New-York daily tribune., 1851-07-31


5 10,
In Freights there is moderate ousih'''
dong and the narke; is, If any thing, 'nhS N az
Eneagements 1900 or 5000 ools Of Flour ia @i'1
500 bush Wheat I'd. Dead weight l2s Cd Cotion
zsm4s Sd. To London !, 900 bbls Flour Is ''' O-''
ID & foot.
There is decidedly favorable change
in the Money market to-day The supply Is iHter
and the demand less active There IS no h'fsea
change in rates but they tend do"n"arh some
loans on the best stocks we're made al u CENT ou'
The general rate Is stIl p cent on call. Paper Is
not so freely pressed the market and passed. Win
more ease Strictly fret class short paper Is pa'sei
at as y cent and good names at 9 p cent
We were misinformed Yesterday IN rela-
ton 10 the action Of the Merchants Exchange BANK.
They have not rescinded their resolution IN regard
10 uncurrent money, and Will commence IdAihs II
on the Ist of August. Another City bank, we uh-
ders,and, is about to come TO similar resolution
The demand for Specie for bank notes
made by the Metropolitan, alluded TO YESTERDAY was
for $4,000 on Washburn & CO., and included, we
understand only the notes Of what are called clrcu-
la,ion banks The Specie was paid as soon as the
notes we're counted. Another large draft will be
made IN a day or two. For the notes which are re-
deemed at the Albany Banks, drafts were taken as
usual. The whole amount sent up was $l35,oO0
The amount received at the Sub -Ireasu-
~ was ss7I47. Paid, $l4l6i2. Balance, s24i2,il2.
The Hudson River Road from Hudson TO
Tivoh or Red Hook will be completed on Monday
next leaving but thirty miles Of steamboat travel be-
tween New-York and Albany.
The annexed communication we have
received from Albany, and print 1t with the remark
that We did not say that the Metropolitan had de-
manded coin of the Albany Banks, and did not mean
to intimate that that institution had any intention of
attacking the Albany Banks We do not include
these institutions under the head of Country Banks
As to the suspension of the Albany Banks, we only
spoke Of 1t as a street rumor, and were perfectly
aware Of the strength of these banks IN specie funds
II was known here that Washbum & Co had been
called upon for a large amount OF com, how much,
none could tell, which, If paid must come from the
bank vaults, and hence, probably the rumor, which
no one credited for a moment.
In your money article OF to-day noticed the as
sertlOn that the Metropolitan Bank has opened ITS
batteries by demanding com OF the Albany banks
upon country bank notes that the amount demanded
was rumored 10 be $500 0O00 and that as the Albany
banks had but moderate amount OF specie on hand
II said that they had suspended payment Olt
that the real amount demanded was Dut $iOooJ
Now in the name of common sense let me correct
tins tissue Of blunders. demand on the Albany
banks for specie has not been made II IT hil
been II would have been promptly met. But II
would require more than one day or Two 10
count and examine the S2o0,000 preparatory TO
the payment of specie. The ldcd OF the Metro
pOlltan Bank opening lis batteries Dy DEMAND
ing $4,000 III specie of sx banks In Albany
OF course too absurd for refuaon, and 1t may De
well 10 say III passing, that that institution has
ayowed such Intention but thus far has presented
country bank notes at the counters of the several
Albany Banks, from time 10 time, and has received
payment therefor in drafts on New-lork less the
legal discount OF onefourth per cent III may also
be well TO correct the very prevalent error OF gen-
tlcmen who do the financial department OF Wall-st
journals, who suppose that the statements of specie
in country bank vaults, represent their actual
specie means. All final adjustments OF balances
are made IN New-York between these Coun
Try Banks and they find II more convenient to
keep specie funds there on interest, than to keep
specie idle IN their vaults. The Albany Banks also
find 1t onyenient to do the and III case of de-
mand Tor specie upon them & ,or 'he Ieaelnplon o,
upon 10 paw the fdler TO the tune of many millions.
At this moment II would be an under estimate OF the
amount OF funds on deposit IN New-l ork by interior
Banks, TO place 1t at four millions. and II must be
perceptibe to your financial Editor, that $4,000
even $2000 900 would scarcely drive them into sus
pension.
In these days of currency regeneration
Mr. John Thompson, OF "a Wail-st., takes part as
Will be seen by the annexed circular.
ca WALLsr, NEw-NoRS July 90.
taking NewNork country money of It's deposItors
al | y cent discount, and the inducements to our
merchants 10 open accounts with that Bank are GER
tainly very great If the country Banks generally
adhere TO the practice of redeemlng IN Albany, and
thus keep their notes at al h cent discount here,
the Metropolitan Bank viii inevitably accumulate
vast deposit and be sufficiently powerful, eventually,
10 dictate any terms to the country Banks.
Is II not the part Of wisdom, then, TO take away
the nducement 10 open accounts in the Meropoll-
tan Bank, by removing your redemption agency to
this City ?
II is not yet positively known how the Me,ropol-
tan Bank VIII dispose of It's uncurrent money, but
believe they Will send TO the counters of such
Banks as are accessible, and to the Agency of the
more remote Banks, and il may be advisable,
matter of interest for all Banks to redeem IN this
City.
II you shall find II advisable TO change your re-
dempuon to this city, shall be glad to arrange with
you for the agency Of your Bank, on about the fol-
loving terms
lst--NOu 10 keep IN my hands amount equal to
IL per cent. ON your circulation without interest.
and TO arrange bank Wall
street to take your money IN sealed packages from
me- you having Three quarters and one'quarteT OF
the legal discount
Or 2d-You to keep IN my hands an amount no,
less than I per Cent ON your circulation, without
..lersst, and viii redeem and charge over your
notes. allowing you the full one-quarter or legal dls-
count, and allow YOU per cent. interest on your
account over the per cent rs asove, and IN case
YOU send me your uncurrent money, VIII place II
TO your credit al the lowest rate of discount can
possibly afford TO.
Very respectfully yours, J. THOMPSON
Some failures are taking place in various
parts OF the country partly the result OF old inhrm
", preciptated by the strngency Of the Money mar
ke partly by California speculations, &c. leading
dry goods firm Baltimore suspended yesterday,
an auction house IN Philadelphia within few days
a manufacturing company al Fishkill, another al
Somerille, Conn, and paper factory ~ South
Hadley. Two three small failures have also
taken place IN this City. In relation 10 the paper
concern al Hadley, the Springfield Republ,can says
Their liabilities amount 10 something like $4,000.
their assets to $4,000 The effects OF this failure
fall quite severely upon some OF the innocent stock
holders in consequence of the failure 20 advertise
All annual statement OF the condition of The Com