The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-02-11

Should this stamp tax bill pass it will nett very large
properly enforced Its passage through both
Houses Of the Leglateis at present very doubtful and
should It become a law, its provisions must be very
oncrous.
The money market is daily getting easier, and the
amount OF capital seeking employment daily increasing
The banks dseountng very literally and the rate
of interest will If the capital remaining idle in the banks
is brough: into the street, range low any
time last fall The immediate relief realized in the msney
market by the removal OF the restrictions from the move.
mens of the banks, shows what effect the restrictions
produced upon commercial affairs These banks being
obliged to make quarterly reports able to extend
their operations for least of the three months be-
tween the reports leaving only thirty days to reduce
their movements to proper level This sudden contrac
ton has very sensible effect the money markets ed
vances the rate Of interest end places restrictions upon
commercial affairs generally After three four weeks
tghncss in the money market sfer break down in the
stock Market the banks at open their discount
books, and extend their loans when speculation in
STOCKS commence operators get up excitement
drawing into the street all kinds Of spectators and the
movement goes until the time comes round for con-
traction, when the banks the screws the market
smosinstantly ghtens and many SPECTATORS
This movement is carried out every three months
gulary that the brokers Of Wall make their calcu
aa:ions accordingly. The only way to prevent these
et of this and other this market regulates and
controls the others to certain exent-is to compel the
banks Of this State to make weekly monthly reports
Perhaps monthly would be better than weekly reports
for time but returns similar to those made by the Bank
OF England would be- eventually Of service to the
commercial community. The reports should give the
average for the period included instead Of the
actual condition of the Institution the time the returns
were made out. There cannot be any, regularity or
a.sF~ r.
complete revolution is made by the Legislature in
relation to the publication Of statements showing
the condition Of each institution. Should the quar-
tery reports be adhered to, the banks should be
peled to give the weekly average though the three
months and not conne themselves to the last day.
to make as favorable a statement possible. The
reports as they now made cannot be considered
correct returns Of the condition Of the banks -
They are forced statements, to make which they
commence thirty days in advance, so to place
the banks in particular position on particular
day The legislature should take this matter in hand at
once the evils resulting from the present system are 80
numerous and runous that alteration is required
The banks have petitioned be relieved from even the
quarterly reports made out and in their petitions
complain of expense and inconvenience attached to
mixing such frequent returns These institutions, no
doubt are seriously Inconvenience in regulating their
affairs to meet the public cys-they would prefer annual
reports IL required to make any and they 90
question the power Of the legislature to compel them 10
make any public report Of their condition. The banks Of
this city reduced their discounts-from November Va,
1884, to February ist lsa5 about Ave millions Of dollars
and if may Judge from the tightnes of the money
market in January, compared with November and De
cember, think that than twothirds OF this de
in discounts took place in the last thirty days Of
the quarter We annex the aggregate Of the leading
OF the ranks OF this city, according the re-
turns of several quarters showing the immense aucua
tons from quarter 10 another.