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

This shows great reduction since the returns for
April The amount redeemed during the month Of April
reaches 67660 The greatest portion Of those redeemed
were of the issue under the of March 3d. Is4 being
those only drawing nominal interest.
railroad convention was held last week in Greenfield
Mass the subectof which 10 extend the Springfield
and Northampton Railroad up the Connecticut to that
place Forty-hree thousand dollars subscribed at
the meeting It is estimated that s22s 200 will complete
the road and put the in melton This will connect
Greenfield with Long Island Sound and open for the in
terror OF Vermont and New Hampshire good markets for
their agricultural products II in contemplation to
extend the Boston and Ftchburg Railroad to Greenfield
but the direction ofhat road having been changed in
habants Of the northwestern counties of
are determined to have road for their exclusive benefit
The Lowell Railroad Company have voted to build
branch road from South Woburn to Woburn Centre;
estimated cost $4,000
Counterfeit tens of the Quinnebaug Bank Conn are
in circulation. They signed d. L. Trumbull,
Cashier sam' Morgan President Norwich, in the BILL
il spelled Norvigh
lerre sale Of Michigan State lands takes place AZ
Mcshall on the 9th day of June The minimum price is
fixed Mt dollar twenty i've cents per acre. The lands
received from the Michigan State Bank and otherwise in
payment OF debts due the State, are to be sold All
Treasury Notes and Auditors Warrants against any of
the FUNDS of the State will he receivable in payment for
qured to be paid at the time of purchase.
bill has been introduced into the lower house of the
legislature of this State TO abolish the quarterly reports
OF the banks and substitute annual report on the LIST
August each year This would be very impolitic move
ment 1t would destroy the little remaining confidence
the people nave IN the banks Instead of extending the
me their reports Should be made oener than they
present Monthly reports would work better than quar-
terly That would not be too often. It would prove
10 ho-v
bill is, ls To labor to the State officers 3D. To
save labor and expense to the banks 3d. To prevent the
quarterly pinches in the money market It proposes
giving the to the comptroller to demand returns
the meantime. il necessary. The banks OF this country
cannot make their affairs too public and it due to those
who receive their promises to pay that their condition
should be thoroughly understood To save little trouble
and expense to the State and to tho banks is proposed
keep the people in the dark whole twevemonth The
Thu reason given for the proposed alteration that
woul prevent the quarterly pnches in the money market
now exp 'renced 1t might have the effect intended
the annual pinch would do injury than forty month
lies The CO.. Nraction of the banks of this State once
every three mon hs shows that their movements from
quarter TO quarter IRE moro expanded than they will
ing to make public Monthly reports would do away, in
measure with these co 1tractons aud expansions. The
time between their would be SO limited that they
could not extend their movements very much, without
being compelled to make them public The trouble and
expense of these returns is very trihng COM
pared with the benefits arising from them The banks OF
Great Britain make monthly returns The returns OF the
Bank of England are published twice month. In this
country the banks of several States make monthly re-
ports viz: Ohio Louisiana and South Carolina and the
regularity and uniformity of their movements strong
evidences Of the utility OF the arrangement There could
be plan proposed to restrict issues Of paper moneyr
to keeping the banking system in sound and healthy
state than general monthly return throughout the
try Under law compelling these returns there could
he very great expansion before it was discovered
REVENUE CUSTOMS RECEIVED BosroH FOR FouR
MONTHS 1874.
January. ......... $574 900
/ -r' reDr'iaTy OOI,OO0
hlarCn. ...... 4'3OOO 's.h
April o3o,UUV
Total. ............ 81, 224 Cos
This shows increase of about fifty per cent the