The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-05-06

actually aoa'ed up the Mississippi As evidence OF the
ruth Of this statement the report Of specie in
the banks Of New Orleans. within the period above
specified :
SPECIE IN THE New ORLEANS BANKS,
sss 5 3, N sss IL is 49, Ss,5, ssg, 81
Receipts since September |, lsis,. 7C63472
Amount PASSED into circulation, ........sa I55 sac
by this that more than four millions of dollars
hav gone circulation from New Orleans The actual
receipts OF specie at New Orleans cannot be officially
tanned Large sums come in many different ways that
the returns of the custom house cannot cover the full
amount received 1t is estimated that the total receips of
specie for this season than eight millions OF
dollars Granting the amount of specie circulated
through that section of the country reaches five millions
Oh collars within the past months and have the
evidence OF very rapid return standard ola specie
currency The greatest part this amount has been used
or purchase OF produce The prodscers of the West
nave received larger proportion of their receipts in
specie this year than ever before. They have not,
heretofore been compelled exchange their products fol
paper money, the value of which they know nothing
about Purchasers of produce have gone into the
try with the hard dollars in their hands The producers
in turn have paid off their debts to the country merchant
in the coin and the country merchant in his turn
brings to this city to pay his debts here This revou
'n brings back the specie to the starting point As we
before stated, nothing will disturb this course unless il
be large importatons. When imports exceed
ports in value the balance goes forward specie this
reduces the value OF the currency as the would
naturally be filed up with paper money. Whatever
balance of trade there is against from year year.
just SO much is the country impoverished. The surest
advancement to wealth and prosperity is to sell than
we buy. BY exporting greater value Of merchandise
than we import, the precious metals constantly flow
int, k,n
place of paper money currency, and gradually
bringing the circulating medium up to a specie standard
There connected with the accumulation of specie at
any point greet dangers unless the banks
PEELED to make public their position often once
month. large amount Of specie in the vaults OF
the banks is an inducement for expansions Banks are
tempted to issues of paper on the strength of
large deposites OF specie Specie accumuaes the hands
of the merchants through the of trade II merely
passes through the hands of the prcausng classes.
merchant OF this city sells bill OF goods to merchant
in Ohio, in payment for which he receives the
specie On the receipt of this he dopostss in the bank
to his credit, and draws it from time to time
as the wants of his business may require and receives
bank bills in return dollar for dollar This specie goes
into the vault OF the bank On the strength Of this depo
site, and hundred others Of similar nature the banks
extend their issues and discounts until the currency
comes deprecated until paper money becomes abundant
and speculation very prevalent This inaates all the
movements OF trades mportatons increase year
to yearprces for every species of property advance
until they reach point that enables the foreign manu-.
facturer and producern the face Of any standard the
taiif-o fill our markets with their merchandise the pro-
ceels of which they carry of in specie the last act of
the whole is filed with bankruptcy and desoation We
Bee by this the great influence of the currency and the
many dangers that are continually surrounding us so
long as the banks are allowed to do business length
time without exposing their affairs under the oath of their
officers Bank Commissioners useless machines We
do not believe there an instance where one of
these commissioners actually examined the affairs of
bank. We want regular, prompt, monthly report OF
every banking institution in the country There ne
difficulty in making these reports oener than
month, provided the affairs of the bank kept in the
proper condition, If their movements are confined
within proper limits the trouble and expense will be
rifng compared with the benefits resutr from such
course The movement made in our Legislature to ex.
tend the time for making reports to year. instead of
reducing the interim has been got up for other motives
than to save the trling expense attending quarterly
ports The banks find quarterly reports very inconve
nentthey undoubtedly find the restrictions these re-
turns place upon them great drawbacks to their pros
perity They not able to extend their business SO
much as they would like and they to have the check
enable them go ely into the beauties
of banking The fact of their having applied for relief
rom this law shows that il nets a curb and checks
their expansions With all the difficulties they labor I'M
der in bringing their statements down the proper
they so on extending from quarter qnrrer the last
moment of grace and then obliged to curta SO sud-
denly that short and severe contraction take
place in the money market We argue that monthly
reports would do away with these fluctuations. The
banks could not expand and contract their movements
very much within thirty duys At least they would find
it safe to pursue more uniform and steady course.
qro parranto has been issued against the officers of
the Honesdale Bank Pa, to know why they have not
been elected according to the law of the State Should
they refuse to show why the law has been con.
formed with in their election injunction will undoub
| eddy be issued and The affairs of the bank wound up
The transfer books of the Reading Railroad Company
are to be opened in few days This road owned prn.
cpaly by eastern capitalists, who control the road The
receipts Of the company have increased since the road
changed hnnds nearly one hundred per cent
REcEpTs OF THE READING RAILROAD
Receipts fer March I8H, .... $35,700
. Do do 1913, 800. 90 an Increass,... SIS 2GI
Receipts Tor the week endios April 21th 10
The closing quotation for this stock yesterday OIL
showing an advance of three per cent since Friday.
Married,
On Saturday, 4th inst by the Rev. George Benedict
GEORGE w. WILLIS, to MARY WILLIS CRrcIER both of