The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-05

ST. LOUIS, Feb. a. lsla.
Yesterday the bills Of the State Bank Of Illinois
refused the Bank Of Missouri and the brokers' Offices
They fell at once to thirty per cent discount That bank
has probably three millions and half of dollars in crcu
laton. This issue Of her suspended paper,
procured through the agency Of the Missouri Bank
and the brokers' offices of this city, They took these
bills upon general deposit as currency banked upon them
first failed in Cincinnati and Pttsburg. Brokers from
those cities sentus the paper for wasreper
ed here by the friends Of the bank that drafts the
East would be furnished fair premium, redee her
circulation. The Illinois Bank of Shawneetown fur
the State Bank brought market drafts sixty days.
waving acceptance Our citizens and the banks have
about one and half millions ofthis poper in their hands
There perhaps due from the to
the bank The excitement 10 tremendous, and il the
State Bank had an Office here, fear should see the
cnna This believe Is but the beginning OF the ans.
csl revolution The currency now consists Of the
Miners aspk Of Dubuque, lowe, the shawnsstown
County scrip good, but the balance than the
repudisted paper ofthe State Bank. We have only felt
the first shock Of the earthquake The explosion
will PROSTATE the Miners Bsnk and that will be follow.
ca by the ruin Of the ShawnectowR Bank. Confidence
cent premium and is still rising friend of mine, who
wished tn make tender $780, compelled to
loy three agents to obtain the sum- and that they pro-
cured with difficulty, at the average premium above
stated : -
This is the natural end Of the bosterng and suspension
system OF the State Of Illinois in with the other
insolven: districts The system of non-resumpon Is
breaking down of its weight in all pa t. of the
Union. AtNew Orleans, on the 2ad, the Exchange the
Orleans, Improvement and the Atchsfalsya Banks
discredlted by the other twelve in operation The
sequence was great excitement and rush Of crowds
to have the paper redeemed for the of other banks
but were all disappointed The following quotations
for the currency on that day.
Specie-par.
Banksble Funds, a to 6. PEI cent discount.
Municipal Notes, o TO
Orleans Bank, l5to II
Improvement, toll
Atchafalsya,l5
Exchange, Is to 20
Louisiana Bank, par.
The banksble funds the bills OF those suspended
banks that yet preserve conventional credit The
Louisiana Bank lately resumed. All the banks
Ease to receive paper depose and the Gas Bank has
ceased doing business Thus it appears the people
lost triumphng bank corruption, which crushed
beneath the weight Of it's own iniquties. The people
havein vain appealed to the laws to their legislators
and to Congress, but in all the bank power was
paramount and redress refused Even the bankrupt
law, which passed to benefit Spectators excluded
the only feature that would benefit the Of the
people, that is to include the banks aud compel them to
pay their debts consequently the public have been
driven to use the only remedy within their reach which
isto dscredit the banks This will spread from end
Of the Union to the other until nothing aims but the
currency Of the constitution.