The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-22
MONET MARK EFT.

The stock market heavy to-day, with the excep
ton of New York State 6's which improved /. All New
York stocks to per cent higher than before
the late election just before the dividends when they
bore much larger accumulation Of interest than now.
Kentucky 6's fell t; Mohawk, per cent This company
has recently reduced their fare. They from AL
bany to Schenectady at IS cents. Harlem elli.
Saul Alley, Esq, has resigned from the Erie Railroad
direction.
The last Detroit Advertiser says" that injunction
from the Court of Chancery has been served the Oak
land County Bank"
The Lanca ter County Bank at Lancaster, Pa, has
suspended payment
All persons holding the issue of the Lebanon Ba ok
Ohio required by the receivers present them before
the first of January.
writ from the United States District Court for the
district of Illinois, for 1895 OOO at the suit of Mr. John
Stickney of New York. for the of the Bs nix of
souri, and Eastern creditors served the 18th inst
upon the officers of the Banks of Illinois and shawnee
town.
The question Of adopting some scheme of finance for
the Federal Government has been for before the
public mind and after having at time been settled by
the adoption of the ubTreasury scheme, again became
the subject anxiety and discussion the
repeal of that law before any system had been pro
vided. There is in the community class Of politicians
who carry in their train al thet host of spectators and
desperate men, who grew up with the paper bubbles Of
late years, and persisted in their explosion. Added to
these, few business men, who honestly imagine
National Bank to be necessary to the transaction of
business. The party thus formed have been eager for
the establishment of institution, matter by wha,
is called, capable of emitting large amounts o.
paper money based credit by which the currency and
prices may be susceptible of great imitation The pol
clans in this the of riding into power during
the excitement which its stimulating power would
doubedly produce Trusting to fortune after having
arrived at power, to weather the storm which will nev
tably overtake it, later according the breadth
of its foundation. Based the credit of the Federal
Government with its pledged for the issues
bubble could be raised which would last to 10 years.
through two three Presidential terms. But the
wide spread the fabr u.s. the fatal to
tie country would be its overthrow II would the
ends the politicians however and their ambition would
meet its reward.
The spectators having been taught from the expert
of the past few years. and, being fully noccuated
with the gambling fever inherent in the bank paper sys
tenn hone to retrieve their broken fortunes the expense
of the Industrious. during the nhaon promising them.
selves, with the gamblers inatuation, that they will
realize and retire with what they get before the
overtakes the country Here is community Of interests
that strive actively perfect the plan which to be the
instrument ofther aggrandizemen From these emanate
the thousand and scfem and different modes by
which paper be put ahoat and pamed upon the PEG.
pie for the proceeds OF their toll The large majority of
the merchants and the industrious classes depend the
reward Of their skill and labor upon the seadness of the
currency As long tha obeys the laws of trade the
calculations of the farmer the enterprises of the mer
chant are formed upon basis, and seldom fail
success When, however, the currency obeys not the
law of trade but only the whims and caprices of certain
men, who, with few sweeps of pen can multiply
diminish the volume of the currency the exchange
and the prices of goods, at peasureall prudence all
skill and all the calculations of industry baed and
the west and most prudent thrown entirely the
power OF graspng Spectators who watching the Jug
Cling tricks of the paper machine have the
welfare of the country at their disposal
All the plans Of finance presented to Congress last
son contained the features here marked in greater
less degreehat of the Secretary of the Treasury by
far to the greatest extent As that bill is again to be
discussed, WITH however, but very little hope of its
adoption may take a brief review Of it, It's
general features principal board at Washing
ton with branches in all the States that would allow il
and with authority to employ bank agent wherever
deemed expefient for instance the Bank OF Commerce
in New York. This board and branches to receive and
pay out the public mones receive individual deposites
draw purchase, and accept bills of exchange at two per
cent ana 70 government creditors paper money
based on the credit of the government limited only that il
not exceed three times the specie on hand and in
addition to issue certificates OF depee for all spece de-
positeo' III chsrBe OIL ohe'hai per cent No distinction
made between the specie constituting the basis of be
paper money and that for which certificates are ;ssred
These certificates would circulate money for exchange
purposes for every sIOooooO deposited ooo
ofpaper money and $40 900 900 OF certificates $40
900 ofmoney would be thrown upon the market Tn.
paper to be issued in payment of its debts and
he discoun of bills of exchange to be drawn another
place five hundred miles from the place of pur
hase. That to say, il an individual Washington
1 - zl..s1u
it in the form off bill on his correspondent in New York
This he will get discounted, and receive government
paper therefor When the bill fasdue in NswiYork his