The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-01-05

The Baltimore Life Insurance Company has declared
semiannual dividend of four per cent.
The Baltimore and Fredercktown Turnpike Road
Company has declared dividend of hveeghths per cent
fer the last six months.
Five dollar notes the Merchants Bank of Baltimore
altered from the Commercial Bank Of Mllingon are in
circulation.
Public notice has been given of intended application
to the Legislature for such alteration of the charter of
the Sark4tts Harbor Bank will permit removal
Buffalo. This bank is represented having cash CAPT
tai of 900, all paid and owned by of wealth and
prudence Its present location is very Improbable one
there not being sufficient business to enable the Bank to
declare the smallest dividend for the past two years The
citizens of Buffalo should weigh all these considerations
and if this institution is governed by individuals in
whose judgment every confidence be placed, they
would promote their interest by extending to it portion
oftheir business. Banks. properly conducted, by con-
timing their operations to the legitimate channes Of trade
by keeping in view the fact that their existence and
that of the commercial community in which they
ocated depends upon the regularity of their movements
md the uniform value of the paper currency by limiting
their circulation to the mere wants of the mercantile
classes and placing specie basis from which there
changes by dusing their facilities among those doing
bonade business and keeping clear from all specuatons
and speculators by carrying out these things banks to
certain extent become blessings instead of evils. There
very few institutions in this country that up
this mark Those that commenced with determination
do nothing but legitimate bank business have been
led away by the spirit of speculation that has tho
roughly prevailed all communities. The business Of
banking when limited to the regular trade OF he country
has been proved to be very unsafe Improbable invest
ment of capital The whole banking capital of the
United States does average per cent interest
nuay There is hardly another solitary instance in the
movements of capital in this country where the per cent
income is small the amount devoted to banking
The risk is greater than any other investment with
smaller returns An instance of this is visible in the
States where system Of banking is being INTRO
duced All capitalists strongly object to the insertion Of
any clause making them individually liable. Their OPP
position this important feature lays the whole object
BARE and sthe evidence in the world of the dangers
and ertanes Of the business. By strict adherence
the unaerabe laws Of trade by strictly combining the
movements Of these institutions to the regular channels
trade the business of banking will not pay half the
interest the capital employed that the laws of every
state in the Union allow in many other The
suit of this ndispuabe fact is that the banks have been
compelled appropriate part Of their capitals to other
operations which have not only ruined half the insttu
Of the country but have Frustrated all pursuits and
pread ruin from end Of the land to the other The
effect Of this has been the most wreched condition of all
classes of wealth having spent long lives in
mulang fortunes, had it swept away by the financial
revolution the poorer class not only deprived Of
their small property, but deprived Of employ.
ment, and the proceeds of toll. The farmer having
been induced to contract debts during the specu.
ative fever, found the soil slipping from under his
eet and his family deprived of shelter compelling him
to seek other employment turn his face towards the
West and emigratc to the wilds of parts unknown We
have had too much Of good thing we have been sur
eited with Banks, and have suffered more than the
drest pestlence would have produced There has been
revolution in these United States the currency tina,
would have extngushed any other nation in creation
The reaction has commenced and the cause is the
of the many Banks that have lived and died From
the evidence that daily receiving fear all have
not learnt wisdom from experience There stands pre-.
pared this early day in the revival of trade individuals
who would launch into the Of speculation
and spread every inch of the breeze For the
benefit Of these adventures and those who would the
course ofcvens be their victims have extracted from
late English paper remarks applicable to this sub
cct The described existed in sydney New South
Wales and similar to the daily experienced
in this country during the panic attending the Bank
losions The first paragraph gives the remarks of the
London paper and the second the contents of letter
from Sydney
at will be perceived that much of the wretchedness en-
tailed upon the whole community of settlers ascrbed to
the conduct of the banks An money accommo-
daton which thoughtless people in most countries
apt TO regard rather good than evil, and which is
IN fact, what, in England, economists OF the Atwood
school are contendDg for is recognised of the
main elements Of the prevailing Distress though the pro-
ceedngs of the local government are made chargeate
with certain portion OF it, The banks, the speculative
capitalists and the public authorities have all been con
ributng to the result which would appear 10 be
aggrav ated repetition of the lately witnessed
in the United statcs scene sprngng TOO ont oil the