The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-02-02

comparison OF quotations ruling at the close of the
market yesterday with those at tho close Of the
previous week. shows an improvement in Long Island
per cent; Harlem St Canton 1; Farmers Loan
Norwich Worcester II; U. s. Bank 4; Reading !:
Morris Canal l. The market closed arm, but the trans
actions were very limited, operators exhibiting dispo
sition to hold, in anticipation Of further improve
msnt
The banks Of this cityn0f State finished their quar-
tsrly reports last svsnin it is anticipated that tn.
money market will be relieved from some of the
restrictions under which has been placed by the con
fractions periodically resorted bythese institutions pre-
vous to making up their returns We are disposed to
believe that the banks Of this city have produced these
quarterly conractions in the money MARKET partly for
the purpose Of bringing about possible repeal of the
act Of the Legislature compelling them to make these
quarterly reports.
Efforts have been made during every session of the
Legislature since that law passed. to have altered or
repealed proposition has already been introduced
the present session. for alteration Of the law The
old system, or something like II is proposed II 10 sug.
gesed that the Comptroller be authorised 10 call upon
the banks at any time for statements instead of their
being compelled to make them regularly quarterly
This would be bringing back again system similar to
thrt Of the old Bank Commissioners, and would be
attended with all the evils Of that plan. Under the
cid system the Bank Commissioner made personal
&c.
gislature the result Of their labors. well known
that several institutions examined by these Bank Com
nssionsrs, have suspended shortly after, nvsstiga-
tion and proved to be utterly insovent and completely
rotten, although reported by these Commissioners as
being perfectly sound and solvent Enough has been
seen and 10 known Of the Bank Commssioners reports
to condemn any ssch system and although the present
system defective that would be attended with greater
and more serious evils Instead of removing restrictions
from these Institutions they oud be increased
have already too much latitude and the repeated ina
tons and conactons in their operations show that II the
checks the quarterly reports placed upon them were
removed there would be from time to time fluctuations
in the volume and value Of tho currency that would
bring about mutations that would at one time pro
ducs immense speculative movements and other times
conactions that wouj depress prices for all our staple
products and compel such conractions in all business
operations that the commercial classes would become
bankrupts II matters very little what the operations Of
the banks may be, the limits of their movem snts 10
matter ofvery little consequence provided s uniform
The object Of frequent reports from the banking nsu.
lions OF this or any other State 10 to keep them from
suddenly changing their operations These institutions
depend upon public confidence for credit and when
tnsy are compelled to mike public their condition
monthly, they will Of be more cautious in their
openohs ana maintain greater uniformity In the az
grsgate movement
Under the new banking system Of Sir Robert Psel's.
the BANK Of England - compelled to make average
weekly reports and these frequent reports are consi.
dsred the best regulator Of the movements of that ns
tuition, and therefore, of the currency ofsnv
perfected The banks Of Louisiana and South Carolina