The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-08-01
Financial and Commercial Items.

In aliuuln6 10 Tue eaSy Cohuitioh VA
the money market the New York 1ri-
bupe says theIe is yet no large demand
for currency from the West, but there
are indications of preparations by West
ern bankers for the crop movement.
This is now shown by the conversion of
stocks into money, which
is placed to the credit of Western banks.
The most experienced bank managers IN
New York are keeping their funds I'M
der immediate control, and care less for
interest than for security. AT present
the stock exchange has the exclusive
use of the capital, which, at an early
Iay. will be required by market crops,
and all looks fair. This pleasant pros
meet is liable to sudden reversal, and
this fact should not be forgotten by the
crowds which throng the exchange ca
ger for profits, and willing to take dcs-
perate risks, but unable to respond to
very moderate losses. The high price
of new wheat is bringing it to market
sooner than usual. Farmers are thresh-
ing in the field, and hurrying their
grain along, and the Western money
markets already feel the ,premonitory
symptoms of an increased demand for
money. e. e.. T. - 2,
The New York Herald thus alludes to
a difference in the principle upon which
the Treasury Department acts towards
two classes of creditors
There is a common saying that it is 4
poor rule which does not work both
WAYS; and in this connection we may
mention that on the 9th of April last
the Secretary of the Treasury gave
notice that the Government could not
protect, and would not undertake to
Or. tect, the owners of stolen bonds and
notes against the consequences OF their
fault or misfortune, and that thereafter
all bonds, notes and coupons payable to
bearer, and Treasury notes issued and
remaining in blank, would be paid to
the parties presenting them, regardless
of caveats filled TO prevent the payment.
On the 18th of the present month the
Secretary issued notice To the holders
of The coupon bonds of the State of Mis-
souri,, which were abstracted from the
Department of the Interior in 1860, to
the effect that the Department was pre-
pared TO receive evidence from said
holders in relation to their title to the
bonds. These securities were taken by
Secretary Floyd and sold in the New
York market long before the fraud was
detected. The holders of the discredited
bonds, who bought them in good faith,
feel aggrieved, and can see no consist
ency in theIrreasury refusing to recOg-
nize the fact of bonds having been
stolen in one case #hilc itdoes 50 in the
other.
BANK FAILURES, DEFALCATIONs AND
FoRGERIRs.- the last few days
the Geographic dispatches have men
toned briefly the failure of the National
Bank ut Unadilla, New York, and de-
falcations of officers connected with two
other similar institutions at the North.
The liabilities of the bank at Unadilla
are reported at 100000. twas origin
ally chartered about twelve years ago,
under the old Safety Fund law OF that
State, and about two years since it took
its national character, with capital of
$500 and power to increase 1t to
$3.50, 900. \ letter to the New York
Herald. dated Troy, July 9th, gives the
following additional particulars:
1t appears, upon trustworthy intor-
nation, that the management of the
Unadilla National Bank has been OF an
exceedingly reckless character. The
managers of the bank own large ma
iorty of the stock, and il is understood
that they have lost it in cXtravagant
mining and produce speculatiOnS. In
doing this they not only used up the
capital of the bank, but have also taken
the special deposits II very heavy rate
of interest, from all the old farmers and
other coniiding people in the neighhnr-
hood. On these special deposits they
have paid seven per cent. interest, while
the usual interest upon such deposits
RANGES not To exceed five per cent, anu
oftcntimcs as low as four per cent.
| also learn that many of the mer-
chants in and around that eighbOrhOOd
have been sending certificates of dcpOS-
it on this bank to pay their debts III
New York, which having been returned
to the bank for New York funds. have
remained in the hands of the Undilla
Bank unpaid. 1t is probable that the
holders of these certificates will be COM
PEELED to await the action of the recciv-
or, to be appointed, before they can as
certain what proportion of the assets
they will receive as dividends.
For some time the authorities of this
bank have struggled to get back under
the old State system, to the end that
they might administer their affairs
much more economically and with less
popular suspicion. OF course the inmo-
cent people of all that section of the
country are i'll the highest state of alarm
and indignation at the reckless acts of
the bank officers.
Corresponding banks throughout the
country, which have sent the Unadilla
items for collection, have in no instance
received Il response for some time past.
Hence it has been found necessary to
send special agentsto Unadilla to ascer-
tain the true status of affairs. 1t APP
pears that the government examining
agent, SOME time since, paid the bank
an official visit to ascertain their stand
ing, and to learn if they were comply
ing with the national banking law. 1t
is understood that the bank was then
very deficient in the number of legal
tenders, which the law required them
to have on hand. This shows full well
that the law can be violated ut any
time by the Lational bank officers.
In the case of this failure, as in many
other similar instances, it has been as
certained that the legal tender securi-
ties to be kept in the bank for the ben
eft and safety of depositors, has always
been found missing when the receivers
are appointed. The assets of the bank
arc very light, compared with the liza
bilities.
THE DEFCNCT NATIONAL BANk