The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-14

the Hudson river with the most extensive market IN
the country its immediate neghborhood only valued
at SIS per These facts show the great inequality
that exists in the valuation land throughout the state
The thing lexsts in Pennsylvania and Maryland
and that alone been the principal cause oil the non
payment of the levied in those States 1t Is no more
than strict Justice that all should be taxed equally
possible for the purposes of State government County
taxes are OF more local nature and governed by the
EXPENSES created for improvements within the limits of
each. Until some laws passed regulating the valua-
ton of property correct principles the people will
submit to the demands made through the collec
Taxes amounting to more than million of dollars
remain unpaid in Pennsylvania from this cause
raj counties in Maryland will not suffer the collector to
show his head,-in an official capacity within their
limits.
The report lately made by the Trustees of the
North American Trust Company, presents one Of
those exposes Of Encouragement that the hnanciers
of the present day often guilty Of The re.
of the institution it plainly to be seem have
been wasted in extravagance and speculation The Sc
curisies Of the bank consisted principally OF mortgages
marked up TO point far above the actual value OF
the property which they rested Loans made OF
large these mortgages and the depreciation,
since the explosion of the bubble that gave them 6cti
tous value has assets of the company that
the stockholders will receive back but small per
their investments The individuals that directed and
controlled these operations the prime in all
the speculative transactions that led to the bankruptcy
of 1897 and 1888 They the advocates of the Free
Banking Law their influence used in the lobbies
of the Legislature at Albany they pushed the system
from conception to completion, with all the energy and
perseverance ofmen whose existence wrapped up in
its perfection They belonged to that school of Gnan.
cies that depend upon great expansions OF public and
private credit to carry out their schemes The Free
n wa got m To
by the dissolution of the United States Bank The crcu.
ation paper sustained, by creating host Of
banks under this aw and the value of property
sustained before. Credits expanded at
any time during the existence of the bank ard the bub
BILE kept thoroughly inflated In the midst of these
things the North American Trust and Banking Company
was created under the general banking law. With
very large nominal capital it into the market
discounted paper to immense amount taking coate
raj bonds and mortgages not worth quarter Of the money
they represented The debtors of the bank, five
out Of SIX preferred sacrificing their mortgages paying
their notes. and this species of property sccumula.
ted in the hands of the bank to an immense amount
So long as the fever for speculation lasted these
securities retained their nominal value and the assets
Of the bank made very formidable appearance
SO longs the value property inflated the actual
insolvency Of the institution disguised but the
ment the bubble burst and everything found just and
proper level, the utter worthlessness Of the securities
held by the bank became visible and hebankruptcy of
the whole too plain to be any longer doubted
What little subsistence the bank had long before
this crisis wasted in extravaganza and folly The officers
completely incapable to fulfill the duties entrusted
to them Their utter ignorance of the very first leg
mate principle of banking and the peculaons in which
they individually involved utterly disqualified them
for the positions they occupied They have to he
come insolvent the bankrups thor acts created.
They have built their palaces but they have passed from
under the hammer into other hands. The i'll gotten
wealth remained but short time with those who extract
ed it from the widows mite and the orphans all. The
history of the North American Trust and Banking Com
pany will live in the memories of many who have been
beggared by the acts of those in whom the unbound
ed confidence placed. Many of the individuals whose
stand the most conspcuousy in the late exposition
in the service the government others occupy humber
positions but all are very sensitive OF their regulations
and make elaborate attempts to maintain safe position
in the public mind. The experience of age in Gnan
cial matters hardly to teach sufficient wisdom in
another avoid the dangers that follow the adoption of
any system of banking. The abuses practised in
this city and State under the general banking law do not
warning to the Legislatures of other States in
preventing the adoption of the system bill has
lately passed the House Of Representatives Ohio Great
ing free banking law and authorizing the of bills
seeds Of bankruptcy have been sown that
abundant harvest in this State and the same results
will be realized In Ohio.