The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-28

he mere factor or broker through whose agency the
AK collected. IT, then, he is obliged to pay the
uty arrival of the goods, he is compelled to
Advancs TO the government the tax which he is
afterwards to collect II his risk of the consumers
This is not the cash sysem The government is trading
upon the capital of the merchants by compelling them
% advance monies to carry the government. This is
oul INJUSTICE, and arises from want Of reflection the
part of the Legislators which lays them open the tricks
pr the manufacturers for whose benefit this regulation
made, and by whom il Is prompted If they cripple
and strike from exs $50 900 600 of the capital en-
in business antangonis to theirs they have gain
d signal advantage Free competition is restricted and
he people large injured by the monopoly which
promotes in the hands of the manufacturers
just and equitable manner OF collecting the customs
revenue is clearly allow the importer in his payments
time which shall be adjusted according to the closest a
Proclamation erage time when he reases ON his
goods and therefore the time when the duty actually
paid by the To require every body engaged
in commerce keep idle capital distinct from that en-
poyed his business sufficient to advance the govern
ment its revenues blow at the welfare othe
country infinitely greater than that oil the specie crcu
lar By requiring cash for lands advance OF any kind
the person who pays for the land
ceves the of the payment full equivalent for
his money. Therefore credit no lending advanc
ing engsndered by requiring cash payments for lands
the case in regard to duties according to the
have here taken The sudden enactment of the present
law has upon commerce. precisely the effect as
compelling the employment of 33t per capital
for the transaction ofthe business than formerly
required such areguation at the very moment of tran
siton from high paper system to a low specie basis
when large amount of capital employed in banking d.
recty to facilitate banking annihilated Withdrawn
not but have very serious influence upon trade
especially simultaneous with these destruc
ion of public and private credit cuts off those
that commerce wont to find in foreign capital We
cannot but look upon this feature of the tariff the
heaviest burdens imposed upon since
the formation of the Its effects gradually
developing themselves and will be seriously felt unless
speedy remedy applied at the coming session of Con-
gress.
In other respects the internal state Of affairs is coming
right The country has very nearly recovered from those
serious difficulties which attended the rottenness and sus
pension fthe banks and which main instrument in
procuring the Of the old bank bill and that of the
extra session of Congress
The state of affairs that existed the period when the
late u s. Sank established described follows
by Mr. Bddle, in his the committee of the se
| nate in 1885,
Question l.-When the Bank went into operation was
not Philadelphia paper ten per cent than Boston,
and that much better than Baltimore2
Answsr.-Philadephia paper was IL per cent worse
than Boston psper0 to 81 worse than New York paper
G. 3 Were not the State Banks indebted to the Govern
mcnt in large sums which they could not have paid in
bank in many instances assume those debts and nav
them in sound currency Of SO, to what amount and in.
duge those bank. until was convenient for them to
pay and dd not the bank lose money by such ndul
gence2
AIN the years 1917 and 1885, the Government trans
erred to the bank at Philadelphia from State institu
tons s17a4ls 81, which cashed, and 1886 6sI 81
o. special deposits to be collected by the bank making
estimate should willingly compromise for loss Of
@ s-Has the bank any time oppressed any of the
A-Never. There very few banks which might
not have been destroyed by exertion Of the pow Of
he BANK. None have ever been injured. Many have
BEEN saved. And more have been and constantly
eved when found that they solvent but are suf
fering under temporary difficulty.
e. 4-When State bank becomes indebted to the bank
10 an improper extent what course do you pursue Do
you let them go beyond certain amount, and what is
that amount
A-The great object is to keep the State banks within
proper ms to make them shape their business accord
ing to their means For this purpose they called upon
TO settle never forced to pay specie if it can be avoided
to lie occasionally until the bank turn round NO
amount of debt is hxed because the principle we wish to
establish Is that every bank should always be ready to
G. s.-Iyou give drafts any ofthe branches or from
one branch on another, the mother bank what is
the commission charged2
The charge for drafts less than the transportation
of specie send detailed statement on this point
O. s-Do you, and at every branch, pay specie on de-
mandf Has there ever been refusal Z
A-NeVeT
q. 7.-Can you state whether specie is more or less
abundant in the United States present. than any for
period
A-Atthe present moment Think specie is more album.
dant than usual 1t in usual And the of
the exchanges with Europe is such that s cheaper to
buy bills than to ship cen. The bank had on the first
instant 81 sos 000 whish is than had for nine
years past.
Qs-When the debt is annually paid off to foreigners
do they remit specie bills Of exchanged Do you sup
ply the means in either way
A-When foreigners are paid off, part is RENTED in
other stocks goes in bills considerable portion of
which bills OF the bank Specie resorted to
unless the bill market is high make that mode Of
remittance cheaper.
G. f.-Since you commenced the purchase and sale of
bills exchange has the varied to what extent?
ssAThe operations of the bank in exchanges has had
the effect Of preventing the great fluctuations to which
they were previously liable.
The state of affairs here described continued in spite of
all the efforts of the bank up to 1885, when specie pay
mens resumed There was continued struggle on
the part of the bank sustain and paper values
Such is not now the case resumption has become pretty
general and exchanges very their specie level
on all quarters. practical system of internal exchange
rapidly growing up ofs accord end the supposed
necessity for National Bank growing state of a
fairs like that described by the President the u Shank
will not be felt The predictions in favor of such bank
will have merged themselves in a new order of things
and the idea ola National Bank will be kept alive only by
the few politicians who will be slow to forget the plum
der which attends such concern.
sales at the stock Exchange.
1899 ess e. :, m g s.ts!S e
.s. Hss$:ais = b. i"'' 5s e :5:
g do Blk Con ss full 500 81 ;S do Long Island $50
IS do Del & iIud $40 30 $50 do "a.