The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-03

tantamount to pr, hikition The cheapest, or ra-
Their the only way # sending specie out of the co ~
try, " through tn ost Office travellers being forbid
den by law to take with them, either In their
trunks or about thu ir persons than Is required TO-
the journey; all ~ ms exceeding such amount must
be made up in parcels and delivered over to the Post
Office authorities, whose charges are moderate
enough, and who give you their receipt, which serves
rs guarantee in case of loss. You at liberty,
indeed to send specie by your own or hired convey
ance, but this would make the operation 80 expen-
sive and unsafe as to defeat speculation In conse-
quence Of the great demand for silver considerable
sums had been despatched lately to Hamburg
through the Post Office, and this, as we'll as the
bank, being government establishments, the latter
was informed who the exporters were and the Of
Tending parties received hint that if they wished
to have their bills discounted they must discontinue
sending specie out Of the country. The bank dis.
counts bills more freely from such manufacturing
establishments as occupy large number OF
hands government being excessively anxious to
prevent tmemes among the working classes oc-
casioned by their being thrown out OF employ.
almost the largest in this city. who applied at
the bank for discount to the amount of about
5000 thalers. The bank directors having de-
clined the request, observing that they had al
ready discounted sufficiently to fill up the limits al
lowed to each house, the applicant rejoned;-"If
you won't must discharge 800 hands Tomorrow"
This threat had the desired effect, and the bills pre-
sented were taken without any further difficulty.
Another and more important step resOrted to by
government is the temporary abrogatiOn of the
u ury laws which is in fact necessary corolary of
the measure empowering the bank to make loans on
goods. Heretofore only q per cent per annum was
allowed to be charged for money lent security,
and per cent on notes of hand: anything above
this legal interest being called usury and severely
punished by fine and imprisonment. Thus capital
lists were prevented from taking advantage of the
change that has occurred in all monetary transac-
tons, and borrowers were unable to obtain money
though provided with good security and willing to
pay high interest The suspension of these laws,
therefore, considered so urgent that it was en-
acted by Ministers on their responsibility without
waiting for the consent of the Legislature, which
does not meet until January This measure has
given great satisfaction change, it being hoped
that il will induce moneyed men to come out with
their boards. which they have now an opportunity
of investing on lucrative terms and that it will put
stop TO the forced sales of public lands and rail
way shares, occasoned by the impossibility of OBJ
tanning loans on them. proposal made to the
Corporation of Merchants to form q mutual credit
association the plan of that recently established in
Hamburg, has been pegatved only two members
NM. Bandonin and Liebemann-voting in its favor. |
understand, however, the project il not abandoned,
but has been taken mp NJ Gelpeke and several other
influential brokers and merchants. At Stettin, in
spite OF the obstacles placed in their way by the
narrow minded laws OF this country relative to
socatons of every kind. similar proposal met with
such success that the sum of 100000 thaiers, re-
durcd to commence operations, was subscribed on
the spot. In fact here well as in other parts, it
is not so much want OF capital want of conf
dence that has brought about this calamity. If
fdence is once restored the pressure will cease of
itself