The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-11-27

of which is the resources of the banks have been
employed in other kinds Of business-but now their
influence is thrown into the hands ola few indi
viduas to carry up prices Of stocks until those controlling
the large capitals of those banks have made immense for
tunes Then the bubble will burst and all who have dollar
invested in these concerns, will open their eyes
and find themselves thrown the world destitute The
responsibility of these individuals holding the power of
capital in their hands, lasts just long they com
mand dollar They have got themselves into stock
obbing body and soul, andthey will come out Invested
of every cent of their property They will use up
themselves and every individual connected with them
The connection between the Wall street banks and the
brokers' is raught with danger than appears visible
They must daily increase their loans and discounts
to this class of applicanshey must involve themselves
deeper to keep the value Of the securities they already
have They will be gradually drawn into the abyss that
yawns to receive them without the power to them
selves should they eventually have honest DISPOSE
ton.
The present state of the banking system precisely
similar to that just prior to the last revuson. In every
particular relative to their movements, the same
track followed that many passed to bankruptcy
The country is slowly recovering from the position in
which it placed by the old United States Bank is
gradually by its energies and again reach
ing the state it was in The people are, with diff
Guilty retrieving their past prosperity, and WILL if they
only shun banks find themselves far better off than
ever before The United States Bank became a great
speculaorit at time had invested more than twenty
millions in stocks Its agents in Europe entertained as
exravagan ideas OF speculation the financial genius at
home Through their influence English capitalists were
induced make the extensive loans to the Staes
The States borrowed all they could get without dreaming
Of day Of settlement The state of the currency at that
periodthe speculation going on so extensively in every
hingthe creation of stocks and rapid increase in prices
ofproperythe anticipated returns from internal improve
ments built on the State loans had great influence
on the public mind, that thousands thought the time
to look at these things in any other light would never
Thousands died in ignorance, but millions live to
experience the ruinous results of so much folly The
debts contracted under that deuson are not acknow.
lodged, and the effects of the bubble is still severely
felt in parts of the country. The graspng dispo-
sition of that institution satisfied in directing the
movements of much foreign capital besides all they
could control this side of the Atlantic in creating such
an immense amount Of American State stocks but in the
midst of this business they looked about for something
else dip into and could find nothing extensive than
the most important staple of this country Like every
thing else that under the control of the individuals
governing that institution the crop Of cotton was alb
sorbed and subjected to the movements of these pecula
tors The that perfected the bubble of 1889,
work. the hands oequally unprnopled spectators;
the reckless disposition manifested by the present
of nanciers and this country will always be in dan
ger from these desperate gamblers long the banks
in existence and long they have others property
to work with and squander
hecountry has refrigerated in its to wealth
and prosperity without the policy of the banks being the
first and only cause. The expansions of trade, and rise
in prices Of property depend entirely the course fol-
lowed by the banks the slightest deviation from regu-
lar legitimate and sound business, be directly traced
tohe movements of the banks and the consequence is
they must abide the result and bear the blame resulting
from their msmanagement The last quarterly returns
of the banks in this State show gradual expansion of
their The business Of the country since its
recovery, has been gradually withdrawing itself from
the small connection it had left before the present
commenced, and notwithstanding this fact, our banks
have extended their leans and discounts within the last
three months GAL 052 which previous tables have
shown an additional loan to brokers. The banks
very particular in making up their reports to place
small amount possible down TO this description Of
loans and discounts They well aware of the effect
contrary return would have had They disguise their ac
tua condition from their stockholders if possible
and have great regard for the public that they refuse
to enlghtcn them when Ignorance is Bliss The bulk
of their capitals at present beyond any different and
the directors have only carefully watch it, prevent its
leaking away 1t for the first refusal
tend facilities to the brokers' will give stocks of the least
value such sudden weakness that all Wall street cannot
hold them up and panic will come that region
that will astonsh the inmates of all the bank palaces.
The tenderhearted Ex-President of the Phenx Bank,
Charlesown, Mass, has been convicted at Lowell, of
fraud and embezzlement to immense amount. This
his second trial. the jury in the first being unable to
agree The eloquence Of distinguished counsel could
not him. The age has improved, and the result of
the trial of this individual is evidence Of return to
the honesty of forefathers few years since was
an impossiby to bring such gentlemen to punishment
The idea of arragning them civil suit
terained Now Bank President gets sentenced to the
State Prison for years The Millennium is nearer
at hand than most people have imagined. The charm
is dissolved, commencement has been made, and we
trust twill be followedup closely. If half of the Bank
Presidents in the country had justice meted to them
they deserve, the inmates of State prisons would
become much degenerated, and the institutions,
of revenuep concerns for they could not turn
their talents to any thing profitable unless they eeced
each other.
James T. Leath Esq, has been elected President of the
Branch Of the Union Bank of Tennessee in Nashville in
place of w. b. Winchester, Esq. resigned
meeting of the stockholders of the Merchants Bank
Baltimore has been called to take into consideration the
expcdiency of memorialisng the General Assembly to
reduce the capital of that institution onethird.
The owners of Baltimore City six per cent stock re-
deemable at the pleasure of the Council after the year
s3 notified that said stock will be redeemed at the
Registers office on the first day of January next on
which day the interest on the stocks will terminate.
The receipts of specie at New Orleans the 18th inst
amounted to $l62 SOL
state Of II rade.
The market closed very firm. Prices during the past
week have been well sustained and fair amount ofbusi
transacted The canals still OPEN which daily
an In,