The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-11

Inc increase IN clrcuiauon IN year than
seventy thousand dollars is estimated that the circu
laon Of this bank at the time of suspension about
three hundred aud fifty thousand dollars $3.50 ooo not
dollar of which is considered worth mill the brokers
in Detroit refusing to take them any price, The bank
has made an assignment Of its assets to trustees for the
bcnent Of it's creditors This step has been occasioned
by the suspension Of Messrs. Jesse Smith Sons Of
Ohio the principal of the bank and the pro-
oable large demand upon the available assets by Ohio
bI-holdcrs. The assignees are Judge +. s. Lee Col
Eoenezer Anderson and w. Treusda Esq. The assign
men' proiers FIRST the depositors secondly, the pro-
tested paper il any thirdly tho confidential correspo
dents and biholde The bills of the bank are to be
taken in payment Of all its debts The principal crcula
tion is in Ohio, and is endorsed by Messrs. Smiths
The issues Of this bank constituted large portion of
the paper circulation of the northern part of Ohio and
many sections of the West and the loss will fall heavily
upon the abong and agricultural classes of those Sec
tions The value Of the bills depends entirely upon the
ability ofthc Messrs Smiths to cancel their
We mentioned the fact more than ten days since that
this house was under protest in this city very large
amount; and that merchants from that section in the
habit of taken s bills of exchange this city would
be serious sufferers Several other banks havo been
named as being suspended but give credit to tho
hundred rumors floating through the city.
We annex the act passed the last session of the lie
gisiatuc OF to suspend the payment tho
principal OF domestic creditors certificates until IN
amount sufficient the interest upon tho funded debt
OF the state shall be provided The interest on these
cerhcates will not be paid until there surplus left in
inc treasury after paying tho interest the funded
foreign debt.
DOMESTIC CREpIroRs-SrArE OF PENSsYLvASiA
sneIIos l. Be i enacted by the Senate and House of
Representatives OF the ealth of in
ocnerai assembly met and 1t is hereby enacted by the
o. ne same That all further pay under the
PROVISIONS o. an appropriation for the payment Of the do
nestle creditors certificates issued by The Auditor enc
raj contained in the fifth section Of An Act 10 provide
for the ordinary expenses of government renor, NJ th
canals and railroads of the State and Other Iain,s 80
the Commonwealth" approved MAY thirty Are, nno ,h
sand eight hundred and forty -four be and The same
ne,eSy sapenaed until an amount sufficient shall DO SC.
cured ana set asAc to pay the interest upon the funded
debt OF the Commonwealth falling due on tho Are, %
OF Feoruary one thousand eight hundred and fortyGvc
PROVIDED, That nothing contained this act shall he
construed to interfere with the appropriations 10 no nsJ
Tor the payment of interest on the said certificates
The domestic creditors of the State have heretofore
been preferred and their demands paid in full with nte
rest as fast the Treasury the State would permit and
the amount due has been reduced to a very small sum,
while the demands the foreign creditors have not been
provided Tor any shape The excitement created last
WINTER in relation to the paymen Of interest on the debt
compelled the Legislature to protect the holders of the
funded debt to the exclusion Of tho demands NJ tho do
nestle creditors Having commenced in this way the
Interest tho foreign debt must continuo "a rccov N,
preference in payment, while any surplus that NAV no IN
the Treasury after, will be devoted to tho pavmon Of mo
interest on the domestic debt The domestic debt mp.
eventually be funded We have not the most remote homo
that the present debt Of Pennsylvania will be reduced
fraction during the existence Of this generation; but on
We 'snissy will ~ saiarrsds BY the arrears sfAssrsss