The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-21

rived from their operations the charge made for Their
endorsement (Which only shilling Hamburg money,
which they thus guaranee) will only be sufficient 10 de
fray ordinary expenses and salaries Tho chief object
vss 20 facilitate business among merchants generally by
restoring confidence time Of universal dstrust AMI
already appears have produced this effect The banks,
Immediately after the society had made commencement,
announcer that Ds bearing It's signature would be mime
datey negotiated and relief thus At afforded TO
many who had previously been surrounded with doubts
and difficulties Bu, il was not the banks alone who
acted with this prompt lberaty The well known
wealthy houss OF solomon He,ne came forward with
even more ehecual aid, and gave notice 70 the chief
bill brokers Change that they would hold one million
81 marks tanco al their DISPOSAL on the single condition
that should be divided in Just proportions among the
various applicants. The limit minated was in very
short time exceeded when Mr.. Eene intimated 70 those
around him The Exchange that he was stu really 10
appropriate a sesond million IN the same manner and this
evidently great relief 10 many expectants that
mingled exclamation Of gratitude and admiration, which
If had been m England would doubtless have burst out
into cheer at once heard throughout the vast
semby All parties had, no doubt reason to be saled
the public because they obtained money when was
gently wanted and the capitalist because he procured 81
per cent interest which was the rate agreed on for his
money agans. bills chiefly bearing the endorsement, Of the
society," and which therefore in every res
peei of the most undoubted character
But the efforts 70 place Hamburg in safe and creita
bic position did not terminate here Such measures might
be sufficient for temporary purpose, but something more
was wanted TO be Of more permanent advantage The cir
cuating medium OF Hamburg, where there is paper
represented by silver actually deposited in its vaults has
been found TO be too crcumscrbed for the present
gency, and the Chamber of Commerce and other public
institutions called upon the Senate 10 make arrangemen
for giving State bonds in advance goods and other vu
able securities 10 the of ten 10 fifteen millions
marks banco. The senate entertained the proposal fa
voraby, and convened meeting of the burgesses with
out whose the could not be adopted tina
their might at once be obtained That meet
ing held yesterday and their approval having been
given the requisite machinery will be put in notion
afford the contemplated relief is proposed that two
thirds of the should be appropriated to loans
chandse and the remaining third to advances govern
en funds or other similar securities and that in all cases
these loans which TO exceed certain portion of
the market value, to be redeemed before the
3lst July, 1858 Great assistance will in this way be
given in legitimate the commercial interests at
time of need and although il is understood that there
difficulties in the way 10 the practical working of
the measure, committee of judcious has been ap
pointed make all noedful arrangements and they
have similar plan which adopted in 1899 with most
beneficial results precedent is 10 be expected that
the obstacles referred will be successfully surnonted
and that the like advantages will now also follow.