New-York daily tribune., 1858-03-06
tupr ~ likely 70 scresse stlla 'cy.gd Of seht0h
tt f,s,. takes place. The iore.gn gol1 dram hsshg

splsu ID by the Contributions from Cal!oTua. ne
amount ready OnebaA thcI agsregs:e caphai aeu
j. lot yu.ikcy 90 lcret.co anti j. rcarten t"o-
,hrdf. Some parties q the stree. 10 no, he.fah
to predo, q return rom EasoIe oi a portion OF he
gold have been sending tnst way How
ever his may be, i ID very certain that, WIG
money il az e cent IN London and can be employed
here even at 5G6 & cent, foreign balances VII re-
main here much larger extent than Of late. Ihere
II 10 nducemeLt TO send them home and We kLo" oi
several ns'anccs where orders have been received
here 70 suspend rerntances. The and saes OF the
Illinois Central Roa1 ia February were aDont
$50 000 The earnings were about ne same a. N
Janmry. Mr. Jas. NJ Smith IS the Receiver oi O-Vef
Lee & COS Bank, Buffalo. Mr.. Thos. Jeremiah, we
understand II to be the President OF the Bowery
Savings Bank, in the place o. NT. Mills, deceased
The meeting OF Bank Officers al me Cearlng-f House
today 10 consider the Inen 81 interest on deposit
WIS full one bat the principal delinquent me banh
OF Commerce, was not represented. Inc COmih'ee
made bong report and the meeting ADJOURNED 10 'he
18th nsi. the outstanding banks to be iabored with IN
the mean tine. The inlard exchanges are easier A,
Clicago the rate on Ncw.York = Y cent. At De-
troit, 2ai T. cent. A. Cincinnati, s. cent. At
Pittsburgh, 1 T. cent. At Richmond, y y cent. AT
Charleston and Savannah, /, q cent. All the neigh
boring money market ere working easier Good
paper is scarce, and money -eeking employment at
steadily decreasing rates.
HessIs. Taylor Brother, No Wal street, quote
Warrants ~
100 Acre......., ~ & 80 Acre,........ 3 .
70 Acres........ 30 u ] " hcies.''''''' - Nv
Market quiet.
Attention is called Of those interested, TO III adver-
tisement, IN another column, Of the southern Pacf
Railroad Company.
At meeting of Officers OF the Banks OF the City Of
New-York convened at the roOms OF the Clearing
House Association, al 3 o'clock ?. M, on the 9TH
Of March, 1853 at which thirty-nne banks were rep
resented, Thomas Tlleston was chosen Chairman,
and j. l.. Everitt Secretary.
The Committee previously appointed to confer with
the various banks in this city relative to the dscon
nuance of the practice Of allowing interest on eur
trent deposits, presented their report, OF which
On motion OF Moses Taylor, Presden: City Bank,
the report unanimously accepted ard adopted as
expressing the sentiments vi this meeting, with but one
dissenting voice.
The following resolutions, presented by A. E. Sill
man, President Merchants Bank, were then unani-
mOusy adopted:
yh;aA Forty Of the ory.six banks composing the New
York Clearing Association have already united in writ
agreement longer to allow interest on deposits or
balances Of any kind either directly indirectly provided all
agreement and he,as almost entire unsninity on the
RS.oed That he gea; importance the object pr2po'ed
the wSo have not yet signed the agreement
3 a Die tsb s iSs opqn un the n the
time those who have already signed the same do bind them
selves in good faith 70 adhere consistently to the spirit o sag
Resorcd That under immediate pendeucy Of the matter
is the Of this meeting that no member OF TINS Association
who has subscribed said agreement can, without the violation
Of good faith and honorable dealing aud no member who has not
tract receive account coming from any other
member Of this Association by promise 20 allow interest on de-
pOsi either directly indirectly.
On motion Of J. Punnett, Cashier Of the Bank Of
America, the following resolution was unanimously
adopted: ,,c.
upon the banks who have not signed The agreement win
copy thereof and urgently and respectfully req!est thai Lty
will reconsider the question: and unite with the otheT oAn III
signing the
las Punn OF ihe Bank Of America Jas. Gastn of the Ma
onal Bank William +. Hayeme,er Of the Bank OF Noftn
Ar some discussion following the passage the above Mr.
P,n1ett proposed further resolution, VIZ; .,...
specie reserve OF the bank. OF this cry hs e
which should al all times be observed hy the banking nsu
Rgoe5 That Committee bank officer. be appointed
consider the OF each bank holding al times not es
than certain liked percentage OF CON 70 is liabilities ard to re-
port TO the adjourned meeting on the l5h INST , ,
The Char appointed That Committee A. r Imam OF me
Fulton Bank H. L. Jaques Of the MeHoP'ts- BANK ana
John A. Stevens Of the Bank OF Commerce. ,
adjourned 10 meet at the place On Mondsy The
18th inst at O'Clock p M J. H. ~ hldiI secretary
REPORT.
At a meeting of several bsnk officers, called to-
gcther a few weeks since 10 consult upon tie practice
which has generally prevailed among our city banks,
of allowing interest on deposits, the Undersigned We're
appointed COMMITTEE TO confer with al the banks OF
TIM city connected with the Clearing House, and In
Vite them to unite IN written agreement 10 dscon-
tlnue the practice
Tie Committee, in tue frst place, called the
attention Of every bank 10 the subject by
printed notice requesting their views as to the eXpe-
dercy Of aboshne the practice When large nnmntr ad e.
each bank FOX signature the following asre'mtltr w: c.
The banks in the city New YORK. composing the Clearing
House Association do hereby not 70 allow interest on de
po balances of kind either directly or rdTecty pro
this agreement This obligation may be snnucd only by avo
twohids Of the banks heeuntO subscibns az hee1hs
specially convened for that purpose III pursuance oi "'
And they further agree that they viii not hereafter vote oT
tie admission any bank % the New1ork Oeshs hGas no AZ
ocaion, until such bank shall have become I0'hu OS '"
Forty Of forty banks which form the Clearing House
Association, have signed this agreement III. =.
psnce certainly entities then united opinion 70 ne most n
sideIsie regard The Committee desire At iHij ,ne 10 t sSs
briefly of the which have saled tLe au o'heIs
They boy tbs, the custom Of allowing interest on curren,
deposits unouud il principle unatc in eTs'c' and that
operates uurouy both upon the banks themselves snd upon
the commercial community
Such deposits represent 'hs rr'on Of tie floating capital
tive Investment waiting TO b. employed by rs ownc a. Iru-
dence and opportunity shall dcis;s. e. -, ,;.in = -.
financial operations Of the country aud e 10 marx me bounds
actions Such deposits bear the same relation 70 the business Of
country banks that specie does 10 city banks and not k
g,imaey subject Of profit interest TO their in the
one case than in the othe They both couste from the
nature of the the Of capital on hand necessarily die
for the moment and therefore not egmstey the subject of d.
rect profits All ehor therefore, 70 derive interest from sasn
deposits ctusi6efed oveTaokug Of capital 20 its
pcrl and implies permission the part thS The
very which constitutes their ord ana safety ani which
they themselves have deemed prudent 10 Withhold om
nav plsced Jeopardy by others Ii s cesI also ha, II tle
pnncpe BE- correct Of deriving gret profits from TeeTve at
b. no reserve power whaeycI The whole tusacia yem
tie country would be- expanded 10 is utmost ., and be st
iccted mo entsIily 20 desiructon.
A, such de pos constitute credit and stability of
try ATge aye power for sudden connssrce thy
sloud be consideTcd an inNloabt tn et im al sk sid