The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-03-10

The surplus receipts are $685. Of which the banks
are estimated hold 81, 900 900, the treasury VI GEO.
OOo the balance nearly O00 has gone into The
interior. This and southern drain has resulted
from the continued large sales of produce at high prices
during the winter. Formerly when navigation was closed
produce ceased par force to come forward and the matu
ry of obligations county kept exchanges in favor
sfhe city. Now it is different The railroads all winter
keep supply of produce the sales of which form cred
its here in the Interior which hath carried of the
specie aser Than the foreign demand II has resulted that
while the city banks have increased in number from TWEEN
y-four to forty and their loans from sixty eighty four
millions, they have specie than before Now, the
forty city banks have due to them from the merchants
$S OO0 maturing in OF sixty days that is
10 say 200 900 is paid into them every day The pay
mems into each bank made, for The most part, in
checks upon all the others That bank which has the
due il any day will be the creditor OF the others the
clo.e. When the quarterly report is expected ship
ping demand for specie anticipated, that bank which
first dimnishes its discounts will become the creditor AS
general thing settling takes place Friday when all
balances In specie bua demand for specie
be set aoa any day by creditor bank making the dema nd
1t follows that those Institutions which in the popular
Liberal" the greatest danger Thus II a
bank onns all its available sixty and ninety days.
aud has sudden demand made upon Tor balances al
though all its loans may b. OF the best description and
trely good, yd control them This the posi-
lion OF the Hanover bank Of this city Friday last and
relieved from by the other banks redscountng
of its paper That is say taking paper for balances
The president and cashier have since resigned The
did affect the market in any great degree,
because there was nothing in which indicated any
soundncss in the general state of business bank,
with board Of directors, placed ia the sharp competi-
ton of the New York MARKET where institutions pay high
dividends and impatient stockholders require equally
Ones ID very difficult thing to manage The absurd
law which requires quarterly reports instead of daily
or weekly ones is great drawback. The safety OF a
bank requires that if its OF specie very
large. that il should have considerable proportion
Of its assets upon first class securities at call when
in Of sudden demand IL may realize at once.
But public opinion against such investments loans
SPECTATORS and the interests of stockholders opposed
to them drawing sufficient interest. new bank also
does not have its distributed the quarter
nlary that OF falls due every day,
well managed old banks when the cessation Of dis
count will in Two three days, place il largely in funds.
The banks pursuing this OF diminished dis
counts and as the payments from The country good and
promptly made the progresses the retirement OF
paper rapid The specie which has spread over the in
terror will stimulate the and upon the city
The loans OF the city banks for the part the expo
Of the sales made credit the interior The cash
ers take notes payable ia this ciy and formerly
payable the country banks The lowest point of depIess
ion after the great reyuson in ls43 Since the
multi caton of banks has been steadily progressing and
for New York has been as loliowsi