The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-24

The increase in freight so per cent for the week.
and is most significant hint to Rip Van Wrinkles Of
New York. that the werld around them is progressing
with giant strides while they sumbering under the
fumes Of former stock speculatons.
The following is from the Courier of this morning -
ILLINOIS AND MICHIGAN CANAL.-We ask the attention
of the holders Of Illinois and Michigan Canal bonds and
scrip to the advertisement Of the Commissioners Of Ohio,
scriptions to Canal Loan authorized by law passed
at the last session OF the Legislature Of that State
What is the of procuring such notices that
Since the Ohio bubble has been going the Courier
imagnes that there commissioners except from
Ohio. Is he SO ignorant to think the Ohio govern
Illinois affairs Or perhaps he means to insnuae the IL
lnos commissioners should pursue the with
him that those Ohio did Illinois stands upon the truth
of position and has nothing conceal cloak and
palliate like Ohio
The late law aboshng the Office OF Bank Commission
ers regulating the affairs Of the chartered Banks
qures them in section to make quarterly report the
Comptroller commencing Aug, ls4s which shall be pub
hshed in the State paper with summary. The report
of each bank shall also be published in the newspaper Of
the county where is situated Pursuant to this law the
Comptroller addressed circular to all the banks from
Of them he has received in assent Of
them however, show disposition to avoid the pubca
ton and resist the This is last effort sustain
themselves. No banking institution which processes
fear of publicity sustain itself against the current of
public opinion. The strong and we'll conducted banks
will put their affairs quarterly before the public whose
confidence necessary to their existence Any institution
which attempts to fasen discredt upon ITSELF and attract
the gaze of the public by keeping aloof from that candid
expose which all 9th make will work out its rum
il it escape the penalty Of the law Those insttu
items that comply with the law and bow to the will of the
people, will be obliged in self defence to refuse its paper
and currency not countersgned the people have d
~ ho ovptou cd
by them bank that wants the confidence of the public
obtain by refusing the conditions which the
people have offered confidence.
The feeling in the community against banks strong,
and increases rather than otherwise and long period
of uninterrupted prosperity must elapse before that blind
confidence formerly existed in corporate promises,
will return The banks in the interior of this State
many of them in an exceedingly precarious condition
They have hitherto contrved to sustain Themselves but
large portion Of their assets of nature which must
be dead for perhaps years Real estate will not
ascend in value for length Of time It will only be by
future paper expansion that its old position will be
recovered. Such event is very distant On the
trary the prolific growth of the west pouring in lis agr
cultural wealth. is calculated rather to depress the mo-
ney value Of property in New York, by keeping down
the money value of produce. With low range of prices
far less banking is requisite.
Most of the old assets speculative, and cannot be
improved in value by the new cash business sprnging
up. Any future profits that the banks may make must be
by increase Of deposes and circulation The profits
on these after makiI up the deficit the interest of the
capitals dlspdated by bad investments will towards
restoring their affairs. With low cash prices country de-
postes will scarcely be lsrgs and extended crcula
ton will be exceedingly difficult to be procured under
the new law. Tho opening of the railroad from Boston,
which large portion of the northern trade of New
York will co. carrying hither the circulating bills Of the
New York banks, will expose those institutions to the
prompt action of the Suffolk system when
to any extent The New York currency :,
which formerly exclusively to this city, will
90 in considerable amounts to Boston, and will involve
the necessity Of abandoning the Suffolk system altogeh
err of extending through New York. to all the banks
that within the increased circle of Boston trade
1t has been the consequence of the Suffolk system in New
England that the Boston banks always had the circua
ton exclusive to themselves The New York sy stem of
allowing the country bank bills to circulate in Newly
at discount produced result directly the reverse
as follows:-i
Jan. 1, 18i3. CAPITAL. Circulation,
New iCrk country Banks l93s98u 7,40o5a
', city u 290 ,3]l,333
Excess Of capital $a,77o.A3
+, circulation, 5000, l65
The Suffolk system Of collecting all the country bank
bills and returning them Immediately the issuing
bank for redemption, keeps them out of circulation.
When business active bills generally return in two
three weeks after they issued In New York. the bills
float down. and being discount remain in circulation