New-York daily tribune., 1858-03-04

bstitution Oa,B B,.b %1.s, -'cnlet:, "a ha ooL4 -
,cpor., has s-o given ;t' laje-' ra' 10, ce. he
save The c.on of "a" No. COL ran and Ansf.c 'L
Exchaneo b. BE R+.a.y prd"csG a oo",i-y
'cIeAr.LF scuso ~ bank noes 30 Ee'-Y'h1' --- .
opera.ion h.y 15"n aoy.o.ut g. teL'hc.:. ~
me'o' bark lie 7roro'e@ az 'ensly % s-
the estavF sn NJ rt . O. my -ank clearing l'"7'
ha tanss tt,in-elves aud says ~ +hs;9; ) q
EXISTS iol a.. outpost IN sec.yn . chai ei ~ o' II
lave of lS4O The iaw feie rrea =" = o. -, ,,,e
shall be ag:ul for auy ncmcef oi bahes, uy os :,
,nen, ~ ssss.cia.e .,reher for ra ng JOINT !hu
he plaeed In the hnrd- OF theiI com IN asea', ~
redemo,ion Of their Circulating n "7 % tre -
EcwYoIk or Albany cc5 IN .3h iHs0n' ne0 TS With such
t,h nnryey. ba ked by direct .econmenlaI - 80
the Barr I9epa-roeL' Z . anpnrenfy 'lS u7 l@ 80.
fhat the county banks remain VPoIs33 - "a ei1
dsn,ersd bV the coers.vs ofefAt On o. the Me1-p'
-pohian system. . ..t-.o1rl of1 -.
,esn. y re0r!sei 20 5e so on TO en- an lIi % IT,
.eyrotions 10 aidi.ioa TO depost or contribution o.
''gAi Ea ssv endangered sec.a,e tie csy.r;ee Of la
Payl cLa.,y sioTs thai the co atry bank knox y
the day ne hour when ler cedt may % crushed
and their good name heradsd {: the wo-ld as broken
fsstGtlODs. %,
la september and the fret hall o. October last -
Free Panh- acre thu- stTIcs4l down, ana ,he!r wen
secursd u1tcs freely sJd by the penlc-';rcKer
holdsTs a. - 030 y cent discount On Jhe l".h u
October the day after the gracd sd7pcnsi0n the io,
lowing notice issued by the M"uopo l,an anu
AmefS,an Exchange Bank IN the City of Ne e. York:
m, se sa,pe.ion Of specie paym,n by the baubs Of
III. ey 6,, 90 chansed bo regular cure Of biue' req
Der proper 10 arrest Le operations of unc1re1i depart
roen as hitherto conducted Temporary arrangement having
been made BY oar city oanh. 70 e eve ea pay o F Hs
will thus receive fo socount Il their cocondt nt'
Nv virtue OF this notice, twenty-One OF the thirty
tws broken banks were res;)red 70 creit' ana tneI
circnlstiug notes were made Clearing-HOuse money
by the city bauks thus acknowledging their soveney;
and in due course of time, all put two nave ei'her
resumed business or are wound up without loss :" the
pabbe These two have been closed by the Supefin
tendeut aad one the Hamilton Exchanged pays Si
cents on the dollar, and the other lthe Pratt B'nk
pays 81 cents.
At the Of time this crushing Of banks without cause
Other than the simple fact that tner deposits were not
s1fieiept 10 cover all their Tedemp.Ons for the day.
shs Iedeemng banks he'd, in the aggregate, over a
million dollars Of country bank deposits. On tois
point .he Superintendent says: And there ls ou,
little OF TO doubt upon examination Of the general po
sOn Of the country banks accounts and those OF the
different cities, that the redeem NJ banks IN the Cy
Of Nev-Io-k, making liberal allowance Tor very
largs balance due foreign banks debtors TO the
interior ones body over 81 ,UOOUVO; while por-
to1 were posted daily that city, under the quarter
v cent system, failed OF suspended
With individuals the secured currency - held TO be
Of yaiue bu. with the redeeming banks the secured
bank notes are treated Of value, and thrown
ort the minnie the banks deposit moi good 10 cover
the redemption.
Undey su IN circumstances the question, "Why do
not tae banks establish organize clearinghouse
of their own T. il answered only by those VINO lore
see the trouble and warfare that the Metropolitan
Bank u sure 10 lDHi IL wherever ClIhtIJ bdhho
have taken the ground that tney would redeem at
Their own SCENTS the Metropolitan would accumulate
their currency and by running for specie or threl
ing 20 dscredit and in various ways annoy them, TIL
their terms were yielded II fJy To act the
ground .hst country bank clearinghouse would
fcmove thi. warfare long as the laws OF the state
are unchanged. Legislative action s necessary to the
successful establishment of clearinghouse. That
law should be slnple and any bans,
except legally appointed agents. taking a. discount,
the notes OF any other bank. An act emb dying TINS
Iof rroA hv nj 81
clearing house both safe and baneical-sa'e TO the
interinr hanks and heneicial 70 the community.