The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-09-10

III rom the IOncON. Times AuQU0t 16.1
The recent advices from the United States represent
condition Of financial affairs which has an i'm 2ortant
bearing on the money markets of other countries Two
peculiar causes are in operation TO produces unusual
ipau-nce and although one Of them 10 Of more locA
character than the other they both of sufficient mag
nitude to occasion JeIy striking results Until recsnty
the laws OF New York have required tho various banking
institutions of the State to publish their accounts OF
biiies and assets only every three months TIE
cessits,e reform. No system could have been more
favorable for gambler. hurful TO the regular
period cor the issue Of their statements the banks in Or
der to exhibit position Of great safety stoned
to call in large proportion Of their loans aud
odate their customers With greater beraty than ever
Hence quarterly panic in the stock market. followed
locked tor and ators Of large means acting upon
this knouledee could reazc profits with degree Of
tnty that aordeda singular lu Of the blindness
oil the smaller dabblers among the general public who
were invariably its Victims To remedy this new Law
has lately been passed, which into force the
bank for the future weekly instead Of quarterly publ
cations. The last Intelligence from New York reached
to the 10th inst and by Confirming the anticpaons
to the to DO produced by the operation Of this
demonstrated its usefulness The same "a pid
steps Of contraction had been pursued BY the several in
sutioDs preparatory to the appointed day had
Witnessed prevous, on the approach Of each quarterly
period Inc rate Of discount the best CONNER
ca paper Was sddsny raised the quotation Of exchange
renittances advances al kinds Of securities
quired to be Repaid and even mint notes against depo
avoid the few dsys deay beore Their AMOUNT IN eo N
could be Obtained simultaneous fall OF to Is per cent
in all except the most established securities being like
wise reported. From this time however, such revul
sicns The returns of each bank being male
from week to wee cannot admit of sudden fuctuAtions
and there viii be induceent beyond such as the ai:
Of the market may offer to vary tha amount Of
accommodation TO the commercial public. Ador this
date, therefore, far bsnk regulations bear
the question, much more stsa6y state OF affairs may
be expected the Of the romensary
being recognised, return of confidence be relied
upon.
ing the American money markets Ia far general and
permanent in its influence and is that will require 70
be taken into account even in the calculations that have
lately excited attention regarding the movements OF
c1 throughout the world. When the national bank sys-
on account 81 ~ ha' ing Deeh NAE ias 70
ago. the GOVERNMENT reso ed TO trust banks Whatever
and Law adopted requiring all payments account
the funds thus received eheud DO deposited in subrea
sures belonging to the State While the disbursements
Il Sd nat9o s2s 81 80 70 10
those tnea, tbs meanings and oatgoogs wore not al
voys simultaneous, disturbing esst woud DO produced
on the money market BY large sum bang cclmulatcd
for few weeks ard them poaed forth IN one or two *.
teDtive psyEsn. Dat ncs tho introduction OF the
dueed tariff In LAG. the customs dutiee have gone
Jis ding increased ;SAs gnl surplus has bean boarded
up 81 eytcrdinary magnitude. It's total according TO
returns Just made, 10 now equal 20 about GOO Go or
20, 900 ster ~ and when thu fact 10 borne In mind
that tbs heavy SUM, which would, according to ori-
nary notions 30 ample basis circulation Of three
times It's amount is actually lying do and unrepresent
ed in the government vults. b. virtually in the
sane rofton. os regards any Greet 1t can have
on the world, 50 il II were az The bottom
Of the yea, an idea viii DO arrived at Of the
important element II forms in the qUesions regarding
the couneracDg circumstances in connection With the
recent production Of god and The eject that may at any
time be produced by fvsure Influx. At some not dis
ont day the appropriation and disbursement Of this sur
plus Will be decided on, and will create effects such az
few have contemplated. But meanwhile tho accuraufa
ton only 90 increasing the revenge receipts Of
the county owing 70 the extraordinary prosperity Of
trade sugnentng month By month and in tnat lust
ebds1-uanely, Julythey exceeded any sum o. er 70.
cei7ed for similar period The ENLARGEMENT this year
of the sub treasury board viii therefore, he Ear beyond
the orig NAL estimate. II IL true that The secretary %
the Treasury according to tie adyices by the packet
has with the view oi reducing IT, exercised the
vested in him for applying these funds 10 tho extinction
Of The federal debt ard has advor Used his readusss TO
purchase Of United sates sxes equal to 81 coo,
GCo sterling az the price Of 1911 Much OF this stock
boBever Is held in Europe and he price az home 90
Is such to render II doubtful the bid vi prove sue
ceesfu Just TO the extent Ct The purchase will 10 the
amount Of tho specie liberated opd this specie Will pro
duco lust The ssue effect n had bron dug up ia
California Aus tTtla bat i sellers Of United ats
securities should be fonrd tho proposod one
ire oil must 70 until . shall 10 ieraaafed by
| aiiye nppsopiistnus for public woke, % s6ne -
~ ostottl ezpepliiuyt such sDgA &hse fc0n
! d var Ok laJobasG gf iCgeisn iagxitory