The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-16

Cincinnati, April T.. Nv ioot.
Wheeling, March 10. 80. 10 ieet, ainn4
Pittsburgh, April -. - 'ee', lncnes
Louisville. April o.. $3.50. Siees1 inchs
MONEY MARKET.
wednesday, April 15-6 r. M.
The quotations or stocks ssain declining Long
Island fell Of Il Harlem 1; Norwich Worcester Il
Reading 5; Morris Canalt; Farmers Loan !; Psnnsyl
vania SIS IL; Ohio 6's /.
At the second board there appeared to be another
panic and prices fell on several per cent The railroad
stocks appear to Co settling down to the lowest depths
and it Is question whether prices for some Of tnsm
again recover what they have lost.
The Now York Gas Light Company have dsclarsda
dividend Of four and half per cent for the last six
months payable on the LIST Of May
The Fulton Bank has declared semi annual di vidsnd
Of nve per cent, payable on the LIST of May.
The Directors Of the Mechanics Bank at Augusta,
Geo. have declared dividend Of four dollars per share.
There have been periods within the past ten years,
when the establishment of subeasury to regulate the
finances Of the government and the currency Of the
country would have created great DEAL Of well ground
edalar We alluds particularly to the times when the
people Of every section of the country were deeply in
volved in every species of speculation and IN
tmately connected with the banking nstitutions that
Whatever measure smanatng from the general govern
mont produced any contraction In the operations Of the
banks checked any way the expansion then gsing
on SO rapidly affected the whole country and threaten
cd the Thousands engaged in the speculative bub
bss Of the time The government, however, proposed
no remedy for the evils hen existing but remained per-
fectly passive and permitted the bubble to nAate ITSELF
until it burst from over tension After the revulsion and
the suspension Of specie payments in the early part Of
1887 an extra session Of Congress was held during
which the proposition to establish q sub treasury was
nrst made. The remedy proposed came too late; the
method of modeting the evils not considered feas
bs the session passed away without psrfscting any
plan improve the hnances Of the to mo.
deate the endorsements under which the commercial
labored and matters left to regulate them
selves and SPECTATORS to work their own salvation
The sub-tressury, from that tme became prominent
Of the democratic party, and WAS brought for
ward every session Of Congress until Il was finally
adopted in $780, the last session under the Mr. Van Bu
rens administration In 1910 the banking systems Of
nearly every State in the Union, continued imperative
1.-The banks still remained under the suspension-ths
government had surplus but on the contra
ry was in the market, seeking loans to enable
it to meet the current expenditures treasury notes to
large amount were in circulation and the circulating
medium of the country nothing but paper In the
midst of this of matter the subtreasury bill became
law and during the brief period Of it, existence
nothing but dead letter. After few months sickly
existence bill repealed and the banks have since
had the whole field to themselvos
In 1870 and al the commercial revulsion OF 1881
reached its eliminating point and since there has been
a steady and healthy improvement The banks have
expanded rapidly they considered consistent with
adue regard for safety but have been ableto
meet themselves intimately with the commercial class
ashey previous 1887 The system Of credits
throughout the country has experienced revolution
great any thing else that passed through the ordeal Of
the revusion Individual credits have taken the place
Of bank credits-msre confidence exists between mani
and man. and bank avors less in demand consider
ing the extent Of business transacted than before known
within the past ten years We sec, BY oficia returns
that the loans and discounts Of all the banks in the United
States in ls45 only about one half what they were
in 1885, the issues Of the banks have since that time fall
len Oh at least onethrd and the aggregate banking
movement Of the country has decreased at least thirty
three and third per cent While this decline In
banking business has been going the legitimate bu
snsss Of the country has been rapidly improving and In
cyeasing. Our staple productions have, IN many
instances almost doubedths population has increased
several milonsour foreign trade larger than usual
-our works Of internal improvement have steadily in.
all kinds of manufactures havo sprung into
istence in all parts Of the countryside ability Of the
to the necessaes and many Of the luxu
ries fife greatertke products ofhs soil and
Of the loom command rsmunerang prices and the pros
perity Of the country at large psrma
nently established real and legitimate, than at
this monentit 10 not founded upon false values, and u
therefore comparatively permanent. All these things
exist and have being independent of the banks and 90
long these institutions LEFT to out the
apparent legitimate purposes Of their organisation o
furnish facilities spectators and initiate speculative
bubblss there very little danger Of their disturbing
the legitimate business Of the country, or sowing ths|
seeds of another commercial rsvulsion.
The operation Of the suD-treasury, now. would bel
very different from what In le40 Under lie most|
liberal provisions twill produce complete rsvolution|
in banking systsms and sound the death knsll of
many institutions now considered solvent and sound
II will separate the wheat from the chaG mors|
thoroughly than all the Investigations ordered by
any Legislative body Nothing in the shape Of bank
ing institution will be able to avoid the eject Of this
law and expect to see changes In hnapoisll
systems that will produce at 6rst much smbarrsamsnt
in the commercial world but il will bs necessary, to
bring about healthy state Of the currency. The
effect at Hrst will, without doubt, BE- sevsrs-the
recovery may be very gradual but II will be healthy
and upon basis ofthe most solid nature. Tho country
will be purgsd Of the Of paper supposed to
possess value, and TIE currency will ultimately BE-
established upon the only true basis, gold and silver
The banks are, therefore, at the mercy Of the bill
holders and oftheir depostors Whatever course they
pursue In the face Of the sub treasury the banks must
abide by. They helpless, and the very existence o.
the best banks in the country depends upon the extent
OF the confidence those holding their paper promises
pay may have in them. The condition Of the banks
such create confidence, to sustain thai
they now enjoy The statements which they have, from
time to tims made public sucisnt to satisfy every
one that they are in fact unsound and could not stsn
moment after losing the fictitious credit they have
created The sub treasury will be glorious regulator
OF those incorporated money manufactures and tho
anxious desire Of ALL intersstsd in bringing about
almot any sacri6ce an humiliation Of oil the nsolvsn
banks that the ofthis bill should BE-
speedy a. possible.
The annexed statement exhibits the exports Of suga
and ooss from Havana and MaanEas for the Arst three
months in each Of the past two years.
ErpoRrs FROM HAvArA MArArxAs.
Bozes Sugar. .4rrobss Co6ss
jan 70 MareAsi, Iss IAN. is.5. 1se
To TIE Usi,sS sss.ss.. ,s,s "n n sss D