The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-05

Some little improvement Is visible In the rates
qusnt upon the forced contraction Of the southern
rencies The arrangement Of the Philadelphia banks
with each other In relation the Safety Fund
have been entirely misrepresented the pub
c probably designedy onhe part Of tho Banks The
proposed fund snsrs not the slightest guarantee to the
public for any Of the bankshst msy prove delinquent
b only guarantee between themselves for their
balaAcss The banks agreed pay out their notes
only settle balances with each other weekly in
cash bat they could each other. Therefore
the quota Of $4,000 each required to be aced in
the hands Of trustees to guarantee that the balance
due from each particular bank the others shall be paid
the end Of tie week For instaacehe Bank Of Phila
phla aeposes with the trustees $75Oo0 II at the close
Of the week another bank balance Of $5e oOo
and cannot psy ihen must be paid out Of the S750oe
deposited, and il applicable TO other purpose
will be the public has interest in that matter
beyond the fact that the tends in
degree check the issues of the Institutions and there
fore to reduce the depreciation Of the currency 1t
hoped that much of the bill before the snia
Legislature compels immediate and Unconditional
sumption will become law 1t has pas sed the House by
vote Of "a to H. and will doubt pass the Sense The
Senate have repealed the resumption bill sent
10 them from the House. At this ofthe when
the supply of bills from the north 10 great il the
banks Of those sections compelled pay SPECIE
animmense influx Of silver would set 10 from tbs Mexi
statss 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 was lettering to its fs procured large by
sales Of fictitious billsn Mexico In the Of
sterling in New Orleans fell prem, 50 600 900 of
silver dollsrs into that port from Mexico. The
whole import Of that year $4 Of silver and
$4,000 900 Of gold.
The progress OF the operations of the Bankrupt Law
shows how gross have beea the misrepresentation in
respect the number Of persons interested In ami of
the nature Of its working It stated by Mr.. Clay
that there persons in the United States who
were bankrupt and who wished the law to interpose
hetwee them and their creditors The Law 10 now in
operation and the indications that persons
in the whole Union willtake advantage Of it. BY far the
greater number Of debts have been settled by mutual
agreement. Those persons who heavily in deb, and
possessed Of property which they DO not intend to
give rp have been very busy Of late making offers for
their paper, which has been dishonored for years
withsu. attracting their nstice. They 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. Credtors under the
superstition that IL they do not accept the offers rade,
they will get nothing by having 10 the law
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 men in the Union
has been overritsd' We have compiled the following
table of the hsr o. firms doing business The table
does not comprehend the number of persons engaged
each employment, but merely the firms that conduct
the business and to whom only bankruptcy attach
Ns~sEa Pkasoss OF ZACH OccrrArror 4. THE Urrrro
a Ia