The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-11

The tn. Board this morning w.rsts fair en-
tent, At general fall in rates Delaware and Had"
declined per cent? Indiana os per cent Illinois o.
II; Farmers Trust l; Mohawk I per cent; Ohio OF
Long Island !. Sales Of bills Philadelphia u
III; Baltimore 81; Mobile IL 10; New Orleans a6
The bill compelling immediate resumption in Pennsyi
vania passed the lower house to its third reading on
Tuesday, by vote of IS to o. We subjon the Two hr
paragraphs of the BILL which contain its material pro-
Visions asfollows:-
An Acr provide for the resumption of Specie Pay
ments by the Banks Of this Commonwealth, ana LOT
other purposes. IN
presentefiees Of the CsmmonVesith Of Pennsyivan,a an
GearsI asse~bly met aud 10 hereby e~aetsd tyauhori
fy If the same, That the banks, safety fund and savings
passage of this shall redeem s their notes. epo
sites and other liabilities, in gold and silver cen upon
of the president cashier other officers and Re
usel or failure to pay in gold and silver, as aoresad
s9s De deemed and taken to be an absolute he ur
OF their respective and said banks may DC Po
ceeded against in the manner hereinafter provided.
Section After the passage ofthis act the state Urea
notes issued under offourth Of May thousand
eight hundred and forty by the banks accepting the
taxes end debts due to the and when 80
into the treasury shall be marked by the audi
tor general cancelled, and an account Of the amoune
and banks issuing the some shall be kept so ~ TO ene
be the said bank banks 10 settle with the department.
according to the provisions Of the said act
This BILL in all probability, will PASS the Senate and
become law, when may be hailed a. the dawn Of pe'
ter times il that bank ridden State The spectators
and bank borrowers ecsscy Of fear They beg
hard their organs both in this city and in philadelphia
ior extension Of few months more. These hsr'
pies have for three years preyed without cessa-
ton upon the vitaA of the community They have rum
ed the trade of the inhabitants greve'
ously and brought the State itself to insolvency ana
yet they have the assurance still clamsr for renew
ed lease Of dishonesty The prospects are, however
that will not be granted banks that in three years
time have been unable to prepare for resumption must
be wound up without ceremony.
The New Orleans papers filed with long letters
addrsedt the Hon. Henry Clay the subject Of bank
suspensions and he sovency Of the State Of Louisiana
by s. Peters side, and E. Forstal on the 9TH
err both Of them suspended bank Presidents Mr. Peters
opinion that the banks and brokers have got and
lost in speculation all they get out OF the public
that the banks can never payand that the State IN con-
sequence unable ray the of outstanding
bonds for which is responsible for bank capital bor
rowed in Europe and lost in wild speculations Alr
the other hand contends that the State aud
people stand good deal imposition yet; and
prove it, values the of suspended paper held by
the banks its face and with great gravity talks about
the surplus banks that have not paid their debts for
three years The shortest wsy for Mr. Forstalt CON.
vince the public Of the sovency Of the banks and State
to put the Citizens Bank which he rresides, in
condition to pay its debts. Such movement would
have more effect than all the letters that could be written
ON the subject The real state Of affairs in Lousianas
Justly described by the Hon. Cha man Of the Senate FL
nance Committee, and for some time colleague Of Mr.
rorsall on the same committee, as follows:
"By the effects Of the suspension of 1887, Of specie
pay the banks have gradually brought the whole
agricultural and industrial indebtedness Of
the State to the same Ray gay, OF nearly 20.
| that could resist such state Of things
Real estate has declined 50 60 per cent Produce
has been sccumuating these last two months without
fading purchasers Every branch OF industry mas Deen
prostra and yet have not been visited BY war or
pssence Our sou o. iere a.
larger Indeed State now presents the strange ano.
mafy Of country actually perishins under The weight
iesisaticn can be Of any avail The disease pervsdes
the whole community-the remedy bet what " may'
must apply TO the whole community" t,.
| The james River and KanawAa Company of virgi.
mia have applied to Legislature for means to enable
to redeem certain Of the State in their
favor, and pledged by their sgent Gen. Hamilton Of
Texas with Morrison Co. Of London appears that
Hsmilton in ls40 was entrusted by the company with
$3.50 900 of the bonds, to raise money in London liz
ucceeded in obtaining of the Morrisons Eloo Ooo on
pledge Of s47o 900 Of the bonds the remaining $50 O
Of bonds he pledged with Dutch house, and used tn
money for his own purposes The loan Of the Morris
sors has now fallen DUE and the company cannot tax
them up for the Of the money due from Hamilton
which he cannot pay. Hence the application for re
Lief
We published, short time since, the official aggre
gates both of the Safety Fund and Free Banks of thi
state We are now enabled to give the leading feature
of the City Banks detail compared with last ca