The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-20

This is an admirable table, and shows the movement
he bank with precision In May 1887, the general SUI
pension took place and the Bank of Charleston stopped
with all others in the Union. In September
1885 this bank resumed, and has since maintained tse
In January 1899 general resumption took place. and
the l4h October the banks again suspended with the eN
ception of the Bank of Charleston and the State Bank
The other Charleston banks again resumed the 18th
July lsl0 The table shows the auctuaton incident ur
on all these movements In the column of the circulation
will be seen that since the adoption in Jan Of the re-
solution ofsendng home the country bank notes the crcu
aton oil this bank has averaged higher than at any sim
liar period since 1910.
This in relation to the country money is the IL.
climate one of depvng brokers of the means Of shaving
the people Under the city merchants suffer no loss b,
the medium OF remittances. The Bank of Charleston
thereby extending its own sound currency in the city
we have before alluded TO the supreme folly of the Ma
ryand Legislature in attempting destroy the business
oil brokers OF Baltimore will look back little at the
state oil affairs The Legislature of Maryland, at their
last session. in the pentude of their wisdom took up the
idea that the brokers making enormous profits
out of the necessities of the public, by purchasing
uncurrent and doubtful funds railroad orders pay able
in lcty stock, for instance at heavy discount and
using them at par And thus as they calculated each
office realised average at least 81 900 per diem
and accordingly of the wiseacres brought in a
bill to license brokers at the of $4,000 for single
branch of the business This was, however reduc
ed to $4,000 for single branch and 81 900 for all opera
tons usually made by brokers, and the act was hna,
passed in this shape to take effect from the LIST of July
In the meantime the exchange dealers consulted the
most.eminent counsel in the State, who after most pa
ent and careful examination of the law and other acts of
Assembly bearing upon theSubjec gave their unanimous
unqualified, and confident opinion, that the provisions of
the act in question did not apply those who operated
upon their capital exclusively and for their own ac
count and risk of profit osstha such persons could
not be included in the term brokers' which always implied
agency for othersthe act however after specifying tina,
license should be granted to individuals
and firms to purchase and sell for the and benefit of
others for such brokerage commission or compensation as
may be agreed upon'-adds proviso on these terms
"That any person who shall, directly indirectly in
any manner deal in the purchase OF stocks, bills or
other obligations shall be deemed and taken TO be
within the meaning OF the act"
This provso the counsel considered as inserted for
the purpose OF preventing evasions of the law by NOM
NAL dealing in some other things and under color there
oil actually making brokerage operations and they con
cudsd that the terms dealing in the purchase in order
to be consistent with the the act could only be nm
derstood to mean dealing purchasing brokers mas
much as license only to be granted for such opera
uohs Inc exchange Dealers unwilling to appear before
the public as violating evadng the law took the trou
BILE and expense of having suit brought upon their own
information in order to obtain legal decision and thus
set the matter at rest This action should properly have
been brought before Baltimore County Court who alone
had jurisdiction in the matter but as this court had inst
adjourned and could not again until September il was
deemed advisable that indictment sooud be found by
the Grand Jury then in session. and brought for trial be-
fore the Criminal Court Of Baltimore city, sort of police
court who conessedly and VIGOROUSLY had no more ur
dction than they would have had in involving the
Boundary Question But the counsel for the defendants
for the express purpose of getting such decision as
this court could give intentionally omitted to take any ex
ceptons either to the indictment or to the jurisdiction the
case was duly argued and after day consideration the
learned judge who is said not to understand the
binary latin terms OF the law taking the ursdic
ton for granted his solemn decision with great CON-
literally to apply to every person whatsoever the effects
of which would be to prevent the purchase by any ndv
dual Of single share of stock bill exchange without
first taking out license, subjectng himself to penalty
of S5O0-or in other words virtually to put stop to all
exchange money and stock transactions. In this exact
predicament are the community this moment placed by
this absurd decision the secret Of which SAID to be- that
this court which has always been considered little better
than nuisance is liable at any moment be abolished
by the legislature and therefore does not seem to contra
any of their acts and the hazard of their dspea
sure thereby endangerng their very existence which has
already been threatened Whether this decision will be
respected or whether the sense of the mercantile
community will with merted conempt remains
be seen.