The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-31
MONEY MARKET.

Suuu~y, jan. 3O-6 r. M.
The bill repeating the Bankrupt Law has been lost in
the Senate by vote of one majority The bill lie 30 far
ssfe-spprehensionss entertained that it NAV
be postponed for six twelve months, which will he
fatal to Il.
Events are rapidly progressing in Philadelphia and
The grand finale Of the credit stem as pursued in ba,
CITY may shortly be expected The bank of
MIA was all dsy yesterday and was bv the
other banks Last year when the banks of
allowed themselves to be drawn into the vortex of the
United States Bank insolvency by attempting TO assist
H. every practical nan considered them as lest Their
present desperate condition., therefore, exctes no sur
hns dissolution has been only question f
NAe The late National bank with capital of S35 600 mo
ana an almost unbounded credit attempted to sustain the
southern institutions and was crushed under their
weght-h fell bs:k Upon the other instut;on. .ra ..
N their turn upon the State and excessively eacb
has been knocked away until the whole form ban,ss.
mass OF insolvency beyond any human power to retrieve
and the United States Government were to a,temr, q,
stay the course Of events its credit would
Be the sacrifice.
Previous to the resumption of last year the In;,.a
States Bank monopolized the circulation of philadhi
anA thereby absorbed the active means of the o,hor
esnksto an extent that made return specie
altogether depend sat upon will Il then declared ia
anaDh"y 10 resume unless the banks who held over
V'oooo oil It's presenible paper world exchange it for
postponable paper post notes the active means Of
those banks consisted mostly of those claims upou the
United states Bank they could not comply without a.
ssstaHce for a Ike amount from New York and
Boston James G. King undertook to negotiate his
soan and the New York American published formal
oPAon that with such assistance the resumption could
pc brought about successfully. The FIRST proposi,ion
vas that the eastern hanks should assume the claim of
0e rniiadelphia banks upon the United States Rank
ms the eastern banks too sagacious to do They
refused to trust that institution at ala rms
'neh so' up heaiei by Prime, Ward King, Brown Bro
snefs Bank OF Commerce, &C. The Philsdelnhi, Ranks
.Aeu Weakly and iooshly exchanged their claims on
demand Tor post notes, to the following amounts
r.na., i,aS,, r"s1 Hrln y. s. BAsx Po,r Nors,
Rhiladepsia 1883 t5t 50 MsnfS Nee. saI sss
coumereiI $4,000 90 D, Nepls'ogton 81 $50 90
WV" America i"Ass so Pena Township sos,1 60
Two months after this oper alton the Uu;,ed s,a,..
Bank made an assignment of part of its assets 70
The notes. consisting mostly fancy s,o ,ks sna,a., m
tate inl Wisconsin, Illinois, Penns and e,sewhero
The property thus assigned appraised bv w w.Is
Campbell and w King at S. 100 ,oo although shrsu,
practical men, considered the whole worth NO, No.
than haf the amount. The operation then stood IT,,
The above named banks in the first instance held o
100 which could have been cashed at loss of IN rsr
sn For these, frauduently for the stockholders they
'sox PostPonabe paper. They then, for security as
sumed az equal am OF the bad debt of the United
s'es Bank thereby voluntarily throwing swa 50 900
700 OF the stockholders. nousy and even that assignment
vih according to the recent resolution Of the stock
holders oil the United States Bank be set aside In IA.
"esnume the State continually increasing It's IA
mands upon the Banks TO its ana hee
Y"e7rved the Institutions Of their remanin, &C y