The New York herald., 1845-05-24
great fluctuations fthess losns they have been able
reduce them to an aggregate so much tho same.
BANKs or THE Cry ~ Nrv ycyx

Total 81 Gt s. l36 ,385 882 S27 43i
ms table shows the amount loaned by each bank to
It's directors and to brokers' according to the official re-
turns but this department the directors
are moro anxious disguise than the conclusion
any one would naturally would be that the loans
ana discounts Of this nature actually much larger
anan reported This department Of banking Auctuates
more than any other and the changes made in these
ioans particularly just previous to quarter day. are the
causes OF the restrictions in the money market and the
fluctuations in the stock market. The immediate i'm.
Provemen in the money Market as soon as the quarterly
returns ars made to tho Comptroller shows that some
screw suddenly oosened and that the cause Of the pre-
'ious restrction whatever 1t might have been was re-
moved. Stock loans usually made payable on call
and unlike loans business paper can be demanded At
any moment The line Of this kind of discounts is gene
rally kept full until few weeks previous to quarter
DAY, when contraction commences, and the money
market rapidly tghtens until the amount outstanding
is reduced to point Objectionable to report Thorc
is no way Of getting at the of the loans made to
brokers by the banks Of this city, from quarter day
to another but we know that great efforts arc made to
report about similar amount in each return We have
In this another instance of the complete of
these quarterly reports they convey no idea to the pub
lie Of the movements Of the banks required by the
existing law, only produce PERIODICAL contractons in
tne money Market in prices for Stocks and derange for
time the operations Of the regular trader We must
have the Werage reports monthly or quarterly and un
til the banks compelled make their retrns giving
the maximum movement for the period covered by their
statements there be regularity in any Of the ope
ratons Of commerce, or any permanency in whatever
prosperity may exist The Government of Great Britain
understands perfectly well the great Importance Of
frequent reports from the banking institutions and
have devoted much attention to the nature and ne.
cessy Of those reports. So much depends upon this
feature in tho banking system of that Government
that 1t has been brought up to the most one.
rous point possible for the banks to submit to- Tho
banks OF Great Britain looked upon as regulators Of
commercial Affairs and az such are subject to any
restrictions the Government may think proper to
Introduce for the safety and protection Of the
commercial classes In this country the banks
appear to be the regulators Of the and con-
slider the slightest restriction upon their movements
usupation not delegated by the people Every
law made regulating their movements--every check
placed upon their opeaonsis evaded in every possible
way and the Communities in which they are located are
governed as much by these companies though they
were created by power greater than exists in this
world It is the immense influence these institutions
possess ia all the legislative bodies in this country that
prevents the passage of more stringent laws regulating
them and fear this influence is increasing and that
some of the checks placed upon them will be re-
mosed. The banks Of this State have repeatedly petit
the quarterly reports and purpose substituting annual
statements for those now made quarterly Should they
obtain repeal Of the present law we have no doubt
they will eventually esquire repeal of all laws touch
ing them in any way.
is the first duty ofevery government to perfect
system Of banking, every thing depends upon sound
state Of the currency Banking institutions cannot be
possibly placed under too many restrictions Limited
issues, based upon undoubted security, should re-
qured as the prosperity of all classes depends more
upon the real value Of the circulating medium than upon
the quantity oft. deprecated and Ructuatng cur
rcncy unsettles and dcranges prices limited but uni
form circulation of paper money represents at all times
the same value uniformity in the value of
all kinds of property, and produces a permanency and
regularity in the operations of trade which could not
otherwise exist When the power to increase or reduce
the quantity and value of money is delegated few
individuals and when this power abused there can be
no settled value upon anything Whenever It might be
Tor the interest of any Of these money manufacturers to
increase or reduce the value of any property all they
Aave to do is to increase reduce the quantity Of the
paper currency, and they accomplish their object
Almost every description Of property in this country
huctuatcs in value, from time to te somewhat similar
to the fancy stocks in Wall street and long as few
bank directors havc the power of manufacturing money
to order long will these fluctuations be