The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-05-26
MONEY MARKET.

but prices did not materially varyDelaware and Hud
fell per and Long Island Ii Mohawk Indiana
SIS I; Harlem J. Sales of bills PHILADELPHIA dis
count
The Secretary Of the Treasury who has recently been
here business relating to the government loan, TO
be aborng under great embarrassment in the negotia
ton growing out of the nrgues of parties, determined
upon obtaining the loan at as low price possible
CARELESS of every other consideration 1t is always the
that when needy borrower into the market
his necessities being known become the instrument of ex
toron Unfortunately for the government became
to expose its wants in order to procure the pas
sage of the loan bill That exposure has prevented the
negotiation the loan From what has spired ap
pears that number of houses headed by the malgn
influence OF which has been felt in American affairs
both sides Of the Atlantic made offers for loan of cha
ra,ter which could not be accedcd to- The influence of
these parties then exerted to prevent success in any
other quarters It then suggested that agent should
be sent to Europe try the markets there. The New
York American instantly proposed Franklin Haven, Esq
who is President of Bank in Boston which has long been
the agent of Barring Brothers. No such appointment will
be made however. It has been publicly stated that the
loan has been taken but apprehend that all that has been
done offer to advance the Secretary what money he
may want for the present, without agreeing upon any
price The financial history of the Of New York
an instructive the federal government in the pre-
crisis The State it is well known labored for years
under the pernicious nhueace OF Wall street clique
The inevitable result was, that the State credit
driven to rink of ruin The State was al
In want Of money, and the terms on which was
procured always dictated by the mperous brokers
who affected to control every thing. During the past
session. however ;ths thraldom broken up The
Comptroller procured the passage Of ample revenue
bill to fortify the State credit He then into the
market on hook and the result is that he procured
So from hr in he
of the baled stockholders. Pursuing the course, the
CITY Comptroller obtained 81 OCO 0OO and bids the
amount Of 81 600 obliged to be set aside
This points out the way to the Secretary He has offered
his loan and it has beentakenone is the
hictng movements of the brokers' and anothcri is the
settled OF the In few weeks
probably the latter will be rcmeied. Let Congress then
pass law authorsng issue Of deficiency" bills,
imbursable with the proceeds Of the loan. These will
give present means. The Secretary may then select
Judcous agent for the home market to SO abroad dis
carding entirely the magn influence Of those houses
who have hitherto baed him. and the money may be got
perhaps a sufficient premium to cover all the expenses
The ruling OF interest in Amsterdam and London is
q per cent It will be remembered that under date
May published dates from Liverpool to the 10Th April
stating the fact of the Holland minister issuing proposals
for 100000 FORMS per cent stock received bids for
ss6IaOOO FORMS consequently each applicant received
but IL per OF his bid per loan under the
same circumstances would be worth per premium
and there is no doubt that fthc properly
settled the United States loan Twill readily command
premium.
The Directors of tho Ocmulgce Bank of Georgia have
determined specie pay ments. Committee APP
pointed to examine the Bank OF Columbus have of course
reported in its favor-when there different
suit The circulation stated s 32 deposits $50 1885,
certificates issued $l30743.
The Bowery Fire Insurance Company have declared a
dividend Of ten per cent payable the first of June.
The New York Contributionship Fire Insurance Com
pany semiannual dividend Of eight per cent payable
the 9th OF June.
Tho Banks of New Orleans lie their attempt
Monday the 10th inst There are ten banks in all
in operation OF these paid specie in full and three
refused. The following resumed -
Louisiana, Commercial, City,
Canal, Union, Carroon,
Mechanics 4 Traders.
The following refused to pay-Thc State Bank Citizens
Bank and the Consolidated small run for coin was
sustained when the banks first openod this soon subsidized
and part of the specie returned the banks The den
qucnt banks of must pay to do business
There can be no alternative.
The Board OF Directors of the State Bank of Indiana
at their quarterly session last week. fixed the fifteenth dav
of June next for the resumption Of specie payment in all
the branches This is the day fixed by Illinois BanI,
and the kentucky Banks The Ohio Banks are already
paying specie and those OF New Orleans having made the
attempt the coming mouth will witness the restora.
ton of the currency in the Western States The follow.
ore leading Of Banks abou