The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-19

With thoss for the week previous, shows an
Inc rease in discounts Of. OBSERVATION-DISCLOSURES. S390 o27
Increase IN deposits of..................,.. l0Sc,SI
Decrease in circulation of................ 21o,722
TIE increase In specie IL tho most important fsa-
turo in the report. Fer The weak the increase was
les than million d dollars. 6ince Tie second Of
December the arrivals Of gold and gold dust q This
por. have been nearly three millions Of dollars, and
the Sub-Treasuyy has let loose abous 80 NIL
lion more, making the total receipts Abyut four
millions Of dollars, Notwithstanding which We ind
the banks have only increased their supplies il he
same time about nine hundred and sixty thousand
dollars. II there had In taat two weeks bean The
usual expectation Of million per week. to bAaks
would Just nov have been in q very BAD
petition. The line Of Discounts sh0wsa .
small increase. Tho reduction Of Trans In
the banks OF this oitv, from the highest poiot
since ths weekly statements commenced, hss hesn
about sevsnteen millions Of doIlsrs. equsi 70 sbout
sixteen per cent Of tho aggregate. Most Of tAis
dassioa has been realized within the past three
months, and TO this sudden contraction munt b St
sributed the collapse which has ovsgtsken oeaxiy
every interest Of the county Il IL ell nonsense for The
abolition organs 20 say That The tai6 of 1916 y
the causs Of all exiating difficulties Il is simply
absurd TO talk about the excessive being
caused by the low rate Of duty levied upon foreiga
manufactures. ALI that humbug exploded long
ance, and most Of the party papers have given mp
arguing that point ; but once In . while we
find some hard UP for political capital, firing
swsy ct the revenue tariff. just a. though an orr
financial difficulties had besn caused BY that feature
in our commercial sysssm IL Is the height Of folly
and ignorance to harp any longer upon that string.
II has been wcrn out, sud Is completely out
Of tune. II our protection philosophers would
look more deeply into the banking movements Of
the country they would soon Aud the real cause Of
al our expansions and conxacsisns; they would soon
find that the course pursued BY the banks would q
time lead tho community into al sorts Of sSecr.
lation and ext5avssance. aud ct another in1s ne
ssve1est and most prot1aotsd contraction. By ~
iphatlOn Of credits asd currency the whole cennu-
Dity are At one time induced TO engage In every
species Of enterprise, TO invest all they have and
all they can borrow in speculative ops,s.oas. n
the midst Of this apparent prosperity and Artificial
expansion comes contraction, and from eaas AID
sbuI dance We aye almost instantly reduced - vast.
Honey suddenly becomes scarce. thu hsnks en- IN
their oars, the demand for noasy daily Increases,
and rates Of inteNs. rapidly rise. The Esans -
meet Pay ments become scnssbly restricted aaAe@Ds
h0shcS D<coueH impaired. 40 OAnkb C1ALnue -
contract, and compel those whom taey have ed
ous Of titir depth into tRe SEA OF specalaaisn to
submit TO all SORTS OF sacrifices 70 sustain thep-
selves .or tiIns and finally sink into BANKRUPTCY
and mercantile dissolution. The banks are the
greatest curse the ccurtry las ever bssn stricssd
With. r. ey are the cause Of our excessive impor-
tscns, our sxtravags, &C. speculation., and our
sufssing. We have bad enough nonsense about tte
tsriH. Ne Must lsok to our iseisls.oys to yegu-
ists tie banks