The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-14

Within three years the loans and discounts fell of six
millions of dollars and for lsl when the productions of
the State exceed those Of any previous year. with great
increase of population and all the additional demand for
the necesares OF life increase of mouths produces
with all these improved elements of wealth. the currency
of the State has been contracted than twohirds
is this decline that thepeope feel but it is Temporal
ry difficulty that will work out ITSELF another year like
the present. with abundant harvest and the usual influx
of emgrants will place the State of Ohio above the want
OF banks, beyond just sufficient supply currency set
tied on specie basis. The existing complaints in that
State may influence the Legislature prematurey adop
some system OF finance to relieve present necessities
whch VIII only result in deeper distress and depression
MOST oil the evils thaarise from bad legislation will work
themselves into blessings if allowed time and opportuni
ty We have been experimenting people and have ex-
permented on experiments before the good or ey arts.
ing frop measure had developed itself
An institution called the Citizens Bank has Just been
opened at Cincinnati by wealthy citizen of that place,
to transact all the usual business of coporated banks
cept issuing bills This will greatly accommodate the
merchants OF Cincinnati and establishments of 81
mar nature that spring in the States where the banks
have run their race will be Of great benefit the PEG pie
The most popular principle Of banking referred to in the
debates in the Ohio is the deposit of state stock
with the Comptroller and for him issue bills in proper
ton to the value of the deposit This would bring into
existence than hundred different banks in that
State Whoever could get hold of State stock would mme
diately become banker. The State would be flooded
again with paper currency, and the usual routine
speculation would be experienced The paper circulation
Of this country within the past three years has been
duccd more than half and still the present abundance OF
money great that the ordinary and legitimate business
of the country cannot employ it, and it seeking invest
ment in all the bubbles Of the day Under these circnm
stances with these facts plainly visible almost before the
reaction in trade has fairly commenced every legislature
throughout the country Immediately aerjmeetng takes
hold of the banking systems OF the State and attempts
remodel them and increase the number of the institutions
whose business is to extend their facilities
and lead individuals into overtradng and
The warehousing system is briefly alluded to in the
Treasury Report, and recommended without giving any
of the probable benefits arising from its adoption II is for
the interest of the whole commercial community from
Maine to louisiana that this system should receive fair
trial. The advantages ii will create will relieve the i'm.
porting merchants from much outlay of capital and ena
bic them TO make sales TO each other ofmerchandse while
in bond merchant importing certain article can sell
il to merchant who wishes export as it laws in bond
without dollar expense and merely be legal transfer
books that would be required for that purpose has
been subject ofnqury with the different Secretaries as
to the additional expense of this system to the depart
ment 1t would reach large amount at all events
Our importers present compelled to pay heavy
sums yearly for storage, and il would be preferable TO
have their merchandise remain under the care Of govern
ment, with the necessary insurance. than cart and
stow In half dozen different places. The government