The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-22
MONEY MARKET.


monday, March 21-6 II. M
The stock market has exhibited the usual features to
day. and prices have generally given way Indiana S.
fell per cent Illinois IS Ohio IS !; Harlem 4 Mo-
hawk /; Long Island per cent; Delaware and Hudson
per cent Sales of bills Philadelphia "A; United
States Treasury Notes 81 discount; sales at q dis
count
The resumption in Philadelphia goes on well so far
and, with firm determination to persevere. on the
part of the Banks, will doubt be carried
out.
The bill imposing tax of one mill on every 81 valua
ton Of taxable property in the State has passed the
lower House Of the State Legislature by vote Of so to
a. This bill will doubt become law and according
to the estimates, will yield 5000 900 per annum; sum
which, with economy, will meet all the wants of the
state The moral influence Of the imposition and collec
uon Oh ts at time like this will doubt be o i'm
msnse effect and will again place til credit Of State
in the front rank.
Every exertion used and every Misrepresentation
made by the Clay faction not only destroy the credit
othe country but to prevent any action for relief The
Courier and Enquirer is daily occupied in this laudabe
occupation few days since contained the following
paragraph in relation to the proposed exchequer is
The consequence OF this must be to greatly lessen the
circulation OF the banks il not entirely break them
would not clearly be sufficient without the aid of the
notes OF the banks supply the Of the country
independent oil the that 10 thou
SANDS py the failure Of the banks good
ered the amount of circulating medium would he d.
minished to an extent which would be poorly compen
stated oy the safety that would be insured the indvid
nal holders OF the specie notes
This paragraph Is the progeny Of desire to combine
the bank influence against the BILL well an utter
Ignorance Of the practical operation of the issues The
ClayPrc Of Nation al ank with credit issues would
inevaiy break down the banks, because such circu.
iaton would come in competition with that Of the banks
dve IN and ruin the mos, profitable part of their bu.
snes On the other hand the dollar for dollar issues of
the exchequer would not in competition with but
"ouia become the basis of the bank Issues The exche
quer issues would in every respect be the eou;v far
s~o's sno would be retained such by the banks az
s in'eda Vi the precious metals. According 10 the
P't me banks held abou. $4,000 900 of specie II
e.o'0V % ms should Ind its way into the excheaxer
~ au."on " s,o""ooo more now boarded up an equi.
" s'o"oo oco Of bills would be issued of which
$lO0oo,oO0 or $4,000 900 would be tai NJ, M -, ar 49,
changes and the balance return the banks IN beco
the sub stratum of their issues in the ssr. ,n,,.
that the bills Of the Bank of England are the basis f b
private and joint stock issues. The perfect facility of
exchange offered by the exchequer would strengthen
and support the banks and make legitim ate
more safe aud profitable.
The banking affairs in New Orleans have reached
crisis. Those banks that elected the law in rea.
ton to banking were closed by the Sheriff on the Oh
1891 IN "e htchaisiaya, the orleans, and the Ex
change The President Of the former Mr. Breedlove AZ
also, Mr.. Yorke, of the Exchange resigned and the
paying teller OF one Of the banks absconded leaving
dehciency Of near $4,000 in his accounts the over
drafts Of himself and friends When the Exchange
Bank was closed BY the Sheriff the assets found were
Specie, e,s,s
Notes Of other Banks faslo
s5ls
and II STATED the notes of the bank in circulation ex
ed 500 900.
Inc merchants has utterly.fsiled. The Improvement
b'nx na' poaed for special law to go into lquida
,'oo Inc ma'nng banks that have not accepted the
law, are the City, Union, Louis ana, Canal and CONNER