The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-04-17
70, 843,ll0 l4,796, $50


The amount held by bullion brokers is estimated
$500 600 and the amount in the mint at Philadelphia is
s67IlI50 This latter is bullion belonging to the gov
eminent, purchased with the coin taken for duties in
he New York custom.h house. II the government
can get it coined it will become money, and be paid
out circulation. The present prospect for that is
clouded That added the coin would make about
SIS 100000 the service of commerce. In addition
the above thrty.one banks, there nine
being anzed, the aggregate capitals of which viii be
several millions. The Metropolitan" proposes S. 900 000
nearly 81 600 900 already Subscribed This Metro
poan Bank originally called the Bank Of the Me-
opolis" Under the State banking aw. II is required that
each institution shall file with the bank department
cate OF its locality, capital &c and shall transfer
the proper officers the stocks To its circulation
The Bank the Metropolis had all its capital (S2 600 000)
subscribed and its object 10 upon the plan OF
Suffolk Bank, of Boston-hars TO receive all country
money par, and return upon The issuing bank, aud
promptly demand specie, and specie only, until the country
bank shall be compelled TO keep deposite with the city
bank for the par redemption bills This plan aroused
the opposition of the country banks aud of the New York
brokers and when the "Bank of the Metropolis" was
about to go into business, broker elegraphed Al
bany ascertain IL the certificate had yet been filed
cordng 10 law. negative reply received and the
day the broker went up and filed certificate ia the
nane the Bauk Of the Metropolis" with capital Of
500 900 When the first bank officers up 10 file their
certificate, they told they could file in that name
because there was already bank In New York with that
designation They then proposed changing the name but
they found by their articles that they could not do
" these
Directing there resource bat lquidaon and the
Metropotan Bank has been organized in its place
Its stockholders Bowen, of the abolition silkhouse
and similar connexions The operation illustrates the
SHARP practice of Wall street, and also tho determined
nature OF the opposition which the institution
will encounter from both brokers and country banks
The power Of the brokers appears TO be greatly un.
deuated by the banks. The former make mar
circulation and their combined action backed by the
county banks Of issue, will present formidable obstacle
TO the new institution. The public will derive this benefit
from the conflict, viz; that, at moment when there is
every disposition increase the paper circulation 10 its
utmost extent, this among ssuers, causing them mu
nny each others bills, will counterfeit the expan
.ive tendency. The bank may have no real design OF
carrying its project ts at any rate, put OIL Tor year
Already the OF stocks for circulation securities Is felt
nasmuch the law confines these to New York or United
States stocks. This want powerful element in an
a,tem nj OF the New York legislature 10 violate the const
tuition in the creation of State debt OF S90DOOO Tor the
enlargement of the Erie canal. The constitution Of 1916
deprived the State executive Of nearly all It's patronage,
by making all the officers formerly appointed elective
by people Formerly, under the old safety bank sys'
tenn the comforting of charters upon political parisans
efficient Of party organization. Under the
freebank system the State comprolcr became the head
of the bank department which has grown into very
Influential branch of his duties. TIE comptroller is
elected by the people but the past legislature, IN or
der that influence the executive, has sepa-
rated the bank department from the Office OF comptroller
and placed under bank commission appointed by the
executive In order give greater influence and expan-
sion this machinery sAin under executive ooho' more
wanted bat the constitution ioIods 'he eiea
ton OF any new by the Legislature unless In time OF
war or invasion The argument was, however, that 10
borrow 00o 600 the credit of the canal was not
| estate debt" but "canal debt" man mortgages his
ho,se for loan and then swears that he nohinghs
house owes H. This part Of the scheme has been defeated
Il would had been successful, most undoubtedly IN the
next evusion Justly exposed the stock created under
/ ito danger OF reputation.
F,om the above returns OF the New York banks, IL will
alu hr nj nj fhpu hold
deereases in the winter, which is the period when
chants and dealers all the capital they comma nd
10 buy in stocks Of goods When the spring trade y
opens and produce which Is the true money OF commerce,
comes down freely money to the reservoirs whence
| IL was drawn
The New York canals open tho 15th--hat Is,
to-day-and the quantity OF produce to forward
very considerable. The Pennsylvania canals do
ing good business and the trade flowing from
that avenue down the Ohio is active and although stocks
goods in all sections reported fair. the best hopes
are entertained Of consumption, ana pro
ducs looks firm in the mafket Wool is well supported al