The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-12-29

comparison ofquoations ruling at the close of the
market yesterday with those current at the close the
previous week. shows advance in Sonngton of per
cent; Erie :; and Reading r. r. 81; and a decline in
Long Island of per cer Harlem 81 Canton Farmers
Loan +; Norwich Worcester l23 Illinois e's 81; In
diam a Kentucky 6's Pennsylvania t's q Morris Ca
nal ~
There are variety Of causes for the depression exist
ing in the stock merke and these likely to
produce further depreciation in the market value OF
many securities used for speculation in this and other CT
ties. The condition of the money market is the prime
cause Of the panic that has had such serious effect upon
stocks and the numerous things affecting the value
aud volume OF the currency are of more per-
manent nature than many imagine. The banks
have been compelled, jim a measure, to adopt the
course they have duriog the past week been pur.
suing The fears produced by the probable passage
OF the subTreasury law, the large payments about be-
ing made count of the State debts and State int
rest and the probable demand for specie for remittan
ces in payment of these to foreign holders have all ten
ded to contraction the part of the banks ofths city
particularly which naturally restricted all operations
depending upon these institutions for facilities to con-
duct
The State Of New York will pay on the first of Janua
ry 1862 s35 of its debt then falling DUE and the Bank
of the State of South Carolina will pay off $225 677 OF the
debt OF that State making the of 5ss2la in these
two items alone; besides these there is the interest
the stocks of the various cities and States and OF the gen.
era government to be PAID and that held abroad to be
RENTED perhaps in specie and still further the anticpa
ted receipt Of large amount of State stocks owned
n Europe for sale and for immediate remittance of the
unds in specie or prime bills of exchange, will
quire large amount of money, most of which will be
sent out of the country in some shape. All these
things both real and imaginary have had very unavor
able influence upon the money and stock market and
he hare tn
tify the pursued by the banks. No just
y complain of the contracted Of the money market
but every must deprecate the fuctuatng
of these institutions. II the banks would pursue
uniform course in all their operations there would not
be any cause for these great and sudden changes.
They would be continually prepared for all kinds Of
times in fact there would not those for any
contraction if these institutions conducted they
should be. The expansions in credits and in commercial
affairs, they from time to time produce derange the
rency and create inflated, fictitious state of things
that requires the most rapid contraction check beo
it teo late One evil leads to another and of two evils
we should reject the greatest. II would be much
profitable to all classes If the currency maintained
at uniform value and volume, than under the
continual expansions and contractons that the
banks SO frequently infct the commercial classes
with. The banks of this city are particularly
interested in these fluctuations being deeply invol-
ing at another. They much interested in the
changes they from time to time produce any ndiv
dual bull or bear in Wall street.
There is no power strong enough to regulate these
chartered stock specializing companies the nominal bu
sness Of which Is banking but the Sub Treasury The
Legislature of every State in the Union is every
sion increasing the number OF banks and the amount of
capital and must look to the general government for
the adoption of some calculated restrict the
operations and issues OF this swarm of money manu-.
featuring monopolies.
There very little doubt but that the Sub-Trea.
sury bill will become Law sometime during the
session Of Congress. Every interest Of the country
demands it, and the party in power will hardly dare
fuse it. This act is closely identified with the perma-
nent prosperity Of the country and guarantees pro.
gress in all commercial matters, of steady and solid
nature. Under its operations, there can be none of
those runious reactions that frequently derange
and destroy the prosperity that may at any time exist
and the value Of the currency will DO ultimately etab
lshed upon pure specie basis and the volume regu.
lated by the amount OF tho precious metals aasat.
The annual report of the president Of the Bank
of Indiana has been made to the Legislature. An extern
sion of five years the privilege OF issuing notes Of less
denomination than So, was asked year ngo from the
Legislature. The privilege, as previously granted,
would expire in abouta year from that time. twas
therefore, desired that the extension should be granted
or refused by that Legislature, that the bank and
branches might conduct their business accordingly. II
is now claimed that the privilege originally confer.
red is commensurate with the charter What action the
Legislature will take in the premises remains be SEEN
The condition Of the bank the 18th of November &c.
cordng the report made to the Legislature of India
m, compared with previous reports, was annexed
STATE BANK OF lspIAvA