New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-08-08
The suffolk Bank >ystcrn.

Ihr Suuoih bauk St>'F"
To TIE EDITOR os rRg TRIBUNE
The manner ia which the Suffolk Baak
does business with the conntry bsnks. ard Its
lnsolence toward them. IS beginning TO excite
yerv general dissatisfaction. Complaints are
heard from different quarters which mean some
thing. and which will tot be silenced bat by -
change of policy IN the part Of ,ha, monster and
o,ergrown institution. It's las, circular, re2ulT
ing country banks 10 sort gu, the Bosica money
from the rest and PIT 1t IN separate package. Is
little too msch The Banks were enduring IS
much as they could possibly submit TO Before
this last burden was imposed This is more
than they Will endure. ahd they are inclined not
only to rebel against thus. bu, against other un
JUS, exoctions, which ior the sake Of peace they
aa,e hitherto borne
In order that the public may understand ln
tie OF the merits OF the war which seems about 20
take place we will explain the D'odss opera-sh
of the Suffolk Bark SYSTEM. We will premise
that the Banks do not complain of the par re-
denption system, but they do complain OF. ARD
they will not longer subnit To. the tiomineering
OF the Suffolk Bank.
Every uanA with CaNtal ot 100000 ~
Obliged 10 make permanent deposN with the
suffolk Bank before rs accoant Will bereceived.
or before Its bills will Ice redeemed On this lie
post no interest Is allowed The BANKS IN Hart
ford have bee, ape To- stand out against this re
gulrcmcnt The Suffolk Bank ran them for .
tine tor specie. but IT last gave II up rs absdi
iob and the bills of the Hartford Banks are ~
deemed without deposit.
THIS claimed by the SuhNk Bank tor the
trouble II sorting the money and 1t wouAi be all
very we'll II Il ended hero. but II does not Packs
ges of money sen, To the Suffolk Bank aro'not en-
tered 10 the credit of the bank wNch sends them,
TIL the second OF third day alter they are received.
but redeu,ptons charged eNey night 80 that
the country bank loses about three DAYS oncyery
dollar which It sends Ia Boston, either m bills or
notes Tor collections obey the same unjust law
This rule operates so much against the country
banks. thai each $ DOL ged, IN ORDER 10 keep It's
accounts even good IN Boston, 10 have balance
as shown 10y It's books o from five To seven thou
sand dollar. This added to the three Thousand
deposit, is a,great tax on a small bank, and II Is
NOR. than thsN Shoald Ice obliged 20 bear On
all oyeTdraits the Suffolk Bank charges interest
at the rate DISK per cent, and they try by every
means m hes power 10 bring the balances against
the banks 50 as to make them pay as much as
possible.
Another ard very r,reat Cause OF complaint .,
the manner IN which she foreign money depart
ment Is tarnle,i out ny the Suffolk Bank THIS
branch of the business Is let out something ia
the same way that large contracts are disposed
of Some men agrees to do the whole business.
and provide h,, own clerks. &c. &c, tor Ger
tam amount lie agrees to make mp all deh-
ciencies in the cash. AID To redeem ali counter
t,lt money wh,ch he takes. and he also Is allowed
10 pocket all oyerplus which his beoksmay show
This II thu worst feature of this arbitrary Sys
tenn. Owing 10 this middlc man arrange
ment. II a redemption ssnt home To a country bank
found, on CONutlng, tot short II Is next ton
error. even when the most positive evidence Is
furnished that there was such an error. IL ~ OF
course for the interest oi man who has taken
the foreign money lOb TO refuse tO admit any
thing OF the klpl II package sent 10 the SUI.
folk bank is over. OF course there rs "a strong
temptation presented Ia he contractoInot 10 find
u SO. Instances of vcx%iouS delays IN admitting
some discrepancies, and positive relusals 20 ~
mt others, are hy no means rare Some time
since the State Bank ot Hartford, on counting .
package of It's bills " ,nsh had been sent from
the Suffolk Bank. found that II vos short (,
thousand dollars The bands were at once re.
turned TO the Suffolk ~ith proper evidence tina,
the package was short, but they refused To admit
the error They said that their cesh balanced
on the day the package was made up, and that
the State Bank was wrong. The Cashier OF the
State Bank wrote again and IN stronger terms
than before, and his claim was again refused,
and II was NOT TIL nearly month had elapsed
that the error was reluctantly admitted, and even
then they refused TO allow interest on the dehen
which they had held 50 long. Thlsis but one OF
numberless Instances ,.hch could be mentioned
OF such veXanous occurrences growing out OF
the /" farming" system There Is rot, we venture
to say, 4 bank in New England but what has had
a contest OF his kind AMI not always withsuch
good success
These are a few, and but few, OF the csilsoi
which the country hanks complain. The sui
folk Bank has grown so great that It attempts to'
lord 1t over all New England 1t has Instituted
one lmpos lion after mother I'LL iorbearance has
ceased to ne a virtue. and nov the country
banks are beginning to turn against the heei
which Is pressing tAem down. We hear innr
murs from different parts Of New. England and
we see Indications, and very sIgphc;nt ones.
that movement viii shortly be mace by the
country bank, to take the mater INTO their own
hands. and redeem IN Boston, and al the same
time be we'll treated They should dsso 10 JUS
t,ce 70 t1emselve, and their stockholders.
A NEW ENGLAND CASHIER