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New York-being the shortest passage ever known. OFThe fall races in New York commenced yesterday. MERCHANTS BANK, PROVIDENCE.-The Cashier and Directors of this institution summoned before the Supreme Julast week, on in pursuance were dicial Bank Court, Commissioners, complaint of the authority vested in them for that purpose the to shew cause an should not issue against junction by Assembly, said why Courier, Bank. inWe copy from the Providence the and Herald the following statement of case. From the Providence Courier. The first ground of complaint was that the indebtedness of the Bank exceeded amount the of its capital stock paid in, contra- of the provision of the third section Banks " ry An to Act to regulate Process against and &c." The excess, if any, was small, the counsel for the complainants did not to lay great stress upon this point of of stating that as a had existed upon the 3d section aforesaid, it was it that a judicial appear desirable opinion of the the case, interpretation difference construction thought of should be had. The second and principal charge was, isthe Bank had extended itself by discre- the that of its bills beyond the bounds of Commissue contrary to the advice of the sioners, tion, and to a degree that endangered circulation the public, the amount of bills in other indebtedness, being to the specie to in the proportion of about on and an example being thus set, foland hand would eleven which. be one, this bank were not rebuked, lowed if by others, and render the resumption so deof specie payments, in every respect or sirable by the community, impossible, productive of the most ruinous consequences. From the Providence Herald. the time of the suspension of specie cirAt in May last, the bank had a of only about 10,000, Commisof 30,099. The culation payments, the amount should and specie keep to directed that the banks endeasioners themselves within proper limits, and resumpthemselves for the vor of specie payments. tion through all the worst or circulation the pressure, kept its part to the middle of July, never low as cordingly, down; to of prepare This bank heaviest exceed- ac$15,000, and some weeks as 9,000. ing and, one week, down to 15th of 10,000, visiting the bank on the to their August, But, on the Commissioners found, had inastonishment, that the issues while utter to $156,000 in four weeks; diminished. creased on hand had actually to that this amount was but is as stated in the over the It 109,000, specie true Journal; The excess reduced not means of redemption. on inby amount, was merely deposited of that and therefore continued a portion issues, as as Yet had still been in terest, its unredeemed bills circulation. much afterwards, though the the 25th Sept., five days $122, circulation on the had again increased to down though, on Wednesday, it was of anoth000; to $109,000, in consequence It will be again deposite of its bills, OR interest. actually uner this statement, that its named seen, redeemed by bills amounted, on the last day, to more than 165,000. only available means for the is imme- 829,diate The redemption of this circulation, bank had bills of 214 in specie.-True, to the amount the of S0,590,74; other due banks, from other banks, $98,214; one dollar makor in the $178,744. But not of specie of this is and even if the whole were, Bank owed to be paying and ing, Merchants' in all, banks; specie, bills other banks the so that, were balances Bank had $290,389; in specie, the Merchants' balances due paid half enough to pay the stands the not it, to other banks. Thus of the from then-the entire circulation the excase is based on paper credit, with and bank of less than 30,000 in specie ; ception circulation is also to be added balance 8126,to 155 that in deposites, and $111,645. the due other banks. While the commissioners frankly acknowledged that the Merchants' Bank discharge was, human probability, able to the in they contended under existing amount all its all liabilities right, circumstances, that bank had no itself to such an enormous basis to extend mere paper basis, and on that on a State with an irredeemable paper the Though they did not currency. any attempt at flood the with dangerous fraud charge they con- one, bank the precedent a lead all sidered if allowed, would probably it, and which, banks in the state to follow standard the other reduce the bank paper This to a is a true finally utter worthlessness. case. of though brief statement of the Providence Courier of yesterday, on the The the Decision of the Court columns contains above case. It occupies over two able expoin that paper. After giving an censureof the Bank Law, and mildly Directors of the Bank, devoted themselves to too sition ing the zealously for the heving with- promotion of the acquisitions of the bank. to out the public at large." it concludes fully considering their colerative duties with
