New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-07-13


This arrangement is equivalent to the prepayment Of
interest by the State the Of $500 900 for five
years The return of the coupons amounting to $780,
OOO) BY the bankers to the State, is prepayment Of
interest by the State 10 the bankers Deducng loss
prepayment OF interest the loan nets the State about
80 cent? The highest price offered for the bonds in
New-York was go cents.
The Chicago Journal, under the head Of failures at
Joliet says:
"a large number of failures occurred at Joliet
day last week 1t appears that Number Of the prom
inent business Of the city had mutually obligated
themselves IN the sum of 600 TO defay the
building expenses Of the Universalst Church recently
erected there. One Of these men, Mr.. OsSood, Q
banker, who though regarded as wealthy. was unable
10 convert his funds and felt himself compelled TO
make temporary suspension. On this fact taking air.
the remaining guarantors feared that the whole re-
sponsibihty Of the church debt might be suddenly
pressed upon them under Judgment note, and fifteen
Of them assigned in one day.
Tie ST. Louis journals endeavoriDg to force the
Banks of that city and State into resumption Of specie
paymeut The Democrat Of Tuesday evening says:
% Our intimstion in this mornings Democrat, TINT
Exchange could be bought at 3 v cent PREMIUM
created quite q Juror in the city. All we said WAS
strictly true but the people Of course, were not pre-
pa cd for 40 near approach honesty by the banks
and hence the fltter. Exchange p0s cold Ia this city
on Saturday end Monday as low as y cent premium,
and although we did not quote 1t as the ruling rate
vet we say now that there more sold at that
iigure-not by the banks-from Friday Of la,t
week TO Monday evening last than al higher
rate The fact il, there is more Exchange In this
CITY than will be needed for the next four weeks,
ard the banks, IN state OF suspension, having 10
vested the specie that honestly belongs 10 their bill
holders in exchange, are speculaiing in their own
money at the expense Of the people. And, We are
sorry 10 say the people tolerate it, and private
Germs play secOndhddle TO the banks in perpetratng
49, Nc, ha ivstn Ianf
bine, and refuse to use Missouri money unless the
banks'reeume specie payment II would coon bring the
banks lust where they had ought to have been brought
long agoto specie basis or no business. Ii Is useless
TO wrangle over the mere nominal value Of exchange,
while the banks hold the reins of finance, and
snuely ensconced behind legazed suspension act, be-
cause the price OF exchange depends entirely
upon their caprice, and not on supply aud de-
uand, Hence we cay TO our readers, that while
we would not make quotation TO Inislead any
body vet a. matters now, depending on the honor
of tue banks we are liable to be deceived every day
but no worse deceived than the people are cheated
They are bound not 70 pay their notes aud ~ soon as
exchange was worked down to within the neighbor-
hood of reason, and Missouri money began to come
home to buy exchange, with no demand, the banks
send il up again just to price 10 SUIT themselves Bat
where Is the interest OF trade all this time And who
pave the piper for these wildcats to dancethe stump
tail liz byl Why the people, who have not inde-
pendence and courage enough 10 rise In their own man.
lness, aud break the ACQUIRED HpeI with which the
banks have bound tnCIn. Three mllllos OF dollars
year out Of the profits Of the trade Of this city, are paid
for the luxury Of having banks IA a convenience.
But then Injuries ere rather expensive"
The following letter Of the Secretary Of the Treas-
ury relative to the remission Of the fines and penalties
incurred by the Surveyors Of Cusoms in certain cases.
was addressed to the Chairman Of the COMMITTEES on
Commeice;
TRFAsUhY DEPARTMENT, July D, lS6i'
SIR have the honor TO suggest the propriety Of &c.
ditonal legislation providing for the compensation OF
the survey Of the customs Ut ports on tho hisis-
iip River and It's tributaries, upon the ground that
the ealsry Of $3.50 allowed by law is nearly ii
no the entire compensation they receive. by the
interruption Of commerce with foreign nations by the
way. OF the Mississippi they deprived to avery
extent OF the fees and commissions which,
under tAe laws, constitute the greater part Of their
compensation. They have been and still continue TO
be actively employed as the preventive force in carry
ing out my Instructions in reference TO tho intercourse
and trade with persons and places under nsu ection
ary control. The compensation recommended is at
rate based on the average annual amount these officers
have collected for the lest five year, and does not vary
essentially from it.
Owing 10 the forcibe exclusion of the officers of the
customs from the exercise of their official functions
under the laws of the United States in certain South
ern states masters Of vessels detained in their ports
could moi obtain on their departure legal clesraucss