New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-05

pspo,its' .2sfesco sssi,ooo sScT.ep
SSs D p:S,' sssS ssssss $3.50
rot.l..........s 'iTw,co sseSSc@ sInSSos
s ss:;: e ,;.s s::. s.: 1890
Notss Of Solvent BIS. i.eiaosS $1,000 $500
DD D.: 1ss s..i::. , !S 's::s: 49,:
Loss and Expsnss -. S<.eoe $4,000 Ss2eeo
s Re-: .''... .. !sssss iisss ss
Cssh Items. ........... 7,sss,cdo $4,000 s,wteo
rs..i. ........... Ii,f@,ccc Sso@N.eoo slSSS0,oss
The deposits in the City Banks consist Of two
items those due to individuals. and those dae 10
Banks out OF the City that 10 30 cay, the dihss'
ence between the -ams due 10 and from those
Banks which. on the let Of November last. amount
ed to S. 300 ooo and added to the deposits due ~
individuals made an aggregate OF moro than thir'
" four millions. But il must Be observed that these
| items. due to Banks" and " due from Bsnks." In
dics,e only the relative position OF the City bsnhs
| compared with those out Of the City, whether
within or without the State. 1t shows that Banks
out OF the City have found it convenient 10 have
large credit in the Banks Of this City. But In con.
| sidering the United States at large. since the
amount due u all the Bank 10 identical with the
amount due from all the Banks both items viii dis
appear altogether. and do not constitute real re-
| source.
No official statement Of the stustion Of the banks,
4 subsequent to the month Of November, has - yss
| been published. But from accounts obtained hon
L
it appears that during the month Of November and
| the 6rst weeks Of December. the amount Of their
deposits Including those due both 70 individuals
and to banks has lesssnsd at least twenty nvs PER
cent This IT, In reference 10 the hscd and con.
mercal concerns Of the nation, the most important
and pregnant TACT which has taken place since the
| commsnc emeat Of the war. inasmuch % e shows.
| in q tangible manner, to what extent the war ~.
penses and the consequent destruction OF the capt
tai have affected tho circulating capital Of the
| country
That the deposits In banks are the most disposa.
bic circulating capital of the United States. Z n.
dubitable for the simple reason. that they beer No
interest They constitute, therefore, evidently ths
fund most likely to supply the means Of subscribing
70 the loans OF the United States. 10 there any
other similar fund, any other amount Of dormant
unemployed circulating capital which may, 20 any
considerable extent contribute ~ the public loans
There may stll be some superhuous specie In the
interior some small amounts boarded up and wait
| ing for an eligible investment. But the total
amount that can be derived from that source. will
be but . most Insignificant item, compared with
the amount Of the loan which 10 required.
There may be many persons, desirous Of convert
ing State or other local stocks houses or any other
marketable property, into Stocks Of the United
States. The only consequence II that, In this case.
the purchasers OF such objects must instead OF the
| money LENDERS, find the means OF raising the mon
sy; and this must Likewise DO supplied by The
same fund by the circulating capital OF the country.
Whatever view OF the subject may BE- taken. the
conclusion IL the same Tho circulating capital
| must supply the loans and oil the other means OF
carry ing on the war The portion Of that capital.
which Is the least actively employed. 10 naturally
that which, in the first instance, supplies the means
and the ability Of the Banks 10 discount 10 lssssnsd.
to an extent equal to the reduction In the amount
| Of their deposits
Ii may, indeed, be assumed that the ordinary 70.
turns, in payment Of the sales Of imported goods,
will enable Commerce = pay MOI, however, without
some pressure, the fifteen millions OF Custom. House
duties expected TO be collected during the first six
months Of the calendar year ls%s. But Il v impoe-
sbls that the effect Of loan Of eighteen millions
and half considerable portion OF which must b
supplied by the bank deposits, should NOT b most
seriously felt. The bank deposits must necessarily
be more or less diminished, the banks must csrtail
their discounts TO the same extent; and the mer'
chants be deprived, to considerable extent Of ne
usual accommodations on which they rely In order
TO carry on their business. The City Banks under.
stand their position; they will make no unnsces'
sary curtament but they will resist the dsmande
and the camors for what 10 very improperly called
liberal course that 10 70 Say, disoounting esyoa1
| their means. The recollection Of the incidents Of
the last suspension and resumption Of Specie Pay.
ments, q sense of their duty 10 the public and the
danger of annhation will al oombnsin making
them pursue with frmness the only saie course.
A Suspension Of specie psynsnts would foreit their
charters. and there il now hope Of legislative re-
| net rof ~ P'o'"oo " Wv So"ssas~s''" W ~
State, that
The Legislature shall hsye no power y 80 say Nv
sanctoning sny manner. directly adissssy tke &c
s.f ..s S:ss ss q =,
For oil this there ID no remedy. The war 81
pensss for the fiscal year ending June 90 1885, are
In great degree already incurred, u oil sveots IN.
avoidabls According 10 Ill appearaacss, the evil
! will be prolonged ct lesst one year longer There
Is hardly any hope that peace shall be concluded BY
the present Administration. Unless relief shoun
come from some unexpected contingency, n 10 Inn
possible that the pressure should not become more
and more intense, and be felt through the whole
country. a. long - the war continues
Ihave spoken more particularly OF the City d
New York, because know Il best, and because q y
by far the mostimpoant point In reference not oo!y
70 Commerce and Revenue, bat also 10 Currency.
| IL has been proved by experience, that the bAaks
Of this City may resume and sustain specie pey
ments alone, and on the other hand that their sus
pending such payments v attended With stmtia!
failure by almost oil the other banks N the United
States And the same causes. which yin produce
q pressure in New. York. will operate directly end
in the same manner, on Boston, Philadelphia, Bal
timore, and al the other important ssapUte.
1t has already been observed. that the deposits
in the banks OF the Western States, we're vented
and available only for local purposes Bat thas
was not saying enough The Wsstssn States have
not, a. yet, accumulated Q sufficient circulating
capital for their local demands. Possessed of the
richest coil In the Union, that y their only want
In al their undertakings, whether successful o. s.
rational, they have always relied On foreign cap.
ital. II 10 impossible that every portion Of The
Union should not BE-, 10 greater a. lee sxtsnt e.
fscted by any considerable diminutoa and deeeFus-
ton Of the National Circulating Capital
Iv...We must submit 70 that which y sssvold-
able. Ia order 10 dsffsy sxpsnsss already isess-
red, loan u necessary, ~ even " tszssios were
deemed preferable, Il could not b usds proSscfvs
In time. since the question now ID only With fsspeH
to expenses incurred or 70 be incurred pssos % me
| 3Oth Of June next whsthss TIE var b approved
or condemned, public fsish mast b maintained and
N. n.cs...rv loan be nsendatsd. on the nost f.
vorsbls terms that can - obtsiasd and In the most
eliribls form that can Be devised.
II h impossible fos any Government 70 pretend b
,,escrbe the rate of interest and other coudiroas
40 which money shall b lent 70 them. This will
depend on the conadsnee placed " the good faith
and resources Of 0ovsfsnens. % Ne gspsssl sets
1 I'll in thor ofv >~o6nk{6fv a n