The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-09

zen $o carefully packed ana sent 10 all parts OF the
Office and consulting Of the College 81 Nassau ST.
W. s. RICHARDSON, Agent
MONEY MARKET.
Monday, May SIS p. M.
The transactions large at the board to-day but
prices generally better-Ohio 6s rose per cent?
Kentucky 6s, 3per cent NJ York State 5s, Aper cent?
Illinois 6s Ii N. Jersey r. R. per cent? Phenix Bank
Ii Harlem At the board there little variation
from the general features presented at the old.
Exchang rising rapidly; sterling to-day ranges 81
81 prem and continental rates in proportion. David
Leavitt ESQ., President of the American Exchange Bank
sailed to-day in the Ashburton for Europe.
At New Orleans the 2sh $50 ATT in specie arrived
from Metamoras.
Several breaks have occurred In the Ohio Canal few
miles below Chcohe. The spring repairs had just been
completed The extent Of the damage not ascertain
ed but It was supposed that it would be repaired within
week.
The progress of the spring business is advancing pri
ecs At Chicago, Illinois, the 25th April wheat had
advanced % per cent or to 62l cents.
E7The Commissioners Of the Wabash and Eric Canal
Indiana have published their rates of TOLL from which
perceive tolls the leading articles Of produce
from Lafay cite to Toledo, amount to -
On flour, per barrel. about. .......... Is cts
On wheat, per bushel f" .......... I
On freight boats, per mile ...... &c An.
The toll corn is placed SO low that may expect
hereafter to receive large supplies from that quarter
The following letter appeared in another part Of this
paper yesterday We reinsert it here for the purpose
remark =
J. O. BENNErr-
The concluding six lines in your money article of May
g. read follows 1.-THE whole system of selling goods
in this city for notes at g. IL and IS Months payable at
little ricketty banks all over tho aceof the country
wrong The discount these bills with the
ote seller here, has been fruitful cause Of all the evils
that have overtaken the country and the banks" Now
conceive that in these six lines you have made bold
statement that many merchants will not be willing to ad
nit the truth or 1t certainly has been for long time
considered by best merchants of the
aud easiest modes to the pay Of country bills
ct maturity Many country merchants will say on the
day his six months purchases become due, &c pay
that account in the Of three weeks and the New
Yorker will have to wait until that time" When if that
neighborhood, he would pay it when DUE rather than
have protested and perhaps thereby prevent the fail
larty mercantile transactions You may be right in
your position at any rate should like to your
sons in print and Ihave no doubt many others would
Perhaps of the most difficult operations in nature or
artis to weed out of people habit custom INTO which
they have fallen. Moneys Of standard weights
and measures, 1t is next tompossble to change in
Nearly is the Of doing business, to which peo
pie are accustomed matter how great how apparent
the evils attending may be- The people of this
tme have been accustomed to do business fictitious
capital and through the delusive medium afforded by
forms Of paper Indebtedness corporate and nd
vua As the whole business of the country has grown
in magnitude, banks with their paper operations have
swelled with it, or rather in advance Of it, Nearly ell
those doing business have been accustomed to no
other mode than that of giving and taking long dated
notes. which they exchange for the short sight paper of
the banks at great expense and reexchapge the
ccco
much faster than the productions and regular business
the country consequently, with every commercial
cycle there proportion of paper for which there is
equiv alcnt and which the shape oil suspended
paper" in the banks We might simply refer
pendent the amount of this paper not only
the remains of the 500 Oos bank capital gone into
liquidation but contained in the portfolios Of the soundest
and best banks in this city, clear and undsubted
proof that best merchants" have not found noes
payable distant banks he and easiest modes to
ensure the payment of country bills at maturity The
schedules OF the bankrupt courts present the results
That in isolated and individual cases. the operation upon
the mind Of the country merchant is such
pondent describes is undoubted but that fact proves the
rottenness OF the whole system. is well known and
melancholy fact that avery large proportion of
those who considered the best business men, have
scrupe whatever in putting off dshonorng and delay
ing paymenof any obligation, that not assume the
book accounts paid only when the claimant will for
bear longer The because long a, the note
in hank is met at maturity, the credit of the ndivdu
al is undoubted. This is the reason why the
country merchant ia afraid Of dishonoring note in
the bank at his place Of business That note how.
ever not actually paid The facilities which that
bank affords to the New York merchant to collect his
money extended to the country dealer to enable him
to avoid paying IT, which done by renewalhence the
hourly volume Of renewed suspended paper
which finally crushed half the banks in the country
The New York merchant, for q moment, may get his
money but the accommodating debt not paid and disaster
finally comes as in 1886 T. when Pear street destroy.
ed The banks to this day hold remnants Of the debts OF
houses that then stood the highest and who have since
been paying up in five or ten per cent nstalments
y In many Of the states-Florda Alabama, Arkansas
Mississippi Illinois, Michigan and Ohio there are now
few no banks, compared to what previously existed
hence there discounts collections TO debate about
In the place of those banks however, appear as if by
magic ndiv of wealth and skill corresponding with
New York the great centre 10 transact the collections
of the merchants prompt and cheap manner far more
satisfactory than that Of the banks When the countrv
inundated with deprecated paper people imagine that II
they refuse H. they shall have money-no sooner is /,
withdrawn, however than specie appears from oil quar-
tefs In the way. while merchants collecting
through banks thoy suppose IL the banks destroyed
there will be channel through which to obtain their