The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-11-20


the last monthly report The circulation has bmA
small per cent and amount Of specie on hand has In
creased in like proportion. The loans are tribe larger
but the deposits have decreased The circulation oil
the Ohio Banks has been gradually increasing since
June 1872 at which time it amounted to Sl,34,633
From January 1912 to June OF the same year the
circulation was reduced $3273s7s and the number of
Banks from % II. The present number is l0two of
which go of existence the present year The people
of Ohio up the beginning of the year 1884,
roed body and soul by the Banks of that State. They
depended them and consequently looked TO them for aid
insteadof turning their attention to the within
their power place them permanently safe basis that
moned institution could shake. The revuson that shook
this country to its centre destroyed the runous depend
banks. For the Of these concerns, people
compelled to dig their wealth from the eartho de
vote their hands to legitimate business the conse-
quence Of which for the past year the products of the
soil are immensely greater in quantity than ever before
The farmers of Ohio ythrive much
coporated avng shops They find they have in seeking
the shadow lost the substance and sacrificed years Of
toll, under the deuson that speculation leads to great
and sudden wealth.
The citizens of Ohio not alone in arriving at
this conclusion. The banking system of the whole
Union has undergone change that will have
greater effect in producing firm establishment OF pros
perty if adhered than all the thousand political hum
bugs of the day As great the reduction Of the banking
capital of this country has BEEN it must be still greater
we have yet than is wanted. Some of the Baltimore
Banks talk about reducing their capitals, and is
about winding up its business The Ocean Bank of New.
buryport Mass intend peonng the Legislature of that
State the coming winter, reduce their capital stock
half and that should be refused to surrender their
charter and divide the entire capital This is only begin
ming of what the Banks to, but have great
fears that before the end is reached they will make
another tremendous effort TO employ protably what CAPT
tai they have The merchants of every large city in the
Union have become Independent of banks under the
system of trade, that those institutions feel it of the
utmost difficulty to employ their money. The CONNER
cia communities composed Of different materials than
used to constitute the controllers of trade The revu
sion ruined all the old class and the present set is made up
of shrewd calculaors that satisfied with gradual
progress wealth and independence The old system of
credits having long since exploded the merchants have
been able to build up business based short credits
and small profits Commencing with small capitals they
have carefully increased their operations, their re-
enlarged rigidy continuing their movements to
the limits of their ability, instead of extending, in
proportion to their amount of bank facilities within their
control In consequence of this state of things, the
banks find little for their immense capitals in the
usual channels Of trade For the amount of business
transacted in this country during the past year. there
never trifng dependence on the banks. The
banking capital of all the large cities particularly is
seeking after method of employment II is at present
almost exclusively confined to the operations in stocks
for the of other outlet There nothing else
for this immense amount of money to act upon except
cotton, and anxously waiting the movements Of
that staple for the first symptoms Of the effect from this
cause.
Look at the magnificent palaces in Wall street. then at
the prncely mansions of the presidents and cashiers in
the upper part Of the city look at the array Of clerks
for the support of all these individuals The dead capital
invested in all these costly buildings would go great
way in the advancement of individual enterprise With
all this expense and extravaganza what be the
suit of their present position ike the drowning
they will catch at straws and make bold des
perate move enable them to their institutions
again with the legitimate commercial classes. They
must become Specializing machines. As demier resort
they must follow in the footsteps of the Bank of the Uni
ted States and ultimately be swallowed up in the same
vortex. The reaction in the trade OF this country has
commenced Independent of the banks it present
firm and solid basis and will increase the actual
of the people become developed twill advance in
proportion the actual the mass and steadily i'm
prove without any fluctuations, so long the operations
carried without the aid of banking facilities Let
trade Increase, just fast the Of those who
conduct will warrant combining its ramcations TO the
unalterabe laws of trade By rigid adherence to these
height of prosperity because the march will constantly
be onward instead of experiencing those terrible revul
sions that have been often visited with, and which,
might most assuredy depend upon again, should the
business of the country ever become mixed and
mingled with banks, have been since the creation
of independence, to within couple of years. The
banking capital of the three principal cities of the Union
is as follows at this time
Boston, "a banks. ST., 100000 90
New Orleans, 8 do ................ 2O,929,3i0 90
SCI, $40 $50 90
This immense devoted the movements of trade
in the hands Of few individuals who expand contract
their discounts pleasure long the mercantile
munes compelled by theinfation of business caused
by these bloated scpuchres look them for aid get
out the difficulties they enticed them into This amount
governed must long that power exists be destined
10 ruin the legitimate trade of the country. We want
capital but it to circulate in the proper chan
ncls we want security and permanency TO characterize
our business affairs, which only be acquired by be-
coming almost entirely separated from incorporated
banks There favorable time the pre-
sent and if the existing opportunity is abandoned, the
future will I've fraught with disaster and ruin. Compel
the banks TO reduce their great capitals, and many of
them close up their expensive banking houses and all
will go along smoothly and happily Men, have devoted
their whole lives in acquiring competency, will have
their property swallowed by these Fortunes
will not be made in day year. but the accumu ation
will be slow and There will be less number of
mllionares but there will be moderately wealthy
men, the will be thriving the whole people richer
Sales at the Stock Exchange.
SECOND BoARp-S,TuRDAy.
$500, 20, Ohio loI iso shas Canton Co asS
g: 's' NJ; soSs; RR H'':$