The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-19

that before reported from the COMMITTEES, for an
equalization Of the State among the several counties
AMI at the time introduced bill to
equal valuation of taxable property.
We stated yesterday in short paragraph that the Sc
nate of Ohio refused to with the in the
passage of the numerous bank bills sent up for that pur
pose The vote for the indefinite posponement of the
bill to incorporate the Bank of Ohio soodyeas 90 nays
H. The for the indefinite postponement of the bill
to incorporate the Bank Of McConnellsve and the Bank
oil Chllicothe This amounts to complete destruction
Of all these banking The State of Ohio
would have been flooded with another Of worthless
paper money and the Senate passed all the bills ncorpor
atng banks that were sent up from the lower House. In
the first place. there the Free Banking SYSTEM to
carry on which Ohio State stocks were to be deposited
with the State Auditor; then there was the State Bank
System, with capital of millions, with branches In
all parts of the State and lastly, there were nearly
dozen hills incorporate banks the old system These
were all lost in the Senate and the State saved from the
effects of another deluge Of shinpaster currency
his will be very unavorabe information many Of the
Wall street brokers' no have anxiousy watched the pro-
gress of the free banking bill in the House. The passage
of that hill through the Senate would the
price of Ohio 6s in this market very much and the de-
feat OF this bill will great falling of in the quota
tions.
bill was introduced into the Senate of Ohio to repeal
the act to incorporate the Columbus Company
and the Columbus Mechanics Institute which passed
by avote of seventeen to fifteen The opponents Of the
bill contested the question denied that these
panes had any connection with the Clinton Bank OF New
York. and asserted that the notes Of the New Hope
and Delaware Bridge Company of New Jersey stood high
in New York. and were regarded current notes Mr.
Parker who voted in favor of repeal Of the charter of
the above institutions stated that he from New Jer
sey and intimately acquainted with the charter of the
New Hope and Delaware Bridge Company. He stated
that the institution in good credit and from his
earliest recollection he hear doubts expressed to their
having banking powers. He cared not what shavers in
New York might do sustain the credit of of this
concern but he knew that in New Jersey where the in
stituon is located, it considered SAFE This
gentleman is perfectly correct in his estimation Of this
concern There other institutions of similar cha
racter in the same State New Jersey to he cu
larly afflicted with such rotten institutions Spectators
in banking find there than any where else
In few years every will be suspicious of any thing
in the shape of bank bill coming from New Jersey, that
the really good banks will be unable obtain the small
circulation and the inhabitants will be compelled to
look to other States for a circulating medium.
The present state of financial and political affairs
cisey similar to those experienced through 1885, during
the excitement growing of the North East Boundary
Question. The movements among stock Spectators
both this country and in Europe that time resemble
exactly those now before
In the early part of 1898 the Free Banking Law of this
State passed. and the demand for stocks to sup
ply the securities to be deposited with the Comptroller for
his issues advanced prices In the of that yesr
the United States Bank resumed specie payments and all
stocks rapidly rising In December of that year
Congress together when the North East Boundary
Question agitated and excitement gradually grew
out of it until the general opinion that war must
be the result.
1,,a caloixro toJ L~trN.
of the United States in relation the disputed territory
in which he threatened to take possession of the
ton claimed the following fourth of July produced
perfect panic in the minds of those holding stock and
caused immediate disposal of shares great extent
and at great decline Previous to this premedtated
threat which concocted in the drawing rooms of ex
tensve brokers Of this city and London parties
pared themselves for the explosion that would naturally
follow such speech from such source State stocks
offered in the London money market in any
quantity. State credit then good, and half pay
officers; widows with small fortunes; guardians Of
orphans and all Of those who depended upon some
small amount then invested In stocks that were only
paying three four per cent annually tempted by
prospect for safe paying six and per
cent to purchase to the last dollar Of their means The
Bangs and all those large houses sold out every share
they could get rid Of The move was made simuta.
neousy this side. After these parties sae-ater
they had fortified themselves against oss-the match was
applied to the magazine by Daniel Webster the crisis
upon those not in the before they aware
oft panic existed in all stock operations and even the
Commercial pursuits unsettled and every thing be-
came very much depressed State stocks reached yery
low level, and the North American Trust and Bank.
ing Company the United States Bank and other insti.
tuons of a similar nature destroyed. In the
height Of this excitement after the value of all secu
rites had touched bottom the individuals causing the
destruction Of all confidence came into the market
extensive purchasers Of State and other stocks This
began to revive things, the disputed question was
amcable settled by the individual that caused the
panic and gradual improvement has been going on in
stocks and trade from that time to this Our
relations with foreign powers have not however been of
long duration. The Oregon question Is likely to embroi
us in long dispute with great Great Britain and the
Texas annexation will doubtless stir up Mexico TO some
desperate move backed by the great powers of Eu
rope This complexion Of the political horizon has again
brought INTO the field the parties that figured in the
former troubles Some little time since stated that the
heads OF several large stock houses in Washington
watching the course of events in relation Texas and
Oregon. Since their return the movements in Wall
street have shown how they had determined I'm.
mense quantities of stocks have within few weeks,
been thrown upon the market, prices have gradually
sunk under the supply, and promoter of the manic
Daniel Webster comes out with another long story and
with another bold threat He threatens the dissolution of
the Union in case Texas is annexed The effect of this
and the efforts of the Wall street brokers engaged in the
movement can be reference to the sales of stocks
as quoted to-day We see by this concerted plan be.
tween our influential political leaders and clique of stock
obbesone using the power Of place. and the other the
power Of money to bring about crisis in financial mat
tiers to the injury of all Interests The depression
that now falls upon our stock market has been caus
edprincpay by the plans laid and the tools employ
by this clique Of stock spectators on both sides Of IN.
Atlantic.
Old Stock Exchange.
$4,000 u 6's, 49, cou- gas Farmers T Co aok
pons. bSods ~ $50 do 39x