Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1842-02-05

Some little 10 visible In the rates
qusnt upon the forced contraction Of the southern
renciesI The arrangement Of the Philadelphia banks
with each other in relation to the Safety Fund
to have been entirely misrepresented to the pub
lc probably desgnedly onhe part Of the Banks The
proposed fund ssrs not the slightest guarantee to the
public for any Of the banksthst msy prove delinquent
b only guarantee between themselves for their
balances The banks agreed to pay out their notes
only and settle balances with each other weekly in
cash bat they could not trust each other Therefore
the quota Of each was required to be aced in
the hands Of trustees to guarantee that the balance
due from each particular bank the others shall be paid
q the end Of tie week. For instaace,the Bank Of Pha
pha aepositss with the $1,000. at the close
Of the week she another bank balance Of oOo
and psy hen must be paid out Of the S750oe
deposited, and is applicable to other purpose. II
will the public has interest in that matter
hey the fact that the tends in
degree to check the issues Of the Institutions and there
fore reduce the depreciation Of the currency Is be
hoped that 20 much Of the bill before the Pennsy
Legislature compes immediate and uneondisioPal
sumption will become law 1t has pas sed the House by
vote Of "a to H. and will doubt pass the Senste The
Tennessee Senate have repealed the resumption bill sent
70 them from the House. At this ofthe year
the supply Of bills from the north 10 great il the
baaks Of those sections compelled to pay SPECIE
animmense Influx of silver would set in from the Mexi
States. The whole current of specie shipments.
from Central America and the West Indies to Eng
land which take place in large sums should be turned
in,othe New Orleans markets When the United States
Bank lettering to its fs procured large by
sales Of fictitious blsn Mexico In the Of
sterling in New Orleans fell prem 50 900 900 of
silver dOllsn came into that port from Mexico. The
whole import Of that year $i4 900 Of silver and
$4,000 900 Of gold
The progress Of the operations of the Bankrupt Law
shows how gross have been the in
respect to the number Of persons interested in it, AMI of
the nature Of its working. 1t stated by Mr. Clay
that there 500 ee persons in the United States who
were bankrupt and who wished the law to interpose
between them and their creditors The law 10 in
operation and the indications that not persons
in the whole Union willtake advantage of it. far the
greater number Of debts have been settled by mutual
agreement. These persons who heavily in deb and
possessed Of property which they DO not intend TO
give p been very busy Of late making offers for
their paper, which has been dshonored for years
withsu. attracting their notice. They come forward
and offer from ten to thirty cents the dollar for full
discharge In preference to running the risk Of detection
In taking advantage Of the law. Creditors, under the
superstition that IL they do not accept the offers rade
they will get nothing BY having TO the law in
very many instances make settlement. In this way
large amount Of claims have been settled. turn to
the late of the United States shall find how
immensely the number of business in the Union
has been overrttsd' We have compiled the following
table Of the hsr o. firms doing business The table
does not comprehend the number Of persons engaged in
each employment, but merely the Arms that conduct
the business and to whom only bankruptcy attach
NvNsER or PkRsoss zach OccrrArIor n THE UrIrEp