The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-19


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D.or.ass lyO6l,9l5 l,ls2,s94 89Oe6s5 ls9ss
BY reducing the wheat to -four the quantity of the
latter left tide water this year. compared with the
corresponding period Of last year, shows decrease
equal to 1,27s, 524 barrels Of -four.
The gubernatorial contest in Pennsylvania has just
closed and 1t is probable that johnson, the WING can
didate, has been elected by q small majority There
have been numerous influences at work in that State
and the fight has been q one, will be shown
by the small majority out Of such large vote. The
contest has differed much from the last held for the
same purpose in Pennsylvania and the result Of the
Presidential election next month may be directly op
pose to that just realized. There will then be diff
frent questions before the people, different principles
involved and altogether different system of warfare
CARRIED Very important local influences have
been brought to bear upon the State eeotion and the
party interested in the result appear
ceeded in obtaining power.
When Governor Skunk was elected, 1t was not gene.
rally known that his opinions relative to banking
str;otions were ultra; that he bitterly op
posed to any increase of banking capital, to
the charterng Of those banks the charters Of which
were about expiring. His messages to the legis
lature defined his position and the bank
party found obstacle in its way little dreamed
of. Numerous applications have been made at
every session Of the Legislature since for charters
for increase of capital under old charters and for
charters for institutions in operation butt thus far
without success. The number Of applicants for
charters became great and the number Of old char
about expiring increasing rapidly, that
ormidable party made its appearance, and has for
tine past exerted itself for the displacement Of
those opposed to its interests The question has been
brought into the recent election; and has, no doubt,
partially conduced to the result realized The bank
party in every State Is very strong one and when
combined for any particular purpose is all powerful
We have had taste of it in this State and such is
recollection of its movements, that have
desire to another arise from the ashes of the old
1t has been pretty effectuay put down here and il
every other State in the Union would follow
ample adopt the systems which are in successful ope.
ration in this State they would destroy the
nopolies which now exist under the name of
corporations, and efectually put down ell such
parties. The old Safety Fund Banking party Of this
State, the greatest political curse ever inflicted
upon any sovereie State in the Union. The people
OF New York were ridden over rough shod,
by the leaders of that party and for time the State
ruled as thoroughly by them they ruled one of
their safety fund banks. similar party existed in
Pennsyvana previous to the downfall Of the old United
States Bank; the general explosion at that time re
stricted Its power but it is again making its appear
ance, and must be checked in manner similar to
that which has proved successful in this State.
At the close of the year 1S47, there ffty-two
banks in active operation in Pennsylvania having an
aggregate capital of nearly eighteen millions of dollars
Of these there defunct banks in that
State in state of liquidation, represe nting nomnally
capital Of about fifty millions Of dollars All of these
exploded banks anxious to resume business again
under their old charters Of which have twenty
years or more to run. Independent of these, half
dozen banks in nearly every county about being
applied for and the present banking capital of
the State is likely to be largely increased There
is at Least increase of forty millions of bank.
,ng capital about being applied for in Pennsyva.
MIA amount than double that already in ex.
isenoe proposed to increase the banking capital
upon the old system BY the establishment of banks
with incorporated charters under certain restrictions
and with certain privileges 1t would not suit these
fnan ciers to have the monopoly removed they wish
to shut out all who do not belong to their ques who
unless ndepe mt of them have political uence,
and have no privileges 1t is the very charters that pro-
tect them in their swlndling operations and under
that cloak they have for time past and wish for the
future to carry this fnancierng in the same vs.
ferrous manner The open, clear plain straight for
ward general banking law Of this State would not suit
the views Of these fnanciers and they will doubtless
oppose any such innovation upon their rights If the
business thrown open by the adoption of general
law the object these ciques have in view would fall to
I the ground.
The old safety-fund banking system is rapidly
going out Of existence in this State; Ohio las
abolished the monopoly system Illinois is about
establishing some new banking system, and the
general banking law of this State will probably
be the basis of plan which will be submitted to
the people, and, II approved by direct vote,
adopted. Every State having a large funded debt
should bank upon it, and open the doors by
general law for every and any having capital
who wishes to commence banking business. There
would then be no bank party, no banking influence
used at elections lobbying in the halls Of legisla
ton, fictitious banks with fictitious capitals The
public debt of Pennsylvania amounts to about
forty millions of dollars at the par value. It's market
value is about thirty FIVE millions Of dollars and it
should not be taken above that rate security for
banking purposes as proper margin for depreciation
necessary for the protection of the bill holder The
debt ut this valuation, is large enough for
banking capital for that State for many years to come;
and the market could not be relieved more eectualy
Of this immense amount Of stock pressing upon it,
than by absorbing 1t in banking capital and making IL
the basis Of paper currency estimated that full
hundred millions of dollars have been lost by the
people Of this country within the past twenty years By
hank explosions in the sacrifice of capital and depre
iaton of bils-while, far as the State stock
system has been tested has proved complete check
these sw ndlDg operations and the losses have
very trihipg Our general banking law Is not quite
perfect there not being sufficient margin for depre-
citation In the securities they being taken their par
4 value. With little modification in this partcuia
II would be the best system adopted The legis
ature Of will at the ching session
he beset with bank cormorants anc the ony way ca
dispose Of all the applicants at swoop is to pass