The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-15
MONEY MARKET.

The committee of the board of brokers appointed to de-
liver public opinion the conduct of Messrs Boor-
man, Johnston Co., will probably report in few days.
Ihere IL strong feeling among mercantile men, which,
PROBABLY Will also end in an expression of public opinion
to save the honor Of the city from the discredt thrown
upon it. 1t is in vain for commercial men to affect to
rown down reputation at the west by refusing to trust
people coming from regulating State Those persons
may well answer that although positive dishonor not
yet the public securities Of the City and
OF New York. yet they cannot stand on very secure
after reputation for legal bubbles has reached
the grade OF her first merchants lawyers and bank
dents. 1t is true, that none of the firm of Boorman
Johnston Co. Americans but they should be made
to the usagcs of the community in which they
live When Mr. Bddle, years SINCE statedIn one Of
his famous letters that the only which made the
New YORK Banks continue specie payments that the
lao was imperative upon them we looked upon it as
the sheer of disappointed fnancier from whose grasp
the prey had escaped The late decision of Mr. Newbold
however, goes too far to prove that Mr. Bddewas right
that horror integrity, sound principle had less to do
with the matter than the behests the law When the
auctioneers and obbers held meeting at the City Hotel
on the Goth October 1899, with John Haggerty ESD in
the chair to request the banks suspend extend their
discounts and take safety fund money at par the Bank
of America made that they would do all tbev
to relieve the merchants but must continue to paw
specie" We hoped that the obligation pay from
moral sense of duty, but appears it only le-
gal obligation. Mr. Newbold and his direction Johnston
and Others stood looking the barrier nterposed by
the law between their bank and dishonor with longing
eyes, into fields of insolvency and deprecated paper
where these jobbers aluring them to come They
eagerly examined the law found strong and they
dare not venture Boorman, Johnston Co. assisted by
Mr. Smith OF New Castle, Kentucky have found a flaw
through which they creep out of their engagements
and yet keep under the shadow of the atc. When Mr.
Boorman Is applied 10 fulfil claim Just in equity he
with trembling hand, and true Shylock chuckle, ex
claims VI is not in the law" &c find II in the
statute He procaims to the world that he will do no.
thing without the idw, and in this he is backed by the
Bank oil America Dealers coming to New York are,
therefore to understand that they do their business
with half dozen lawyers at their backs yyoo no % h
luckless wight in whose contract legal flaw may b dis
covered by the retained council of "hiyh minded.
chants and their principals All this is 10 be coun,a
nanced by the community. Time was when a man .bs
obtained money OF his neghbor the marke price Of the
day on his obligation and then forward and pu in
plea of usury TO avoid paying it, it was Thought not unit,
the thng-indeed, little dshonorable and in fac, s
rigid moralists might say it better than pickin
pockets, yet in perfect accordance with the iap Here
AFTER however, disgrace to attach to any ransacton
that keeps within the pale Of the statute The
quence of such progress in morality fruitful matter of
reflection for the business community.
In these days of'repudiston and bankruptcy we take
much pleasure in stating that the money for the interest
due first September the bonds of this State held in
London, was promptly RENTED by the Great Western on
the 18th ut The debt Of Georgia due abroad is about
100000
The following are the returns fhe New Orleans banks