Click image to open full size in new tab
Article Text
MONEY MARKET. Monday, Sept. 19-6 P. M. The business at the stock board was very limited to-day. State bonds were generally better. Ohio 6's rose 1. Har lem fell t, Mohawk 1, Long Island 1. When Silas M. Stilwell weat out from here in the British Queen, for Europe, it was reported that he had despatches connected with the Treasury Department. In answer to this statement, the Madisonian of the 11th August contained the following:We are authorized to give an unqualified denial of the report so confidently stated in the foregoing paragraph. Mr. Stilwell bears no despatches, nor is entrusted with any business from the Treasury Department. Gentlemen now in this city, arrived in the Great Western, saw Mr. Stilwell in Amsterdam, and were present when he exhibited credentials from the department relative to the loan. It is no wonder that, all circumstances of discredit and repudiation considered, that the department was ashamed of acknowledging a connection with the author of the Bankrupt Law (and one of the first to accept its provisions. It appears, however, that utter ill success attends the mission. Mr. Robinson, one of the agents, is recreating at Baden-Baden, and the other is said to be looking after a more pleasing, if not a more profitable speculation. Some commotion was created in the New Orleans mo ney market, on the 10th inst., in consequence of a decision in the City Court, adverse to the legality of the ordinance of the Municipality on the 21st June last, imposing an import and export duty on produce and merchandise, in the form of a wharfage tax. The decision was by Thos. J. Cooley, senior Judge, as follows:Upon the whole, therefore, I am of opinion that the ordinance passed by the Municipality No. 2, on the 21st June, 1842, and approved on the 23d of the same month, is in violation of the Constitution of the United States, in so far as it imposes a duty or tax on exports from the limits of the said municipality. The object of the tax was to redeem the notes of the municipality in circulation, and which forms the chief circulation of the city of New Orleans. This decision, therefore, caused a panic in those notes, and they fell to twenty per cent discount, causing great loss to the public, and disturbance in the money market, by which business is retarded and prices unsettled. The constant fluctuation in those vile city shinplasters, has already cost the poorer class of citizens in New Orleans more money than the face of the whole issue, besides banishing coin and the bills of specie paying banks from circulation. Were it not for the abominable legislation on currency matters in Louisiana, the business of that section would rapidly improve. Specie is now flowing there from all quarters, particularly from this city. $30,000 in specie arrived there on the 10th inst. in the ship St Mary, hence, to the City Bank. Probably $500,000 have arrived there, from all quarters, since the discredit of the insolvent banks, and the stream will increase as the business of the new crop increases the cash basis. Yet the constant effort of the legislators seems to be to check trade and to perpetuate a depreciated paper currency. We recently called for a statement of the Bank of Ben. nington, Vermont. The Receivers have now made a report of the assets and liabilities of the institution, and lodged the same in the County Clerk's office. From the report of the receipts of the Bank of Bennington it appears that there is due to the Bank in debts, which they consider good, the sum of $23,674 97; in debts which they conside doubtful the sum of $111,563 79; and the debts which they consider bad the sum of $19,673 79, as will appear from the following statement:-
