The miners' express. (Dubuque, Iowa) 1849-1854, 1853-03-30
NEW YORK MONEY MARKET.

| There seems to be quite panic among the
money dealers in New York, owing to the fall
ure of some few banks in the East The daily
journals Of that City team with dolefaE torebo
dngs of approaching financial difficulties,
! But these journals are not always to be relied
upon.
The United States Economist, which is good
authority upon this subject, las the following in
lis issue of the l2th in relation 10 monetory af-
fairs in New York City:
| The Stock market during the week has quite
broken down for fsnces, under a combination of
events, of which the leaang was the strin-
gency in the money market, c,used by the
| fright of the banks at the phantom which they
had themselves conjured up. We have from
time to time pointed to the immense discount
lines of the banks as an inevitable source of
pressure at no distant day The moment that
the banks stop lending more than they receive,
there is M longer ease in the market. The mo
ment they begin to curtail, there is pressure,
and the intensity Of the pressure is proportioned
to the degree of curtaiiment. The position of
the Hanover Bank turned what was meant to
be gentle pressure into violent one, and
stocks were thrown upon the market without
resource, while speculative holders struggled
desperately to sustain themselves. The avails
of private capital came to their aid, and it was
wonderful how few stopped. Towards the
close, the market was more firm, with some dis
position to buy in again. The stock of the
Hanover Bank hes fallen 10 per cent, or from
t02 on Saturday, to 80 yesterday.
With the leading merchants money has not
been scarce ; on the other hand, it has plenty.
The bills receivable have come is promptly in
all cases, and the remittance against OPEN cred
its from all sections of the country have been
better than ever known. Nevertheless, some
descriptions of good paper have ranged 7al0 per
cent, and some borrowers have gone as high as
1890 per cent premium. The needy borrow
ers are stock operators mostly, and the banks
have been so anxious to get rid Of the paper
that they were before competing with each 9TH
er to get, as to be sellers to private capitalists,
The amount of payments is, however, immense,
and the current OF money setting in from the
country will soon produce plethora
The failure of two banks was announced to-
day; the Woodbury. Bank and the Eastern
Bank of West Kilingly-both purporting to be
situated in Connecticut, but really owned and
operated by one Wall street broker. MIR W. f
Chittender. This person has various business
in the Western country, where the
bills were Gent for circulation but they were re-
Y
circulation of the two was about $3.50, 900, and
the assets were small comparatively The two
banks have been kept up for some time by the
most desperate kiteing as an instance Of which
some S20, 900 OF the Woodbury. bills have been
hawked about Wall street, for loan, at extra
VACANT rates, most of the brokers refusing to
lend on them on any terms. The slight press
ure in the money market for the past week, has
finally crushed them.
The Banks of Connecticut, generally, than
which institutions none in the country are more
deserving of the high confidence of the public,
have never countenanccd these little rag shops,
and the only drawback involved in the good for
tune of their stoppage, is tEst innocent holders
may suffer.
when we observe the great prosperity OF the
at large, the absence of all speculation,
with the exception OF SOME local speculation in
fancy and real estate the large production Of
every variety of commodity, and the facility of
and the entire soundness of gen
eral business, the uproar created by few banks
and conceitcd stock spectators, becomes ridi-
culous Suppose the banks have loaned more
money than they really had, they loaned it to
those who are able to pay, and when the paper
natures it will all be paid. If, meantime, the
lenders are pinched for their own necessities,
why, it IS capital lesson for them. 1t is the
just reward of that speed which overreaches it
self TIL, merchants of New York were never
so rich as now, and millions Of dollars could
now be raised for any feasible object.