gamblers and by those
spectators who have been operating in State stocks at
the present low prices These disnterested gentlemen
clamor for national stock be issued r their especial
benefit in exchange for the State stocks that they held
These modest imagine that with their vaults
stuffed full of ndiana Inois, and other stocks at 20
cents the dollar they could make the government
take them off their hands par il exchange for nation
al scrip, they should make handsome thing OF it, and
the country would be saved" The operation
performed with the old revolutionary scrip The poor
soldiers cheated out Of their evidences Of debt
ecuatsrs, and the most successful Of Them with the
fortunes thus acquired founded houses that now the
most clamoroas for repetition Of the scheme
The Legislature Of Virginia have finally fixed upon
the rst Of November next the period Of resumption
for the banks The bill contained provision requiring
the banks within 90 days after those Of Phila
dephia and Baltimore, which was subsct Of dispute
between the houses. This finally stricken out
The following is the first section Of the bull
Az Acr concerning the banks Of this Commonw ealth,
passed March 25th, 1884, l. Be it enacted by the Gene
raj Assembly That much Of any act a. subjects the
Banks Of this Commonwealth to pay ten per cent da.
nsges and fifteen per cent interest for payment in
speee Of any note bill check due from such bank,
shall be- and the hereby suspended until the hrst
day of November next.
This was the result Of bank influence, and il equvs
lent declaration the part ofthe banks Of their in
ability As to the pretence Of time requisite
to prepare, 1t is absurd aemptto Prevaricate They
will never prepare to long they post.
pone the time This 10 made sufficiently manifest by
curing to their returns for series of year, which
as follows