The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-10-14
COMMERCIAL.


Nav YoRK, October l3, lS47-Wednesday, 4, p.
The disposition increase banking facilities (ofhe exis
ence OF which advised you last wine continues and the
supply which the demand for the circulating medium has
met has also produced manifold attempts regulation
the part OF the State legislature. II would to be the
case mar II paper money is good and its advocates
contend every way equal TO coin when made redeemabe
at the place OF issue, 1t would require regulation
and if it is good, that benefits do not exceed its
evil, why have it at all Nevertheless il does exist and al,
present IN continually increasing quantities. both New
York and the neighborng States and yet in this State
alone is the larger portion OF the time of the legislature
cuped with laws in relation it, The Safety fund" law
of this State passed in supposed perfect 1929
and it has been altered and amended fifteen times since
yet affords better satisfaction apparently than
when first enacted The general banking law was
passed April 1885, and has been since amended eight
times; but it is not right yet and new amendment
proposed In fact, the present legislature peculiarly
busy with moneyed corporations They have before them
bill to reduce the legal rate of interest from to cent
companies Incorporated other STATES aud hav ng
branches in New York limit the issues of incorporated
banks the capitals of banks under the general law,
and allow United States stock 10 be taken
cuy for notes. compel all banks redeem their bills at
par in New York general insurance law embracing the
individual liability clause; alter the route OF the New
York and Erie Railroad general telegraph law and for
the formation of companies to construct canals. There
eight bills in relation to the operation OF individuals
and for regulating the currency" The taxation of foreign
capital is absurdy that perpcated to the extent of
10 per cent? until the great fire of 1885 destroyed the local
companies and made the want OF
verely felt to allow OF continuance of monopoly to the To-
cal companies These companies, by combination, can
raise the of pemun and refuse any particular risks
in the the United States bonded warehouse and
helegislaure by taxing foreign agencies, may eecaly
prevent wholesome competition by which New York cap
ia would have less risk and the of premium paid by
the insured diminished, The bill to admit of United States
cent stocks, security for the circulating OF the
free banks will probably pass supposed that the
demand for York stocks, the part onew banks would
be diminished and the prices reduced consequences The
canal debt of the State is ST. I43 4S in addition
702 composed of contingent debt loans of State credit
to companies and similar debt, become direct through
the failure OF railroads TO which the stock loaned also
genealfund debt The free banks hold 80 900 900
of these stocks having increased the amount $25
since January, and the whole amount will be redeemed
der the operation of the sinking fund in 1862 There
also seventy nine Incorporated banks, with capital OF
$2 AGO As the charters OF these expire they
under the general law Otese banks 65 expire before 1860
and within five years $l3 100000 of capital must
der the general law, and $850OOO0 of State stocks will
be redeemed in that time Hence within five years near
$40 900 of United States per will be
qured under present general law securities if
the circulation no further increased in that tme and with
in thirteen years the whole of the present national debit
ting at OOO will be required to New York
bank circulation. 1t is than probable, however,
from the admirable working of the present tariff, that
the federal debt will be extinguished in less time.
From these circumstances, it is evident that pres
banking system is bur temporary experiment. and
may be hoped that the finale OF the hitherto ceaseess
tnkerng of the currency will result in an utter abandon
ent of legislation upon the subject-ha the State govern
men will coincide under the constitution, with the federal
government and recognising gold and silver only money
leave all paper promises stand on their merits
known the law. The banking interest by no means
CARDS with dsus the increase of the national debt but
looks future available security when the State debt
becomes extinguished. Neither the accounts which have
reached us Europe the affairs have taken In
Mexico have depressed securities materially The follow
ing are quotations for the United States secures
Prices of United States government stocks ~ Ne,c York.