The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-15
PENNSYLVANIA.
TROUBLE AhoK0 THE PENNSYLVANIA BANKS.

Irrom the rhiladephia Ledger, Nov al
We fear there trouble brewing between the city
aad country banks Of this Under the law of 1850
all the banks west Of the mountains required to keep
her notes AT Iar At the city cf P-burg ani All o. those
par at Philadelphia This done by most ~ them
keeping deposits with Of the several banks in the
spectyc cities, aud in this way we had reliable currency
III, 0urhout tho Commonwealth. Tho spcnsiUn uf spc
Gle payments has altered somewhat the face NJ anur%at
least some Of tho interior banks Disposed ~ consider
Themselves released from the obligation to Keen deposits
with the city banks aud SIX eight Of their number have
already given noc. a. that effect convention 81 The
country banks has been held AMI all have been nvei 70
jon In opposition ~ the requirements of the late law
the practice should become general for the city banks
Va all country bank notes, have the worst
Nrprchcnsons the character Of the currency AMI
great fears FOR a resumption Of specie p,ymnas within
any reasonable pcrioi " time The city banks We mn.
dcrStind have the matter M ter consideration whether
" tke all Interior bank notes ocrei or TO refuse All that
de- not pvt ~ some pledge ~ guarantee " safety The
se,c and w 10 not why thc country banks should
No MT from the same rule so long At least a. the
"Relei law the city banks shall receive their notes
payment oG debts, and the country banks Themselves
desire their notes 10 be kept IN circulation here With
oct scme such check az deposit imposes, the con
try banks not ony irresponsible, but uncon
uoed The weakest banks, greedy OF gain, will he
the most profuse Ia their issues. The city banks,
and the users of currency, acting the well estab
hshed prnciple, that the poorest aud most dcprcct
ate currency will usurp the place of the besr, will
withhold the goc aud keep bad doubtful bills all
thc time circulation. in this expansion ~ the
rency will be encouraged. Country paper ~il soon be
ce@s ,as cn % nm a. ., w .o'e ~, w. W @
than hold IT, will discount u, and the greater tn
d~coup's, and especially on connry paper The moro wilt
Tho banks y.cd tho control ~ the OF
sumption IN tho country banks and the IL IL In their
control tho father h. resumption removed IL their
scrcst to keep out large circulation possible Hav
ms comparatively limited line Of deposits alrnos, their
only OF revenue IN their circulation, " there
exists any law whereby the city banks bold the
cry banks check by returning their bills upon them, aud
require them give something q ackhovrgsl vstuc in
exchange sancr dscreu aud above tue dscroin
that attends all suspended banks, there wonh b.
in favor 81 receiving a thcw nc'es, because
IN tnst way their could be reasonably con'roea
or, what Is better. the banks hense,v = no .lr,ven
or -xk,en,e. We toll however tha The y icr
existing crcur stances, cannot b. lone. inc only alter
native therefor, for the city brnss u - reuse 70 receive
deposit the notes Of 81 country bsuss that TAIL " Eve
satisfactory evidence of their advocacy and credit The
amount received in the way payment Of debts viii not
h. lsrsS. and may be controlled without much deriment
a. The currency, anger 70 the banks, delay OF rcsnp
The osy direct road to cary and return 70
spcce payments for universal and steady couracon
of TIE business 81 banking. An attempt at resumption
'cr expanded business will be very hszsr,ous, "
not impossible. Hence the Importance G careful con
sheraton Of the question presented ~ The coany
banks.