The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-04-21
Nev York banks awd dividends.
$l5,ll3,700

Now it will be observed that the average rate of dvi
dcnds in 1913 for these banks per cent against 81
per of the Boston banks the latter being per
higher. Now, when we remember that the legal rate OF
interest Massachusetts per cent, and in New York
per cent and observe that banks in the former State
II per than the legal rate and that of them
declared 10 per cent, being the limit which railroads
allowed to divide by law, while the profits OF the New
York banks exceeded per cent, discover the
of tho increase Of bank capital and at the
time commentary on usury laws, which are sup
posed limit the value of money These absurd laws
being gradually done away with. Illinois few weeks
since passed law allow 10 per cent interest money
borrowed and permit recovery of the face and per
interest business paper where the defence is
usury That bank capital has not increased in New York
with the increase OF profits is TO be ascribed the Warfare
which has existed between the old rotten monopoly safety
fund rtered system, and the free banking plan pre-
scrbed by the constitution, and based stocks. Every
effort has been made by the old monopoiss to evade the
new law which requires the chartered banks to close
como the free system the expiration of their char
tiers. Tho Fulton the Chemical, and the North River
banks have undergone this change, and the Merchants
Exchange Bank will do so on the LIST July. One thing is
while the officers the old chartered mo-
nopoles cling that system with the bndest tenaciy
the banks under the free law divide the best dividends
Thus the Leather banka monopoly concern OF 500 600
capital-dvides per cent The North River Bank, OF
about the capital divided per until passed
under the law, and declares per cent.-show
ing clearly that the new law operates better for the proPe-
tors gives the officers less latitude fdvorsm This
chartered banks
quarters The Georgia Constntionalst had lately
article praising the New York safety fund system
having worked well. Any person acquainted with the
facts would have ventued such remarks. As well
might he praise Biddle banks Should the outbreak OF
Europe be the of causing greater influx of
capital this country than the probable decline in the sales
Of cotton, goods in such might diminish The
prospect is Of great promise The United States
very differently situated in respect the neutral trade
from their position in the last Of Europe. During
those wars, English ocean supremacy was undispnted,
and neutras her mercy The victories of the war
of 1Si214 changed the face OF European politics by dis
closing the despised neutral flag OF America
was now the controlling power of the and the
of the last years still higher degree added
the dignity of United States which will appesr
the arbter OF the ocean, and longer the permitted
neutral Ea
The canals announced be opened the proxi-
mo- and the delay has had injurious influence upon
the Produce market Wool has, however, been very firm
under the from abroad that advise OF advancing
rates in all directions Cotton, under the stringent state Of
the money market, the from abroad and the
low price of bills is again low The quotations stand as
follows,
Ordinary MID. to good Mid. fair Fully fai,
to good ord mddling to fair. to ga rr
Sp' o.: and s' Sas. :ssS AL n:A III
The excess of receipts this year is 43l $40 bales
The demand for -four both for the eastward and
port has been such to advance in prices,
closing, say common State - SO - 81 straight do
~ 62A ~ eol: mixed westarn ~ ga "a rs straight