, 1842-07-16
COMMERCIAL

ST. LOUIS MARKET, July &.
business during the past week has been ex-
cessiveiy dull, owing to the intense pressure in
Inc money market. The paper ofthe Bank of
ena~neotown, which formed a large portion
OF our circulating medium, has gone down to
% cents in the dollar, at which rate 81 les have
oeeh made and the vacuum has not yet been
niied up BY the depreciation of the notes of
the State Bank of Illinois and the Bank of
shawneetown. it is believed that this CITY has
iost at least a quarter of a million of dollars, in
audi'ion to previous losses by the depreciation
OF the paper of other dista Mt banks; and The
enter loss to the people ofthe whole State can
mol be less than a million of dollars. This de-
monstates that some plan should be adopted,
not only to exclude the notes of such banks
from circulation here, but to furnish the reoui-
site business facilities for ourselves. This, it
is believed, may be accomplished by n general
law, authorizing the introduction of banking
here on principles which have been found to
work SO well in Scotland; which provide am.
pie indemnify 10 note holders, by requiring
sufficient surety. preventing over-issues, and
IN other respects placing banking on a-siInilar
footing with merchandising, in which all the
partners Of a concern are held liable tc the
full extent of all their property, real and per-
sonal. The great defect in the banking sys.
tenn of this country has been the want of full
and Aipouofa pnrS,n.r .o-...Il..
ing has been gaming, from the Biddle Bank
down 20 that of Brandon. II has been ante
one hundred and brag from three TO len, and
sometimes twenty. Under this system it has
lvariably been the interest of banks TO over
issue. What we want, is, a description of
banking which will make it certainly the in.
teresI Of those engaged in it to avoid over
issues, and this can only be effected by reuuir-
ing full responsibility, and double security, if
necessary. BY the old system we have Ger.
tainly suffered enough TO prepare US for the
adoption ofsome better plan.
1t will be contcnGed that men will not bank,
lfthey are made responsible beyond their stock.
. 'S S"SfNi " MS aIBuIlchi ist liidl IL u uti-
ter 10 have no banking, than to have it on
principles that are really dishonest, and, so
much SO, that a year does not pass in which
the business classes are not swindled 10 4 ruin.
Gus extent. The condition of this city and
State requires a strong and judicious move on
this interesting subject-and it should there
fcpn ha iiScuCeoI ,,,,L .,. -. =, a.
next session of the Legislature. Our State
Convention took ground against The compare
tive responsibility Of stockholders in corpora
tons. Public sentiment is in favor Of grant
ing no more charters, on the ground that he
stockholders shall only be liable to the extent
of their stock; and, if deprived of this immu-
nifty, capitalists would prefer individual bank.
ing, under a just bu, rigid general law.
Al the present %juncture the Bank of Nilsson
ri will, no doubt, do all in her power; bu: her
means are not now sufficient to meet tho public
wants; and as the city and State shall increase
in population, productive capacity and wealth,
the lnsufhciency Of the capital of thu, bank
will become more and more manifest.
As our experts and imports increase. we
must have, in some shape or other, increased
facilities for business.
The paper ofthe Miners Bank, though it re-
sumed on the 4th inst, has been refused by
the leading institutions here. and it is at n dis
count OF 6 10 s per cent. The notes of the
State Bank Of Indiana, are not bankable, and
also pass at a discount Of 6 to 8 per cent.
Business could not be expected to be other.
wise than stagnant, as the city has in the last
few months suffered so much loss by the sud-
and then the Bank of Shawnee,own. Twice
in the last five months, the main part of whai
constituted our circulation has been suddenly
put down, and great distress has been the ma
tural consequence.
We can now, however, see and feel the
worst of it; and if we rigidly adhere to the spe-
clio standard, our condition must soon i'm
prove. Good money must flow in. because
there will exist a demand for it, connected with
the means of obtaining it.
COGee.--In this article there has been no
change. The stock is light. Havana and Rio
10 n ii -; Java Is a II.
Flour.-There is but little in market, and
scarcely any arriving. We quote City Mills,
superine, at "a % a 4 so.
Grdin.-But little wheat has been received.
The stock of old seems to be nearly exhausted.
and no new has yet arrived. Sales have been
made Of small lots at so a 60 l.2. Corn and
oats, in sacks, Is a 90 cents per bushel.
Hemp.-The receipts have been light, and
the article is in demand at 4 a 81 25.
Lard. pork. bacon, aad provisions generally,
are dnll. No change has occurred worthy of
note.
Lead.--This article continues to arrive, but
less freely. Sales were made at 50 90 a 2 95.
Tobaeeo.-The following sales were made al
,ha urarahnusa