The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-06
MONEY MARKET,

saturday, Nov. 5-6 r. M.
Avery moderate business done at the Stock Board
TINS merning with but Little change in The feel
ing was generally however better stoningon rose
Harlem l; Canton 4.
The difficulty with the Planters Bank of Mobile caused
quite commotion, and Alabama funds fell back a little
sales at Is.
The greater proportion of the charters of the banks of
Ohio expire during the coming year. and the result of
he late election has placed in power the party most oppo
sed to recharterng Of banks 1t that party at the
last session passed bill called Laham's BILL which pro-
vdes for the rechartering Banks certain conditions
which conditions however such to render the
charters worthless The following sections
of the bill -
SEC. is Provides that "there shall be a register APP
pointed by joint resolution Of the General Assembly,
three years." whose duty it shall be to register the
notes Of banks, Sc
Sec II Provides that each bank shall pay the State
Treasury such amount shall be fixed by law for such
registry and meet the and the salaries of the bank
commissioners and their Incidental expenses there shall
be raised in addition to the annual bank tax additional
tax for the purposes aforesaid"
Sec Is Provides that, al" shall not be lawful for any
bank either directly or indirectly in any way to take re-
rate of six per cent per annum in advance upon the
amount Of or for any loan made or on the discount or
thereof either by Of discount interest exchange,
or under any other charge or pretence whatsoever"
State Treasury annual Of half per centum per
annum its capital stock paid in and such other tax
SEC 81 Provides that there shall be created from the
this act safety fund for the purpose promptly redeem
ing the circulation of such bank become nsol
vent which fund shall be paid into the State Treasury
shall be prescribed by law
Sec "a Provides that here shall be provided at the
pense the bank book such the bank commissioners
may prescribe in which shall be entered the ofhe
stockholders their residence and the amount of the stock
paid in and owned by each stakeholder Sc This book
is be kept by the county Recorder All transfers of
stock be entered in the Recorder to be paid fol-
each entry and all these entries to be published
in three months in newspaper at the expense Of the
bank
All these deductions being made from the six per cent.
allowed in the eighteenth section would allow three per
cent the profit of capital employed in banking at mo-
ment when the State proposes to borrow at ten per cent
There is but small chance of any rechartering under
this STEM Ohio may therefore, look forward with joy
to approaching of her emancipation from bank
mIsrulc.
The recent explosion of the Bank of Manchester and
the merging of two other joint stock banks into each
ether, give warning of the breaking away of that
paper sysemin England which grew up in England 81
multaneously with the multiplication of banks in this
country and which partook of the ooseness Of the sys
tenn The system of granting open credits to large Gus
toners without security to allow of overdraffs to
great extent, among the provincial banks
of England among those institutions here, which long
since have persisted The particular Bank of Manchester
was formed in 1929 by Mr. Dyer American dealer
der the American influence which that time predomi
mated in Lancashire became the focus for the Ameri
trade in that quarter The Bank of Liverpool
was formed in connection with this institution, and w.
Brown, Esq became President The latter bank
Paratvey well managed but both these and all other of
the English country banks partook OF that speculative
character which produced the greatness the
between the United States and England and which led to
subsequent revulson debt dishonor and distress In the
United States violent curtament Of bank credits frst
took place succeeded by and contnu
cd explosions Of the banking institutions exposing de-
gree Of folly and corruption perfectly astonishing The
English banks just arriving this stage of the
disease. The curtalment in the banking business has
long been going and disaster is overtakng them
The average circulation of the Bank Of Engsn for the
few weeks ending October swas f2O and the stock
Of bullion The increase in the quantity
of bullion has been very rapid during the last few months
and the stock larger than has been held the bank
since about the middle ofhe yearsss II is present
ly half the amount of their nstes actually in circulation
the usual average during years having been about
onehrd Of the amount Of their notes. The immediate
of the late increase in the stock of bullion proba
bly, to be found in the large quantity of light gold coin
which has been sent be exchanged
This has been' assisted by growing want Of confidence
in other quarters which has the disposition to
concentrate gold in the bank. Another point which is
deserving Of attention, the progressive increase for
years past of the circulation of the Of the Bank
of England compared with the country circulation
The following table will show the state of the circulation
in the year 1885 -
n Pirate s. and Banks I,