The New York herald., 1845-02-19

January, 1913 .... .slnsos 78,Os2 ~93dT 2s6lai
:Ssryy :sSssIy Is s:s 1886 1866 ssss ss lss5 ssa % ssas
The circulation the the report nearly
two hundred thousand dollars larger than in January
1919. These three banks situated in the cen
tire OF the Touring establishments Of this State,
and are subject to expansions and contrnctons in
cordance with the Of the mlers in their i'm
mediate vicinity. The circulation of the Rochester City
und the Bank Of Monroe have increased the largest
per cent The issues OF the banks in the interior OF
this State discount in this city and every dollar re-
ceved here in payment Of debts, 10 subject discount
Of at least one half cent This money used ord
nary business transactions but in all banking business
nothng but current money received he tax that this
law compes the mercantile and other classes to submit
in exchanging uncurrent country money for city or
current money has awakened the public, and efforts are
now being made to obtain Legislative action upon the sub
ect and to obtain possibe, the passage of law requi
ring every bank in the State to par in this
city Albany. We annex a copy of memorial recent
presented to the Legislature OF this State in eation to
This sabect
To the Honorable the Lesslasurs Of the State Of Nsy York
Your petitioners hunby pray for the passage Of law
requiring ell banks Of this State redeem their crcula
ting bills at par in Albany New York.
Your petitioners believe such measure called for by
those who enjoy the profits Of furnishing deprecated
currency Your petitioners believe that the present cir
ulation OF the banks OF this State amounts to twenty mil
and that three fourths of this amount is in
bills which are redeemed at cent discount and
will amount to tax upon the community of $3.50 600
year
Your petitioners believe that the public furnish the
banks with twenty millions of dollars, without interest
(Which at per cent ID equal to 900 yeary) that
hs sank ought no, to enjoy the profits Of
Your petitioners believe that though the loss of the
half cent falls in the first instance upon the
cia interest yet indirectly reaches and falls upon the
whole community with this additional burthen upon the
after that the most doubtful and deprecated paper is
paid out for produce and labor and thus the
agricultural and aborng classes mainly risk the solven
by Of the banks.
been established at remote points with view to their
nconvenent approach that thus, the per cent, may
frequently and certainly be extorted rsm the
Your petitioners believe that the paper currency is un.
sound and just in the degree which falls be-
ow the specie staadadand that deprecated paper
ency forced out at places distant from where the banks
are located !: to acerain extent rredeemsbs, and that
ends to redundant issues sudden expansions end con-
fractions OF the to increase the of
change between city and country-all of which your pe
oners believe to be unseund in principle and injurious
the morals the business and the banking Of the state
The facts in favor Of par redempons in Albany or New
York are here set forth in the proper light This subject
mas been agated year after year. without resulting In
nythng The Comptroller has repeatedly suggested the
passage OF law compelling the banks of this State 10
adopt some system making their issues par in this city or
Albany, but as yet nothing has been done The New
England system works admirably, and should any bank
this city of large capital adopt measures simsr to
hose adopted by the Suffolk Bank of Boston, the banks Of
ne interior could be brought under the same subjscon
= those of New England. If the Legislature will not
perfeca law compelling the country banks make their
ssues par in this city, the banks here can very
time, bring the banks of the interior to terms
The country banks now enjoy all the profits Of
an extensive and extended circulation, while the
circulation of the banks Of this city is confined to
Manhattan Island and finds its way back to the
banks daily in large amounts Any law compelling all
the banks Of this State make their issues par in this
city, would drive out Of circulation the issues of foreign
banks and give banks the of the circulation
required to carry the business Of the State We should
have better circulation and the issues of Jersey OF
Pennsylvania shinpaster banks would find few foolish
enough to receive them The above memorial contains
Facts or arguments sufficient to convince any
feasonableness of the request of the petitioners.
final decision has been made in regard to the exploded
Bank OF Wisconsin The charter Of the bank is entirely
Forfeited and Alexander Irwin, Esq., Of Green Bay has
been appointed permanent receiver of the institution
The Revenue Bill came up for discussion in the lower
House of the Legislature of Illinois, the srd instant
Considerable opposition to the bill manifested and
many of the taxing provisions defeated. The Bill
will receive many amendments in both houses and its
na passage in any shape 10 at present matter Of much
doubt and uncertainty We believe the legislature
of Illinois will adjourn without doing something to re-
deem the credit of the State but is possible that Sec
onal and party feeling he strong enough to defeat
ny bill introduced for that purpose and separation take
place without periectng any plan aording relief to
he State creditors.
The bill to authorse the Baltimore and Ohio Raroad
Company to complete their road through Virginia to the
river and for other purposes under discussion
several days last week in the Virginia House Of Della
gates and virtually rejected by striking out the pro-
vision giving the right Of way any point on the Ohio
north of Little Kanawha river, and fixing the termi.
mus at Wheeling The vote striking out stood ayes
80 noes 50
Aresoution has been introduced into the lower House
OF the Legislature Of ryland declaring that the Ba
and Ohio Railroad Company is not entitled 10 the
of the 900 Of State per bonds issued un
act of 1885, and that the State not bound by the
The passage Of the resolution advocated upon
he ground that the Railroad Company had not fulfilled
their portion Of the contract by continuing the extension
Of their road westward from Cumberland. The res ou
ton referred to reads as follows
Resolved by the General Assembly of MARYLAND that
the Baltimore and Ohio Railroad Company entitled
to the use Of the So 400 c0 of per sterling bonds
issued by virtue of the act Of December session 1885, CHI
$50 and that the State is not bound pay the same or the
interest thereon.
Resolved That the Governor be requested to give no
tce hereof by public for successive weeks