The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-01

Mobile.
Correspondence Of the HERALD
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[Corre spondence of the HERALD
MOBILE, Aug Is, 1872.
Currency Bank Notes-Banking Institutions
Watering -Diari1img the State-D,ake Of
Orleans- Cotton YtRou Fcrer
FRIEND BENNErr-
The very high reputation your valuable Herald
sustains in this well every other part of the
country, as truth telling medium of politics, reli-
gion, scandal, morals, finance, and news, induces
me at this time to obtrudc myself upon your notice,
nasmuch as have a few things relating to the pub
c veal in this and your market, that it might not
be bad idea te promulgate. ..l z
The beautiful system of currency that fills our
State at this time consists, il has done for few
years past of the bills Of the FIVE branches of the
Bank of the State of Alabama, the only banking in
stitution the State, If except the banks Of Mo-
bile, and the Planters and Merchants in this city,
specie paying and solvent, but only from the fact Of
having circulation out, or what very little they
may have is at as high premium ae specie
The beautiful State branches, i have Just spoken
OF, have of late attempted interesting and prof.
fearing from the tone Of public feeling, in conse-
quence of the value OF their money generally having
depre about forty per cent below specie, they
shall be put in liquidation. They began Just before
election to pay, say one-third forty per cent
in specie, and paying out the balance Of such de.
mands of their own bills as might be presented in
notes of the branch in this city, generally supposed,
from the heavy losses sustained by SPECTATORS and
Encouragement, to be by far the worst circum-
stanced of the lot. The worthy cashier of this
branch here, however, not to be out financered by
his brethren in iniquity, started this project at the
board one day, viz. to check on New York daily at
the OF only ten per cent Tor about $500 or
$1,000 day. till some $l5O, 900 had been drawn for,
at the same time sending its agents north to sell
some 81 900 of its bills quietly, as this
move here had had the effect there, to restore con-
4 "a. ,ts he of die
count under which its notes are now laboTng.
They have at present about $l50, 600 in specie, for
circulation of only 5000 600 OF It's paper. The prin
cpal part of the assets OF this branch however, con-
sst OF unproductive real estate, and other equally
valuable property, taken at the inflated prices OF
1885, but which will net bring now 30 per cent IN spe-
Gle The kindhearted intenonsot the cashier IN thus
checking, were unfortunately frustrated through
a director, who having been educated in the New
England code oil morals, could not 20 easily adapt
his Puritan notions TO the more refined ideas OF
modern fnancierng.
Our watering places on the Lake shore, perhaps
contain at this time slightly more heterogeneous
mass, that could be found any where else this side
OF Tophet Many OF the elite Of our city are there, as
also many others, and you will see there bankers,
brokers' gambler, uoafers and backguards together
with liberal sprinkling of dowagers, prostitutes,
and servant girls. with plenty of pretty women, and
a few others, all equally ignorant OF the standing
and character OF each other; but associating to-
gether on the purest terms Of equality, though all
were members OF one large family with freedom
of intercourse truly beautiful
Our Governor, as you well know, refuses 10 con-
vene the Legislature to district the State tear
ing the loss of loco supremacy.
The funeral obsequies in honor Of the late Due
d. Orleans, will take place here a few DAYS bv the
Creoes and the French residents, and shipmasters
here at present The officers attached to the French
vessels Of war at Pensacola, will be participants.
Our planters busy picking out their cotton, and
il thought the crop viii reach fully 4000O0 bales.
Yellow Jack has made lite appearance in New Or
leans. No casee here yet