The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-05-16
Total from May TO May IA ,............. $40 900
Previously reported. ................... 4,164 400
$4,274,o90 600


The steamship Pacific for Liverpool yesterday carried
outmuch less than was previously reported Arrangement
had been made for shipping larger amount but orders
were countermanded. The arrival of the illinois
from Aspinwai, with large amount Of gold dust
board, was probably the cause Of the change.
We learn that it is in contemplation to start bank
under the free banking law Of this State At meeting
Gently held for organization among other resolutions
adopted to the effect that each stakeholder should
be allowed to receive discounts the amount Of his SUBJ
scrpon to its capital stock On plan Of this Sort it
would be easy at any time for bank to b started
with its string Of officials such president cashier
paying and receiving teers discount and other clerks
notaries and attorneys, all to be fed from its crib
They might open shop for business and the rst notes
discounted might be to the Subscribers for the capital
STOCK the capital then left to do business would be
very small. 1t would be reduced pretty much to the de-
post that people might be simple enough to put in their
and keeping without interest which the bank might
either loan out to others at six per cent sup
ply broker with to shave paper.
In Of revulsion panic, and the withdrawal of
deposits, their vocation would, in measure,
When their bills presented for redemption in Specie
they would not, probably possess single dime in specie
The Comptroller would have to enter the Market and sell
their stocks at whatever price they would bring in SPECIE
and sold below par the bill holders would suffer to the
full amount Of the sacrifice while the stockholders could
lose nothing because the money returned in discounts
would all have been passed of at par
Many capitalists strong believers in free banking
but others think that the system Is liable to serious
abuses.
No doubt, many banks Of large capital have been
ganzed under the provisions Of the law, whose means
not again withdrawn by stockholders, and whose
affairs conducted In alike creditable and
honorable to directors and officers ell beneciay
for the public. These comprised chiefly the old banks
whose charters had expired banks Of large and
bona fde capitals that had commenced business under
the free banking law. 1t contended that there
are many small concerns whose concoctors had after
the utmost exertons, BY borrowing and Otherwise
ceeded in getting just about funds sufficient to raise the
needed O0 in socks and taking corner albeit
formerly occupied by grocery store open new bank,
with high sounding name. Painters, glaziers and
other mechanics would be employed to set off the whole
in a snowy outside and handsome desk Within where
business and deposits would be thankfully received and
attended to. In some too, probably, might be found
officials of such doubtful financial experience AMI
Abilities to create wonder how those who had been
unfortunate not to have been successful in msuas
ing their affairs should have been introduced to the
public fitted to manage other peoples.
The Pittsburg Bank, the Exchange Bank and the Ner
chants and Manufacturer Bank all Of PittSburg have
each declared a sem annual dividend Of four per can't
After the lapse Of nearly three months from the tmo
the reports made have official returns showing
the bar kiag Of this State These reports
simply useless The purpose for which they required
is not answered and they Of value to the fnansa
or commercial community. We shall have new
system in operation, which will do away entirely with
these quarterly reports We annex the aggregates Of the
leading departments in the banks Of this State at three
periods the variation from quarter to quarter in
EACH
RANGING MoyEHpST-SrATr on Nrw YopK