The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-31

bank is not reported. These suspensions APP
pear to be periodical One explosion leads to
dozen others, and the panic produced gives o
good harvest the brokers. The last failure
announced was that of the Lewis County Bank,
asaf.ty fund institution Of this State. Within the
past few years this bank has ken about half a
dozen times, notw thstanding which the public
would take its bills, and 1t managed after every
! revival to get out o large circulation. 1t is
really astonishing what rash in ths shape oil
bank bills gets into the hands of the poor la
boring classes. After all the efforts made by
the press to warn the community against spu-
rious bank issues, it appears 20 be the easiest
thing in the world to get up wild cat bank,
and get out q large amount OF notes. We have
sometimes thought it best 10 let these swind-
=. g financiers have full swing, and let them
q o.. the public 1Ast as mucn as they please,
q that nothing short of such wholesale
-, ,I2d bring about a proper re NEEDY.
Tha Iso;s,., uss Of many States have done
n,hinr n !, ~ power to establish systems
:, ,.nL;na for tho ~Stection of the bulholder,
ana # neonle wou,d O, w keep their eyes open
and oars,nllv sxamine az sEy bill offered, there
would not he half 80 much
The fixtures recently rep "" '''A'
: i,ich never we're entitled 10 VIM - o'e''t
rheii bills never were secured, a. "s aoq''
if any Of them ever had dollar OF cai 49, pow
il Counterfeit bills are at all times al. 90 "''
v may occasionally take one; that risk al nus'
AXE: but il is so easy to distinguish the ISSUES
Of se OF hanks from those Of u shiop'asteF CHAR
sc,er, that we cannot satisfactorily accouat iof
H.. .uccess Of the scou,.dyels who adopt such
method Of preying upon the c'mmanity' Tue
laws appear to be Ineffective ia reaching aud
Furnishing these fellows; and as ali nave the
privilege Of refusing any bill offered in pay
ment for property or services, it rests with them
to drive out of circulation bills of doubtful re
putation. The safest rule to adopt is to refuse
ell bills not secured by the deposit of public
stocks in the hands of the Comptroller of the
different States. All such bills can be distin-
guished by any one who can read; and although
there may be good bills not SO guaranteed, it
would be best to avoid them. When bank es-
tablished under the Free Banking law suspenda
IT'D bills suffer no ruinous depreciation in q
market, because the Comptroller holds in bAs
hands securities for the redemption OF is is
cues. The banker, broker, or speculator, who
may have been the owner or manager Of the
suspended free bank has no control over the Sc
curites with the Comptroller, and the circula-
ton is redeemed by the State officer appointed
for that purpose. The free banks Of the differ
ent States can supply all the currency required
by the country at large, for all the legitimate
purposes of trade and there is, therefore, no ne
cessity for the public to take any other.
The proprietors of the wildcat banks manu-
facture bills resembling, near IS possible, those
Of banks in good credit, and succeed in passing
them of, under such disguise. We do ]
know that any If them have gone quite so far rs
to represent that they were secured by the depo-
sit OF public stocks with the proper authorities;
but we should not be much surprised if they
should even resort to such method to get the
necessary credit to command circulation
They IRE capable Of any thing, and there is no
protection but such as every man has within
himself The only way is to closely examine
every bill offered in payment for anything, and
refuse it upon the least doubt of its security
The bank failures within the past week or two
have been as follows -
Knickerbocker Bank, N. Y. KY Trust Banking Co.
Eighth Avenue Bank, N Y Newp't Safety Fund Blk. Ky
Snifok Bank, N. Y Erie and Kalamazoo Bank.
Lewis County Bank, N. Y. Savings Bank, Ohio.
Bank OF Hallowell Maine. Bank OF Connersvile, Ind
Ship Builders Blk Maine. Elkhart Co. Bank, Indiana.
Brunswick Bank, Maine. Northern Indiana Bank.
Bank of Milford Delaware. Far. Merits Blk, Ne mIhis
The Sackett's Harbor Bank and the Farmers
Bank of Saratoga County have been reported
The failure Of parties connected with ach Of
these banks has no doubt been the cause Of the
rumor, and as it is very probable that each bank
has lost more or less by such failures, it would
be we'll enough to be cautious, and get their
bills redeemed as soon as possible. The trouble
is not over yet. There are few more banks Of
the same sort left. The Merchants Bank Of
Macon, Georgia, is said to be dangerous con-
Germ, and we have no doubt there are many
much nearer home just as bad. Money is
scarce and valuable just now, and all should
look sharp after the dollars, particularly if they
are manufactured of paper. With the high
price of coal, -four, potatoes, and all the neces-
saries Of life, the poor have immediate use for
every penny they earn, and 1t is therefore i'm
portant that they should have their eyes wide
open; and when once in doubt about the value
Of bank bill. at once be resolved to have no
thing to do with it. 1t would be better to re-
fuse half dozen good bills than suffer loss
from one that is bad.
MOVEMENTS IN CTY POLITICs-RATrFICATf0Ns
We refer our readers to our advertising
columns for information upon the current move
ments in our city politics, among the various
ontestiog parties. Among these movements,
he most important a e, the wing ratification
meeting which comes off Tomorrow (Wednes-
day evening at the Broadway House; the hard
hell raiifcatio n meeting on the same evening
at the Broadway Tabernacle; and last, If not
least, the soft shell ratification meeting at Tam