The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-19
= MONEY MARKET

The feeling at the Stock Board to-day was better-saes
to fair extent made at better rates Kentucky SIS 1;
Ohio t, Canton 1; Stoningon T. At the Board, or
"Toronis" equally good business;was DONE at i'm.
proved rates.
Alabama is at last in way to emerge from the financial
difficulties with which she has long been stru ggling,
in consequenceof her Illicit intercourse with the ban
system When the present system started the taxes
formerly paid towards the expenses of the
were remitted and every dependence placed upon the
profits Of the banks topay the interest the money bor
rowed So0O0O0 to constitute the capitals Of the banks
and also to meet the current expenses the
The result of this experiment is that the banks acknow
ledge the loss Of so per cent of their capital and are nut
in liquidation and taxation has become neces
sary not only pay the regular expenses of the govern
ment but pay the interest and principal money bor
rowed he faith of the State and lost in cotton spec1
ations Ahsr hard struggle the measures of the Ala
bama General Assembly in regard to the finances the
State, have assumed distinct FORM which can be deter
mined with some degree of accuracy.
l. taz bill will be passed, from which 5000 900 will
be collected- is doubted whether any addition will be
made Tor the purpose of paying the interest the State
bonds This sum, however, is than will be required
for revenue.
The appropriation of the support of schools
In the different townships of the State when the funds
were insufficient, has been withdrawn.
s. The expenditures OF all the banks have been d;mn
shed and the opportunities for jobs nearly e1tngush
ed.
T. The four branch banks have been placed in liouda
ton.
The State Bank prohibited from all business other
than to purchase bills to effect remances in sayment OF
the interest Of the State debt
The specie in the vaults, 81 O74 $685. will be applied
to the pay meHt of the interest due in ls4S.
T. steady system of collections will be pursued
perhaps fixed rule of collections will be prescribed
The boards Of directors will be nominate Cd by the Co.
from of known responsibility prudence and
skill
O. There has been q general retrenchment of public
expenditures.
What will be done with the bank circulation does not
yeappear To realize anything from taxation for several
years. while that Goats upon the market impossible and
to refuse il for taxes is to repudate.
This state of Alabama affords clear and distinct in
stance the inevitable results Of banking in connection
with government Perhaps nothing in Europe has been
looked upon with SO much dsspprobaton the paper
scheme of the President The French papers are very
duse upon this subject We select the following from
the Courier Francois
"The Message" it says, throws clear light on the
false and deporable situation to which the Government
Of the United States has ben reduced by
me American Government, desiring to esneorste It's
condition. has tried to negotiate loan Europe. This
attempt has failed and ought fail in the the very
Americans in msney matters have given birth
to- President Tyler is asonished at finding that whilst
European Governments having debt easily
hnd persons to lend money the United States with debt
of scarcely 5000 600 Of dollars every purse closed
against them. This apparent anomaly can be easily ex-
planned The States which enjoy solid credit in Europe
are those which do not become bankrups to their credit
ors. Who would think Of lending to the American Union
after the scandalous failure OF the States The
President proposes in order to remedy the poverty of the
State TO create Bank account of the Treasury with
right TO issue notes to the amount of fifteen millions Of
dollars, and being entitled purChase with
bills Of exchange This proceeding you'd be mensh ous,
Tor who would give Government the liberty OF discount
ing that s Of sppeeiating day BY day the soipabiy of
rre'y roder Mr.. tyler calls that an Exchequer; the
English Exchequer also issues notes. but az inst cash.
and morgsgng the of the State for the paw.
ment of the money. There nothing in common betw cen
the Exchequer and bank carried on for the Govern.
mentn
Its singular fact, that although the world has SO far
advanced a. to make it impossible for any Government 10
the possession and Of the property of its
subject by force of law yet people submit to the despo
tism Of the credit system, with astonishing humility
As the Courier expresses it, gives the Government the
power "of appreciating the sovsby of every trader"
Yet there those who advocate this immense power as
n blessinpt