The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-10-29

Z.
have taken place in private. Bank officers In
form as that most of their bills receivable, as
they fall DUE are met by renewals and re dis
counts, and could not otherwise be paid.
There is a general disposition on the part of
the creditors to ease their. debtors, whom it is
not their interest to let go down, if possible.
The quantity of goods on hand is very large,
and unsaleable on the present terms. Some
expectations are entertained that the domestic
exchange will improve In time to admit OF late
trade before the winter sets in. We trust 1t
may be so. The receipts of produce may i'm
prove so as to admit of a fair country trade I;
but we remark that the public stores of New
York and Brooklyn which were full of cereals
this time last year, are now comparatively
empty. The stock of breadstuffs is not accu-
mulating as usual for winter consumption.
Neither banks nor commission merchants can
afford to make advances as they usually do on
receipts Of produce.-Iadependent Oct. 22s
The Merchants and Manufacturers Bank of
PittsbuIgh-Strange Disclosures.
Pittsburgh, Oct. pa bench warrant was
heard to day, issued at the instance of Mr..
Scott, President of the Merchants and Manu-
facturers Bank, against James and Hercules
O'Conner, brokers, of the firm of O'Conner,
Brother, Co., charging them with obtaining
fraudulently, and by the completely of the book
keeper of the bank, one hundred and eighty
five thousand dollars. O'Conner in his defence
made grave allegations against the bank, deny
ing the indebtedness of the firm, and claiming
to be the agents of the bank, for the purpose
of drawing specie from the other banks on their
notes to replenish its vaults; that large amounts
of the notes of distant banks of less denomi-
nation than five dollars. and also counterfeit
money, were drawn from the bank on their
checks that their dealings with the bank since
February last have amounted to over three
millions, large portion of which was not on
the private account of the firm that the re-
spondents in vain attempted to effect a settle
in the hands of disinterested party TO cover
any Indebtedness.
Further investigation was waived for the
present, Messrs. O'Conner having made an as
signment for the benefit of their creditors.
Notwithstanding these developments, the
notes of the bank are still taken by the other
banks in payment of notes due them, and also
by the public. 1t is said that its stocks will
not be deprecated.
The Country Banks of New York.
Syracuse, Oct. PA Convention of the
country banks of the State of New York was
held here this afternoon. Over thirty banks
were represented, among which were some Of
the leading institutions in the country. 1t was
resolved, as the duty of the banks and the in
tention of those represented, to prepare for an
early resumption of specie payments and be-
fore said resumption to keep their bills as nesr
sp 'ce basis as possible; also, to increase the
line of discounts to the extern. of their ability,
and to aid in forwarding produce.
A 20 m mlttap appointed IN effact or
ISOLATION Of the country banks for their mutual
protection, and to arrange system of redemp-
ton and exchanges, the committee to report a:
a future meeting. The committee then ad.
journed.
Getting Up Bank.
The Milwaukee Sentinel says that the follow
ing is a letter actually received from parties in
the city of New York. IF this is the plan upon
which the new banks of Iowa are to be "got
up" it is time the people were apprised of it.,
before it is too late. Read the letter. people of
Iowa, and learn how your new banks are to be
"got ups"
"NEw York, No. - WALL STREET,
July 2, 1857.
DEAR SIR: Understanding from some of
your friends, now on a visit to this city, that
you are DESTROYS to start bank under the free
banking laws of Wisconsin, we take this oppor-
tunity to offer you our services to forward your
views Having had great experience within
the past five years in getting up" banks in
Indiana, Illinois, Michigan, and in Wisconsin,
under the free banking laws Of those States, we
are quite sure your interests would be served
by employing us to get in operation one for you.
Without wishing or designing to dspsrage
our neighbors, (some Of whom are engaged in
the same business,) we would say that, to make
a bank move on successfully, there is much wis
dom to be displayed in its organization, which
has not been displayed by those we have ALA
ded to- for out Of AZ they were instrumental
in "getting up" in Indiana, Al have failed
while Of those we have "got up" (27,) only IA
have failed. We have made it particular
study to organize p" free banks" aud hence our
get up" banks will be governed by the ad.
vice we give, Tin our private circulars, there is
no danger but the protector of the bank will
make money, and it is to the projectors inter
est we only look.
1t will, sir. cost you bat little to get up
bank with 100000 capital, secured by stocks.
With the addition of the retaining fee, 81, 1000,
as above mentioned, about SO, 900 for plates
and notes, and $4,000 placed in our hands as a
margin for the 500, 600 stocks, we can man.
age to put it in successful operation.
Yours, respectfully, o.P.R.
Interesting Post Office Statistics.
The following statement shows the revenue
of the Post Office Department from postage
collected during the quarter ending June 30,
1857, at 25,46l post Offices, the quarterly &C.
counts having been examined, analysed audited,
and registered in the office of the Auditor Of
the Treasury for the Post Office Department.:
Letter postage S245,275.l8
Newspaper and pamphlet post
age 147,2O9.O7
Registered letter postage s,ll7.O5
Postage stamps and stamped en-
velopes sold l,429,l 1920
Emoluments from box rents 20,328.40
Fines for violation of post Office
laws $50
l,85O,ll9.46
Deduct expenditures Exclusive of transporta-
ton of the mais) in collecting the above, viz:
Compensation allowed postmas-
tiers = $500, O775l
Incidental expenses of post offices 262, 22l. 65
Ship, steamer, and way letters 4,97793
86O,277.O9
Showing net revenue of 1898, 843 81.
Bank Reform in Tennessee.
The following is the substance of bill pend
ing before the Legislature of Tennessee:
lst That no bank shall issue notes payable
at any place except where issued. I'd. That
no bank shall have Office or branch or agency
for discount. Sd. That all notes of S. and
under shall be withdrawn from circulation by
the first day of January, l859-all of ten dollars