The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-07-16
is at the following discount

The demand for foreign exchanges for this packet has
been extremely limited, and the rates steadily set
Ting down. Our quotations rule lower than We
have known for several years; and the probability IT,
that lower point will yet be reached Our exportations
particularly from this port continue very large for the
while the value the mportatons for the country
generally has fallen off this year. far compared
with last The change in foreign trade within tho
past three months has been great that the shipments Of
specie have entirely ceased dollar having been
ported during the month Of June The rates for foreign
exchange rule very low at this time, partly on account
of the tightness of the money market, which prevents
remittances that extent abundant supply of funds
would create.
Domestic exchanges very inactive-so much so,
that quotations hardly be considered otherwise
than nominal This is, in measure, caused by the de-
rangemen in the finances of the government and the
artificial might rather say the llegimate drain
of specie from several points to meet wants at other
points, not connected in any way with the ram6caons
Of trade. When demand for money of this nature
arises it invariably produces great deal of difficulty in
the market, andi mercantile matters generally.
Congress trying to do something for the better regu
laon of the Government finances but they have been
tinkerng upon this system and that system long, that
is pretty difficult to tell what will be the result of their
efforts. They have been about eight months actively
engaged in perfectng plan and it is impression
first week Of the session.
There reports in circulation affecting unfavorably
the value Of the circulation Of several banking nstu
tons which have been recently galvanized. Those
named the Georgia Lumber Company of Maine, the
Salisbury Bank of Maryland the Farmers and Milers
Bank of Hagerstown, Maryland
These all shinplaster concerns and regenerated
for the ostensble purpose OF improving and increasing
the general circulation of the country but actually for
the purpose Of swndling the public There is
Disgusting the fact giving the thing smoother softer
name. These concerns galvanized tor other pur.
pose in the world but to swinde the public and by 80
doing filling the pockets of those directly engaged and
inte rested in the operation.
is disgrace to thei government of any State that
will allow such banks to exist within their limits
should be- if is not already the duty of those having
the regulation of the banks in the respective States to
make the most searching investigation into the move.
ments and affairs of every galvanized bank frequently
the law will permit and from to time make such
reports as the circumstances of the case require The
system of forcing this species of bank paper upon the
aborng classes has been brought to such state Of per-
fiction that they avoid taking it so long as there
Is the least life in the bank banks issuing it. So long
they keep their heads above water their agents
can force their bills through master workmen and boss
mechanics, upon those they employ.
We usual table Of quotations for tho priu
cipal State and other stocks used for investments
r. Gro Nwx~