The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-14

Brig Ann Merritt, st. Johns, PR. Colombian
doubloons. ...................... 1905
Brig Trenton Gonaives. Am gold ............ 3545
Steamer Humboldt, Havre do............... 1860
!" " /" gold and silver 49, $4,000
Total March to March ACKNOWLEDGEMENTS. $3.50 $40
Previously reported. $40
Total for 1863 81 l6s 800
1t is near three years since few grocers and dry
goods jobbers conceived the idea that they could
save few dollars, in the way of discount, on incur
rent money, by starting bank to regulate the cur.
rency. At first they promised par redemption; they
also promised to make New York for the whole
Union what Boston is for New England, by bringing
all the banks of all the States under their control
Influenced by these promises subscribers to the stock
of the Metropolitan Bank we're found to the amount
Of two millions of dollars In June, 1851 the regu
lator opened for business and astonished the com.
munity by proclaiming tariff of discounts, not on
the currency of the Union, but on New York and
New England only, and refused to do business with
any except depostors. They still proclaimed their
determination to redeem their promises and regulate
the currency. In instance, however actuated by
malice, they made demonstration out of the State,
and actually drove the Government Stock Bank of
Michigan into liquidation.
For more than two and half years the business
of the Metropolitan Bank has been uniform and well
understood. They have gathered up the New
York State and New England money, forced
it back for redemption, restricted the bu-
siness of those banks, made a vacuum for
such money as they did not take, and invited the
currency OF States beyond their sphere of operations
to occupy the ground-thus, by their own move
ments relieving the public Of the better portion of
the currency, and forcing into circulation depre
cated currency issued and taxed by foreign States
forcing upon triple loss-a loss of discount loss
of taxes on the currency, and loss of the profits to
the maker of the currency. The foundation was
also laid for panic and dstrus for the organs of the
Metropolitan Bank have by sheer falsehood tried to
make the ignorant believe that the free bank currency
OF foreign States is all shnplaster and wild cat.
This state Of things just what every person of COM
observation foresaw and is just what the brokers
want.
One of the promised achievements of the Metro
poltan the humiliation of the brokers' business
II, under such circumstances, the brokers made an
effort to their shavngs, who can blame them p
and if their efforts proved successful who respon
sibe for the wrong but the managers of the pretend
regulator, who, after clearing the way to let in
this currency, do not lift finger or use dollar
to send it back? The whole business of that
bank has been pushed forward by a species
Of bribery and false promises. We have al.
ready said enough of its false promises. Their
bribery consists in taking uncurrent money
fraction cheaper than the brokers' rates. on condition
that they get the deposits, and in paying one per
cent more interest on bank balances than had been
previously the custom. Among its first acts terms
embracing this bribery were laid before the mer-
chopta md fha fry bopL 10 Tha pracf bo,I
to drive large portion of our banks into the
uncurrent money business and, as general thing,
city banks are paying four and five per cent to
country banks on balances.
The American Exchange Bank has long been
leading institution in the way Of bank and bankers
accounts, and was special sufferer under the Metro
politan system. Its customers were urgent and
claimed that they were entitled to the Metropolitan
rates. The President resisted their claim as long as
there was wisdom in so doing Tofollow the smaller
city banks, and make deposit in the regulator for
the privilege of playing second fiddle was more than
he chose to submit to-in short he was forced into
the uncurrent money business contrary to his wish
es. 1t would be highly insulting to the managers of
the American Exchange Bank TO suppose that thew
would do business in the clanish manner of the
Metropolitan, by combining its operations to New
York and New England banks, and by excluding
any class of citizens from opening accounts with
them. They say to New York and New England.
We will do as well by You the Metropolitan and
they say to all good men and banks, Our books are
open for your accounts" and to all good and legally
organized banks they say, " Our uncurrent money
system embraces your circulation-we will take it at
such rates and charge it up at such rates may be
agreed upon-we care not what State you hail FROM"
This is bold and and businesslile positiona per-
feet free trade positions and the ocious, jealous,
sectional, selfish clique, who control the Metropolitan,
are dissatisfied at the course pursued by the rival
which they have forced into the field there is one,
and but one way left for them to act, and that is to
redeem their false promises and take the currency of
the whole country at par regulate the banks, use up
the brokers' stop shaving its customers and save the
sommunity from being shaved BY others. The idea