New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-02-28

Specie .............. 202ss Safety Fund stock.
Capital Trust FUND.-. 1888 s71 Due Bsnks.. 7eo IA
At Philadelphia the Banks are discounting with
considerable freedom. On the street the demand is
freely met and rates rule at 10 b cent discount for
first class bills and ~ Is y cent discount for bills Of
long time and railroad acceptance.
AT Boston money is in active demand and rates for
temporary loans are quoted higher. The Banks are
discountipg very sparngly and the street is the only
resort for needy borrowers.
Tie xed article in regard to the Metropolitan
Bank and the uncurTent money system introduced by
it is from The Independent and r written by Direct
in that Bank and who took the initiative in its
formation, and TO whom is due much Of the credit Of
the reform in unouuen money which has been estab-
hste by the Metropolitan:
" The healthy system Of bank note circulation and
redemption alluded TO in our last not achieved
without energetic and varied efforts on the pat Of
dealers in uncurent money and banks in their int rests
TO prevent 80 desirable consumption; nor without
bold attempt the part Of city bank in aiding to
introduce currency still more deprecated than the
OF history.
when the banks Of mere circulation in this State
had become unpre ta6e, and felt conss aimed, through
the operations Of the Metropolitan Bank to wind up,
the managers Of n se banks not disbearened BY IN
successful attempts at home seized the opportunity AZ
forded them by the general banking laws OF other
States especially those of Indiana passed over the
Governors Veto, TO create new litter Of the specie.
foreign orsn but in reality their hiding places were IN
the Easements of Wall street.
This movement would have had not even tenn.
porery success had not one Of the largest al street
banks promoted the plan by agreeing to receive the
bills Of Indiana free banks at y cent discount re-
tanning, twas understood & cent far its services
thereby sustaining and indorshg an enterprise frsush
with ibcalculsble mischief.
As coon as this wae known. sagscious business men
foIesaw the disastrous consequences which must
sue, II the community were flooded with this greatly
dePfecisted currency Several merchants and others,
therefore, imu edstey caused representations 10 be
mace 10 the Legislature which excited the fears OF the
bahk Committees OF the Senate and Assembly and en-
ghiened The as to the curious results of the project
Already two millions of the Indiana money hsd been
created and iisued, and larger amount was in coune
OF prepaston. The remedy, therefore to be efec.ua,
mDst be inme date.
Tie Legislature seeing the necessity of the case.
passed law prohibiting any b.nk Of this state from
taking bills Of banks of other Safes at higher rae Of
discount Il g cent than 10 allowed by Ia GA bills Of
New York banks az their agencies.
" That law XII led the whole brood Of Indiana Wild
Cat Banks at q single blow! Or rather II starved
them out. They uld not live on 90 low diet az =
cent In truth they al failed in less than t~o years
ard their stock securities sold in our market 81 an
sverige Ices 10 he b holders Of at less Is cent
ne city, and especially lie laborng clAssee were saved
rom loss come millions of dollars which were re-
deemed at about IS cenis the dollar BIZ, for tbs;
timely law, thoee bills would surely have found their
way INTO the pockets OF the hNd-vorking needy
classes. The owners or agents OF many OF our me
lAsnicd and other brsnches Of indstry bJuch. ths
money 81 discount 70 pay OCT instead Of px money
g ,ho.e they employed. eoarsns through he vsioi.
hs-n,s q r.%. :hose hins were n short tine de
pos:sj l. rs tASA with <k.eh tie Mstrouoli.an noy
= orAk entire hA oao1y. Which bad sSreed 70 tske
AsG o: .sr' esteSni he t'esG Or sSIs c xDs