Monongalia mirror. [volume] (Morgantown, Va. [W. Va.]) 1849-1855, 1854-09-02
OUR CINCINNATI CORRESPONDENCE
ClNclNNATL, August 28. ls5l,

DCuI or.
There is considerable excitement
and talk in This city respecting the ovid
Cat" banking institutions Of Indiana. The
Brokers on Third Street, the Wall street Of
Cincinnati, commenced tie onslaught some
time ago upon this currency, which consti-
tute e-fourths, at least, of our circulation
here, by refusing the bills Of some four Of
these Banks. Though they receive on de-
posite bills Of the denomination of FIVE dol.
lars ond upwards on the o,he, Banks, still
the course pursued by our Brokers has thrown
discrelit upon the issues of the Indiana
Banks, and led TO a pretty thorough discus
sion Of the Free Banking" system Of that
Stale, founded upon the Stock of that and
other States. AS fast as the bills of these
Banks are deposited here, they are sen, home
for redemption, either in exchange on New
York, at small premium, or gold and sill
yer. Those Of them tha. are substantial can,
Of course, stand the run, but those OF them
that cannot, will be compelled TO sell their
State Stocks TO redeem; and it is thought
that if these Stocks should now be thrown
upon the market their price must depreciate,
and Of course the holders Of the bills Of such
banks as have no assets but Stocks, will suf-
fer to the amount Of that depreciation
One Of the daily issues asserts tina, many OF
The "Wild Cat Banks" are operated thus:
A man, in some inaccessible place in the
backwoods, scrapes together 81 600, with
which he purchases State Stocks, and calling
his Bank by some high.soundins title, has
notes Very elegantly engraved and filled up.
He then, with his $1,000, purchases more
Stocks and gets larger issue of no,ea, and
so on, until he gets enough to answer the
rnrpose,-and then, from the hiding place
in,he back woods, he begins and scutters
lis attractive bills all over the county,
The whole bunk, j, is said, is often carried
around from place to place, sometimes in
the crown Of hat, sort Of peripatetic in
s,i,uton. These concerns will 90 BY the
board on the first inkling Of panic, or in
the s'ringency Of money matters, must cave
in. But a law Of this Stale passed last win
Ter, by which the circulation Of the notes
Of other States, Of less denomination than
$40, is prohibited under heavy penalties,
and which goes into operation on the LIST Of
October. is made the immediate cause OF the
difficulties with these Indiana Banks: and
the Brokers say they want to comply with
the law, and want to rid themselves and the
community Of the Indiana bills Be the
jusliceof the quarrel where it may, the Bro.
kers are making very handsome operation
out Of it, and at the same time putting the
commercial community TO great inconveni-
ence and "raisiag The dandcrr Of the Hoos.
iers. AtPeru, Indiana, the merchants, some
Of whom had attempted to pay debts here
with the money Of The Bank Of that place,
but which The bankers here refuse to receive
on deposit, held meeting and addressed 4
circular to The merchants Of this city and
pledged themselves 10 trade no more here
Thequurrel wakes warm, though the excite.
ment is now less than at first.
Mr.. Meneely, the greu, Troy bell founder,
furnished the Fire Department here with a
bell weighing $3.50 pounds, which upon a
triul, Mr.. Meneely himself being present,
cannot be heard hui little further than bell
on the Western Engine House, weighing on.
ly 1900 pounds. Mr.. MIS- bell is too soft
He delivered it hero n, IS cents per pound,
while Of ten other bids in this city the low.
est was ID. h'@
We have, at last had good refreshing
rain, though ,oo late to be Of much benefit
10 The growing crops. Corn is considered
almost failure, and learned Of gentle
man the other day, that he had abandoned the
idea Of digging his potatoes. Produces Of all
kinds has felt The continued drought. Corn
is re,ailing att cls., Potatoes at 81 20, Flour
at about 300, and vegetables Of all kinds
are high and scarce. Wood is 5000 per
cord, and coal 10 cts. per bushe. Our rail.
way connection il now so complete, thatopr
,n,aE Innl ,bo 49,. ..n,.a r