The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-07-26

The receipts this month"; up to the 23d inst are larger
than they were for the whole month in ls43 and the
same rate will be larger for the full month this year. than
the receipts for any previous These large receipts
take place in the duest month the year for business
July usually commences the fall trade but the bulk
the imports for the generally arrives in August
From present appearances. have doubt that the
fall mporations will be much larger than those for the
spring. and that the from will be much
greater than before, for the same period We set
down the this port from customs for the year
at $26 600 0OO This exceeds former estimates but
the receipts at Custom House continue large that
We have no doubt the total will be nearer the above
amount, than any previously given
The importations must be very large to nett this i'm
This however is the greatest objsc
ton to the workings Of the present tariff act The in
furious effect will arise from the disposal OF the large
plus the great receipts of must create The 60
vernment dpostes in the pet banks Of this city the
first of july is44, amounted to $4as4 1872 nearly
million and halt have been added to the amount since
making without allowing for government drafts drawn
the depostes nearly QUO the credit Of the Sc
cretary Of the Treasury in four banks Granting there
is full 900 in the possession OF these banks at this
moment 1t sufficient to throw into the hands the 70
vernmen Of these institutions the complete control Of
the money market They have the power to raise or de-
press stocks, to influence the trade-to ad
vance the price Of money to increase speculaons 10
any extent The usually adopted by government
institutions holding snch large OF depostes il
to make short loans to advance speculative operations
Their object is to turn their often as posi-
ble to increase their profits The best way to do this at
this time in the absence of any demand for money from
the commercial classes, make loans to brokers and
all species Of spectators. Banks having this large
amount of money hand viii not allow to lie idle
Some method Of employing will be invented and in the
absence Of demand for the regular channels Of trade
any other will be improved The only object these pet
banks have In obtaining the depomes is the additional
capital gives them, and the extenon Of their business
The Presidents Of the Bank Of America Merchants Bank
Bank of Commerce and American Exchange Bank, have
through the influence the government depositss give
them, power in this MARKET in money matters than
all the OF the individuals the head Of banking in
stuons in the city put together As the surplus in
creasss the evils will be extended until the
ments carried extensively in stocks cotton &c. by
the United States Bank will be again practised This
will be followed by movements of rival institu
ons to get hold Of the deposites and should the wing
party prove victorious in the approaching Presiden
Dental campaign, the rechartering Of National
Bank will be demanded to and control the
Government deposies. Then will come another
contest similar to the carried furiousy between
the State banks and the old United States Bank The
State banks this time will be able carry the
advantage. the pet hanks will be very valuable ally
The State banks deadly opposed the
OF another government institution and their whole DO
ca influence will be brought to bear against the party
advocating such measure To be of securing
their object they will endsnger their own existence
adopted before by the State banks was to in.
crease raise the price properly in every
directionto expand to an extent and obtain
Ove ne 0ial iii
rsestablishment Of United States Bank during the ex
ssnce Of surplus revenue in fact any time would
bring about again state OF affairs similar TO those ex.
perienced from 1882 to 1887 surplus in the
hands Of the pet State banks may create times somewhat
similar their emily check is the jealousy existing between
them and the other State banks which, combined
powerful and could crush them desirable All the banks
however prone to speculation and would certain
extent follow the pet banks Corporations, like ndiviu
ais apt to speculate upon borrowed capital than
upon their own Upon this principle the pet
banks will act and they find plenty Of spectators
who will aid them in extending their movements, upon
the principle that heads they win and tails the banks lose
The unfortunate part the whole system is that
the speculative mania enyendered by these banks extends
itself to the commercial classes and in TACT to a classes
and the result is utter ruin to ninety out Of every
hundred engaged in the bubbles. 1t is very unjust to
extract such immense amounts of money from the
camille classes be devoted stock and other specula
tons. The capital and Of importers
restricted to meet the heavy demand for duties Under
the present tariff II requires capital quarter larger
to carry on the same amount Of business than II did IN
$40 or al under the compromise act The whole Of this
money extracted from the of legitimat,
business men, Is not required to keep the wheels Of gov
eminent going IL II was, could complain but
than one half Of the drawn from active use
in the regular course Of trade devoted all sort,
Of speculation, and to the injury Of the individuals