The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-01-13


city on the 29d inst.
The Bank Of Kentucky has declared dividend Of two
and half per cent per share.
The Merchants Bank Of Poughkeepsie has declared
dividend of per cent for the last six months, pay
able on the 10th inst
The Delaware and Raritan and Camden and Amboy
Railroad Company have declared dividend of i've per
cent payable at the Office in this city and Philadelphia
the 18th inst.
The Union Bank of New London has declared . divi-
dend Of Ave and half per cent for the last six months
the Whaling Bank three per centand the New London
Bank. two dollars per share on $o2 so paid in.
The Marine Insurance Company of st. Louis has do
clared dividend Of four per cent for the last six months
the stockholders; which, added to dividend declar-
ed during the previous six months makes the annuald
vidend ten per They also declared further divi
dsnd upon the mutual principle oftwsny 1--we per cent
A bill has passed the House of Representatives Of
directing the president and directors of tho
Bank of Tennessee, reduce the number Of branches
to each division of the State and the other
at the most suitable point is believed the bill
will also pass the Senate The board of directors
of The institution organised on the sist Of Decem-
ber by the election Of o. p Nicholson president and
]. w. Horton as cashier. Sa
We have repeatedly stated that the sudden and rapid
contraction in the movements Of the banks Of this city,
weeks SINCE caused by tho fears entertained
in relation to the probable passage of the
bill That our assertions correct 10 proved by the
fact that the Wall street organ Of the government banks
has lately exhibited considerable anxiety regarding the
agitation othat in the House Of
The ofthe organ upon this question vsry strange
say the least loses sight of the great principles
involved in the matter, and confines it, arguments,
against the adoption Of the measure the
the commercial classes would experience in being
PEELED to pay the government revenue in specie to
the increased danger Of loss to the government If the
deposits were the hands Of individuals The favorable
influence Of the subTreasury upon the currency Of the
country, in increasing i value and in reducing its
volume-the favorable and important checks would
exert upon the movements Of the thousand banks dstr
buted all over the couny, not alluded to any
shape, or hintsd Al. -e
The surplus under the Sub-Trsasury, should
be reduced to the smallest amount In fact there should
be surplus, and the direct operation Of the SubT
sury bill would be to reduce the surplus, extrsordi
n,ry expenditures by the Government in the meantime,
do not do it. There can be accumulation Of
plus with the subTrsasury act in force matter what
the tariff may bel the Of the be
coming law and the present taract continues In force
the Government would Do almost deprived Of revenue
The sub.Treasury would give tariff more pro-
tective features than any Of the tariff acts
enforced within the history of the country
possessed, and We much question II the government
would not be compelled to make reduction below what
is at this time considered standard produce
sufficient revenue to meet the current expenditures
The immense restrictions the would place
upon the currency and through the currency upon our
mporations would seriously affect the Of the
Government, unless corresponding reduction in the
average duty enforced by the present tariff neurazsd
its effect.
While our import trade would be reduced by the
highly protective features Of lev tariff connected
with the sub-Treasury act export trade would be
larger and much profitable than ever before.
We should pay for imports specie prices and OBJ
tain payment for exports at the rate Of vaua
tion An inflated paper currency at home and restrict
ed specie currency abroad enables foreign manufactu
to sell their goods in markets at paper pri
css while the value Of our exports regulated by the
specie prices Of those countries to which export
We compelled, therefore, to pay high prices for
what purchase and receive low prices for what
dispose Of The importing States might possibly be
slightly benefited by this stats Of things but the export
ing States would be ssriously injured by long
tnuance of it, that they would inevitably become almost
hopelcssly bankrupt These are . few Of the many
why the currency Of this country should be at
least full valuable that Of any other country; and
as We are rapidly becoming larger exporting than
importing ration Is moro nscsssary that our
rsncy should thing. be valuable than that Of
bring our currency up to higher value, IL to place
check upon the immense bank issues and to bring into
circulation A. much specie possible. The subTrea
scheme wil adopted, create an importation Of
the precious metals will compel the banks to con6ns
their operations to limited line, and to keep them
at all times within limit that will enable them TO meet
any md for specie that may arise. The fact that
all tho -septs and expenditures ofths government will
bs made in specie. will alone be sufficient 10 place the
banks in . position to meet any demand that may Be
made upon them
Should IL 80 happen that under the operation Of the
brrsssury surplus accumula ted, II would
be much more beneficial to commerce that the sur
plus should be locked In the vaults Of the Treasurer
Of this and other port subject any time the order
Of Government than Be deposited with the banks be
used by them in encouraging and stimulating every sps
css Of tending to dsnngs business of eli
kinds The deposit banks make Of the govsrnme Mt
funds initiating speculative bubbles which may at any
time colspse by sudden contraction Of loans to meet
some unexpected order for the payment transfer Of
large amount Of money. The commercial classes are
kept In continual excitement by these novsmsnt and
cannot calculate upon any psmansncy in their opera
tons account Of the continual fluctuations in the
quantity and value Of money These things will be sxps
renced long the surplus revenue Of the
is at the disposal Of many banks distributed over
the country. The immense power large surplus re-
gives these institutions in the money market
should, far A. the government do 80, bs taken
rom thsm and power under the control Of the govern
msnt should be ssabshsd greater than the banks pos
sess to keep them in subsection and compel them to
mantan more uniform movement In their legitimate
banking operations.
MIR. Dromgcole, Of Virginia, from the Committee Of
wsys and Means has reported sub-Trsasury BILL SINH
lar in ell s most Important features to the one reported
by the same member. from the same committee, in
March, 1884, and very nearly Transcript Of that ap
proved the 9Th Of July isAo and spsssd On the lsA