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# MONEY MARKET. Wednesday, Aug. 26-6 Р. М. The stock market was heavy to-day, and prices again declined. U. S. Bank 1 per cent, Delaware and Hudson 1 per cent, Harlem per cent, Stonington 1 per cent, North American Trust and Banking Co. per cent. Saies of Indiana fives were made at 714. In bills on Philadelphia the rate is 31 a 3) discount; Baltimore, 2 a 24 discount. The state of the money market continues about the same; that is, that good business paper is readily taken by the banks at 6 per cent, and the mass of other paper float-sing upon the market is scarcely negotiable at any rate. The market is full of paper of all grades and characters, on which it is very difficult to obtain money. There are obligations of some banking associations due in November next, which are offered at 7 per cent per month without finding buyers. Individual paper of a certain description ranges from 2 to 6 per cent a month. At the same time choice business paper will readily command money at per cent per month. This destinction in the market price of paper is the best illustration of the state of business. The cry of hard times and scarcity of money comes only from the old speculative firms in whom capitalists have no confidence. They are the persons who in former years did a large, showy and speculative business with the south and southwest at long credits. Their staff is now broken, and they may in vain look for a restoration in a change of times. While this is the case on one hand, we find on the other a steady, quiet, and healthy business doing on a cash plan. The order of things is changed. Commission houses, instead of coming under large acceptances for produce and domestic manufactures, do so no longer. They now seil their goods before they pay for them. The consequence is, that there is little or no demand for money from commis-sion houses, and when business paper is created, it is for actual transactions only. This is a most healthy state of things, and this system of business is rapidly extending itself. On the other hand, the exigencies of the specula-tors and the southern suspended banks are daily increas-ing. The line of separation between the old speculators and the new class of business men is daily widening, and a crisis must soon be the result. The Southern Life and Trust Co. have called on their stockholders for a loan of $200,000, to enable them to meet their liabilities. The bonds of this company to a large amount were protested in April last and renewed, and we believe are now again un-der protest. The paid in capital of the company is $520,000, and has a loan of the Territorial Bonds for $400,000. Its paper is selling for 50 cents on the dollar, at which rate there is some demand from the debtors to the bank. The Commercial Bank of Natchez has, for similar reasons, ap-plied to its stockholders in this city for a loan of $150,000. We recently called the attention of the public to the post note concern, calling itself the "Globe Bank," and men-tioned that it was composed of three individuals, one of whom is Asa Phillips. This individual hails from Fulton, New York, and figured largely in 1833, as one of the ac-tive agents in the Roxbury Bank affair of Massachusetts, which was closed for fraudulent practices. When this bank was examined by the commissioners, its whole re-sources were found to consist of the notes of the following individuals:- Asa Phillips, of Fulton, New York, $20,582 John B. Vail, of 32,136 Achilles V. Hammond, of Bangor, 29,000 John Phillips, 10,000 Rhoades Cale, New York, 10,000 Amos Quimby, 5,000 John L. Clendennin, 5,000 Total resources, $111,718 On the 31st March, 1938, this bank had in circulation $9,246. The charter was repealed April 24, 1839, at which time the circulation was $78,000. It appeared that Ass Phillips and his associates came into possession while the investigation was going on before the committee of the Legislature, and under their direction, and before the char-ter was repealed, a lapse of a few weeks only, blank bills were procured and executed to the amount of $63,000, which were put into the hands of John B. Vail and Asa Phillips, as agents, to exchange them for the bills of other banks, which was done. The report of the committee closes as follows:- "Asa Phillips stated that he had $15,000 then in his pos-session, which had never been put in circulation. He also stated that he was then in this neighborhood to make arrangements for closing the concerns of the bank with as little delay as possible. But though, as he alleged such was the sole object of his journey, he had quite forgotten to bring the bank bills above spoken of with him. The present circulation may be about $50,000. That the bills will ever be redeemed, is more than can reasonably be expected; but it is to be hoped that the further progress of the fraud has been successfully arrested." This speculative genius is the prime mover of the "Globe Bank." His operations are the offspring of the modern banking system, the whole end and tim of which is to live without work, at the expense of the industrious classes. It will be recollected, that a few weeks since, the State loans to the amount of $1,500,000 was taken by the Wall street clique, at something less than the market rates. Proposals for precisely similar amouats have been adver-tised by the Commissioners, to be received up to the 10th of October next, as follows:- For the enlargement of the Erie Canal $1,000,000 construction Genesee Canal 250,000 Black river Canal 250,000 $1,500,000 This is to be a 5 per cent stock, interest payable in this city. It will probably be taken, like all the others, by the clique for whose especial benefit the Erie canal is to be enlarged, and the Eria Railroad constructed. The interested policy of this knot of persons is strongly illustrated in that course of conduct, which gave rise to the recent correspondence between G. Griswold, Esq., and Mr. James G. King. The question at issue, in this corres-pondence, seems to be the allegation, on one side, that the house of Prime, Ward, & King had been, in times past, saved from insolvency by timely loans from the United States Bank. A recurrence to past events will establish in the minds of every one, the literal truth of this alle-ation. The pressure which resulted in the revulsion of 1837, began in the fall of 1836, and evinced itself in the scarcity and rise of foreign exchange. At that time, th
