The daily crescent., 1849-04-13
Money Matters in Boston.

money MdlIeTS III 6OSIOus
In the financial leader of the Boston Post of the
Sd inst, we find some general remarks on Boston
banks and finances that interesting to the mer
camille community: .-.5t se. es
"The money affairs Of the Atlantic cities are in
a very peculiar situation. With general and
strong impression that money will soon be plentiful,
il not complete drug-with no call for specie
abroad and little call for it at home-with the
almost absolute certainty that considerable quanti
ties Of gold must flow into the country from Europe
and California during the summer months, money
still commands its and quarter or one and a
half per cent. in State street., and stocks of all
kinds, with the exception of bank stocks, are ex-
ceedingly depressed, and daily falling in the mar
ket. Ii is nearly the same in New York, Philadel-
phia and Baltimore as in Boston, though while De
are Immediately and chiefly suffering from our past
over investments, the other Cities and especially
New York. are embarrassed by their large imports
paid for, but not yet sold. The want of specie in
the banks, also, is great trouble on all the
board. 81 = ..s
''But this peculiar state of things cannot long
continue. Our business community, we think, has
a right 10 expect from our banks reasonable ex-
pansion Immediately. There can be no fear that their
specie will be called for, and there can be no risk;
therefore, in increasing their loans to moderate
extent In Boston, the banks have done very little
of late, but the semi-annual dividends fell due
yesterday, and az during the present week at least
half million of dollars will be disbursed to the
stockholders, our money market cannot but see a
favorable change. This change, we think, might
be perpetuated and increased With any thing like
simultaneous action of all the banks, with gene
raj determination TO expand on the risk of specie
arriving from Great Britain and California, and
coming from the interior in due of traffic,
they could do very much 10 tighten the burdens of
the mercantile community *'
8" 1t seems to be general impression among the
lobby members of the legislature, that nothing
will be done this year with regard to renewing the
bank charters, all of which expire in 1851. In the
meantime, the reestablishment of the bank COM
mssioners' is generally favored in the legislature
The idea is to have every bank in the State
thoroughly examined by these officers during the
present year. Their report to the next legislature
will furnish TO that body, it is supposed, the most
complete and authentic grounds for legislative
The Boston banks, practically, are the many
heads OF one serpent-all distinct, but yet forming
one creature by the force of circumstances--with
small circuaions and large deposits. The former
feel gradually the changes in the money market by
the return oil their circulation, and by the effect Of
general causes, matter of course but for the
most part they do safe and thriving business,
month after month ard year after year. little infl,,-
enced by things around. They have little specie.
and no call for it. Within few Years, to be sure.
there have been established what we NAV term
manufacturer banks, in our large manufacturing
towns, but these are not country banks and do
not come within our meaning. They chiefly
agents of Boston houses, and are subjec. to many
Of the troubles of the institutions of the seaboar
But the Boston banks are subject TO every wind
that blows. Tariff assistant treasury, overtradng
of all sorts, and specie in every shape affect Them
from moment to moment, much or little. They are
the dials of the country, marking the financial
times and seasons. Their circulation, as general
thing. is nothing-their deposits are immense, and
IN stringent times very fnctuating. To manage
one Of them prof,ably, carefully, honestly and
maninlly, is very different thing from managing
% country bank of 100000 capital"