New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-11-04


Total thrown in the market sosi2,see 75,25s72s
The steamer Of tomorrow has at present less than
eiso 900 engaged Of which portion, we understand,
10 silver.
There IL considerable anxiety felt in the street in
pegard 10 the large payments of tomorrow, but the
impression Is much general than 1t was early in
the week that the day will pass without serious
dssster. Parties having paper maturing have been
preparing during the week. and importers have been
assisting their dealers by liberal temporary loans. In
the street on call the market is, If anything, rather
easier but paper tends TO higher rates. excepting for
very choice signatures. The Banks are still con-
tracing but the impression is that the reduction will
be something less than last week. The demand from
ihe country Banks and Bankers is still urgent, and
the reduction OF their balances compes correspond
ipg contraction Of the loans Of the City Banks. Gold
10 still going West 20 considerable extent for the use
of the Banks, but viii eventually find its way back
again. Indeed it passes both ways daily in making
exchanges There are also, some amounts going to
Canada
We have before US the written opinion Of Messrs.
Hsngerford and Cone, very distinguished jurists Of
Connscticat before alluded TO by us, in the case Of
the Eew.Haven Railroad frauds. 1t is very long,
and have only room for the following extract and
enc Of the concluding opinions. The opinion says:
Story in his work on Agency folio 452, has laid
down the rule which is recognized as authority, and
says; 1.-The principal is liable to third persons for
"freHds, deosits and other malfessances and onis-
sioss Of duty Of his agent in the course of his en-
ployment, although the principal did not authorize
OF justify, or participate or, indeed know Of such
msconduct, or even IL no forbade tie acts or dis
approved Of them. II ia founded upon public
"poiey and convenience, for in no other way could
there be any safety TO third persons in their deal
mgs, either directly with the principal or indirectly
" with him through the agent In every such case
the principal holds out his agent as Competent and
Mt to be trusted, and thereby in effect he warrants
his fidelity and good conduct in all matters within
" the scope Of his agency" And this position of
Judge Story 10 sustained by most abundant author
ises.
We would say that unless this Railroad Company
/. liable 10 the bona hde stockholders Of this stock
then there is no safety in trade and no protection
spder our laws or in our courts of justice.
The Rank excitement at the West has measurably
subsidized, although the circulation OF the Indiana
banks is si being cent home, and in consequence Of
the inability Of the Banks to circulate or hold IT, the
Auditor 10 caneelipg $50 900 to $4,000 per day. snd
surrsndering the stocks deposited. AT the present
rate Of redemption, the weak banks viii be wound
sp in about ninety days. The withdrawal OF this
large amount Of circulation renders the money mar
Acts Of the West very stringent The radical error
Of the Indisss free banking system was, the high
rite Of which the securities were allowed to be de-
pssised, more especially the cents Of that State
j, might have been anticipated that the moment con-
hdence IN the circulating notes of the banks received
sshsek, or they were run home freely, the market
vsuld be ovsrstooked with the released securities,
cad The current prices fan below the amount for
vAieA hey we're pledged.