The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-08-02
FINANCE AND TRADE,
co,,me,ciol and Financial.

The following list embraces some vi
the suspensions and failures of National
Banks since January, 1865:
March 1.-The National Bank Of New
ton, Mass, failed with liabilities amount
ing to SllO,OC0.
March 1.-The National Bank of Hud-
son, n. Y, discovered an embczzlement
bv the cashier TO the amount OF S5O,OOO.
The concern revived after several weeks
suspension, and resumed business.
March 4.-First National Bank of Me-
dina, Mo. failed with liabilities of
S-2,UuI.
March 4.-The Mechanics National
Bank OF Baltimore, broke down from
the effects of IL series of defalcations,
carried on for long time by two officers
of the institution.
July :j.-The WeedspOrt (Cayuga
County, National Bank closed doors, its
liabilities being Sl25,OUO.
July 2ri.-The National Bank of Una
dilla, Otsego County, failed, It's liabil-
tiles being Sl23.OO0.
July 27.-The Pequonnock National
Bank of Bridgeport, Conn, suspended
business and offered reward of $500
for the fugitive cashier, w. Hamilton
Barnum, who abScondrd with S5O,OOO.
The New York journal Of Commerce
says: The possibility of domes ic
troubles during the elections soon to
occur, has deferred many operators from
commencing fresh engagements, andis
having material effect upon the de-
mand for goods to distribute through
the West. After the election, if politi-
cal affairs are more settled, we may
hone for some revival of business. The
wheat and rye harvested, and the corn
not vet matnred, alike rejoice in the
dryer atmosphere beneath the sunny
sky. Even potatoes have been small
and hard, owing to the great prevalence
of wet weather. \ few such summers
SIMS will work wonders for all tho
crops, and good crops are as essential to
financial and commercial prosperity as
good government.
The Milwaukee journal Of Commerce,
in late article upon the legal tender
question, said:
We do not know that the constitu-
tionality of the legal tender act, as it is
called. will ever he brought fairly and
squarcly before tire Supreme Court. We
have no wish TO see it done ut present.
so as to mSettle all the relations of
debtors and creditors as now adjusted to
the paper currency: but, for the sake of
its Importance rs precedent, we do
hop. tha; ut some time. perhaps after
specie payments have oeen resumed, it
will be brought before that august
tribunal for its solemn decision. We
believe that if this is done after popular
passion has subsidized, the Court will
pronounce verdict against the act, and
that this will give general satisfaction
to tbs people. We have never insisted
that Congress cannot order money to
be coined OF stamped of paper, leather,
or any other substance of its choice,
and declare the same legal tender.
Webster always insisted that under the
Constitution nothing could be made a
legal tender for debt but coins of gold
or silver, but we waive that question
now. The point we established, and
which has never been ;lSSailed by either
, reason or argument, is that the present
paper issues Were not stamped or coined
as money; are merely promises To pay
money: and therefore show upon their
face their want of conformity 10 the
constitutional requirement. When this
is fairly considered by the Supreme
Court, free from the pressure of iinan-
cial excitement, We have little doubt in
regard to the decision.
The following extract is from tho
money article of the .igc of Wednesday !:
The demand for money from speculative
borrowers continues moderately active,
but there is comparative little inquiry
for purposes OF legitimate business.
Call loans are made on stock culla;crals
at la5 per cent, and there are excep-
tional transactions in large sums upon
government securities at 3 per cent.
The best commercial paper i readily
placed at Oa. per cent. per anuum dis
count. The dry goods market during
the past week, although by no means
active. has shown n material improve
ment from the previous dullness and un-
settled feeling. Considerable prepare
ton is being made for an early open
ing of business. The extremely low
point Is which prices have been forced
has brought in u number of buyers, who
intend holding for an advance. Trade
has been stimulated by orders from the
interior to supply demands for con-
sumption. Prices are still unchanged,
ruling very low, but an early improve
ment is confidently looked forward tn
10y many.
The statement of our Philadelphia
banks tor the present week clearly indi
Gates the dullness in business prevalent
AZ this season. All the leading items,
except legal tenders, are lower than in.
the preceding report. Loans fell off
$50 ,O9l; specie, Ss,626: deposits $3.50, 769,
and circulation $500. Legal tenders