The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-12

This table presents the fctthat Philadelphia and Mo-
bile the two worst points in the Union because
precisely those points the banks have received the
most legislative assistance, and the result has
been produced in both cases. viz utter insolvency The
banks Of Mobile long SINCE contested having lost half
their capital and believes for Moment that Of
the aggregate bank capital of Philadelphia dollar
remains the stockholders and WHOLE the chances
are that the outstanding liabilities of the banks not
worth rs per cent complete explosion 10 not far dis
tan After the failure of the United States Bank in the
f Of 1885, the circulation of that institution composed
the whole circulation until debts to the other banks
became great that they discrcdited it, and took from
securities from which they realise Is per cent
The bills Of the 0rard ank then supplanted Bank
notes circulation, and the Grard went through pre-
csely the process when Its debts the banks
became too great, they discredted it, and it stopped
heavily debt to the other banks The Bank Of Penn
sylv ania then stood ard the urnisher of crcu
lating medium but the other institutions perceived
clearly that il that institution allowed to pay the
state interest in its bills, it would follow the
Grar they therefore took the wise for once of
scredng it, before got heavily in debt to them and
this in the report of the bank actually made cause
OF complaint, as follows
The Bank being then undoubted in its credit IL was
fully rpecfed that its notes. then every were current
coud BE- they drays had BEEN receped in payment IF the
interest and until the run on the Bank which common.
ced onyhe twenty Of January, the ofcers Of
the Bank entertained doubt of the payment Of the ne
rest II is their belief that il that pressure which
previous preparation could have enabled them to resist
had not taken place, difficulty would have existed in
making that payment.
Now, this 10 precisely that which the other Banks
chose to prevent, and wise in doing The ope
ration OF the United States Bank and the Grsrd upon
the standing Of the other banks may be in the fol
lowing items from the return Of the Bank Of Pennsyval
niaiFsb. -
Value.
U.s.. Bank Post notes taken in ex.
change for circulation Sl2SooO0 $500 600
circulating notes $4,000 10000
" Girard $4,000 10000
$i,s6o,Oo0 100000
All the other banks suffered in the same proportion by
those two banks did the Bank Of PennsyIvapis and
il that bank had gone losses by her would have been
added TO the total but she discredted The cir
cuation now consists almost entirely Of Moysmensng
and Tennessee township notes, which at discount
oflo per cent 1.-THE other banks continue to receive
their notes fresh losses must be added to those already
sustained. The banks ARE thus following each other
every failure adding the losses ofhe remaining banks
The following capitals of the broken banks, also
those that remain -
Us. Bank, Pa. $a5ooo,ooo Girarj Bank, 5000 eoo
Bank ofPA 100000 schuylkll, sss,ss5
Total or.kea 43f9s.5s5
* Pena Town.hip, 10000 Me,h,nies Bank, lo,aso:
Si b. ss $685. wM: ss'e -
Cormercisl, 100000 Northern Liberties, soo,ool
fMmerS'& MechS, l,35o 900 Southwark, 10000