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MONEY MARKET. Sunday, Oct 27-6, P.M. The stock market continues its downward tendency. universal At the board yesterday morning, sales were small, and at a which decline, with the exception of the Uni ed States Bank, Trust closed at about the same as or Friday. North American and Banking receded per cent; Kentucky and Harlem 1 Life per cent each; American Exchange Bank per cent; Ohio made and Trust 1 Ler cent. Sales of Corporation boads were at a decline of 3 per cent. Money was exceedingly uncurrent scarce, and most exorbitant rates have been paid for it. In take much confusion prevails. Many of the brokers exorbimoney advantage of the necessities of applicants, and charged all the tant rates. There are some, however, who purchase in the safety fund and red back money, which is not redeemed city, at 4 to 5 per cent discount. At Boston the money market is represented as no better; steady demand for specie is aid to exist on New York account; $20,000 was drawn for this city on Friday; checks were scarce states and sold at 1 premium. A Fayettville (N. c.) paper Carolina that in consequence of the suspension of the South that banks, their bills are no longer received by the banks at place; but are at a considerable discount. A western effected paper states that the fund commissioners of Illinois, have loan loan of $300,000 in this city, which sum, with a previous the con. of $250,000, will be nearly enough to pay arrearages to tractors. The movement of the jobbers and speculators in this city, aided by the emissaries of the insolvent banks of Philadelphia, susso produce an excitement and frighten our bauks into The a pension, has met with a signal and total failure. in proceedings of the meeting held last night will be found ano- has ther column. The firm tone of the answer of the banks put at rest all hopes, on the part of the speculators, that banks they be forced into a suspension. The answer of the was in can substance this We have conducted our business prudently-are able to pay our deb's, and shall do so at all ha. zards. After that paramount duty is performed, we will see what can be done for the insolvents." In the same strong position stand all the regular merchants of New York, not one of whom recognises the right of the jobbers to ask the banks to jeopardise the welfare of the whole community to sustain bankrupts. The banks, aware that the chief difficulties under which mercaatile men in this city have labored during the past two years, have arisen mainly from the pernicious influence which the system of jobbing and auctioneers' post notes has exercised upon the trade of the country, nave determined to bring it to an end. The regular importing and shipping merchants do not experience that severity of pressure discomplained of by jobbers; and the banks in increasing their counts will favour that paper which is based on actual trans- for action, and is drawn by men ou whom they can depend prompt payment. Under the post note system, 50 miserably deficient have the jobbers become in punctuality, that no note can be depended upon for P yment, but they elamour for renewal as right. No banking system can exist where dealers are lax in their payments. This malady has reached a height which admits of no panacea, no remedy. The banks were ne ver in a more sound condition, and when free of some of their needy customers, they will be in a much more useful position to affo d assistance to regular business men. The United States Back which has been the primary cause of all these evils is down, and has used gigantic efforts to carry with her in her fall the whole commercial and banking interests in the country. The utter rottenness of that concern, her be estimated from the facts attending the dishenor of had may by Hottinguer of Paris. It appears that the bank notes drawn on open credits twice, and had twice covered them with available securities. The last time her bills were running very heavy on Paris, and to meet them she made loan to the Mismisrippi Unio Bank for $5,000,000 of their stock which was paid for one half in Union Bank post notes, and the other half in United States Bank post notes. This stock was remitted to Hettinguer, to cover the exchange drawn upon them, and on the receipt of which the bills were immediately protested. The result is an utter and total explosion of the whole bolstering system throughout the Union. In all parts of the country those banks and dealers who have depended upon post notes and renewals, will go down with the banks, while the other hand, in all quarters we perceive some institutions on and classes of dealers, who have conducted their affairs with some reference to the signs of the times, stand firm while the them. Such banks will be, no doubt, temporarily cramped, but the abundant crops are already in motion, and will soon afford a medium of exchange which will regenebusiness. From the west me learn that most of the Ohio banks rate maintain specie payments, with the following excep. tions :Dayton Bank. Wooster Banks, Urbana The crops of wheat and pork in Ohio are very large, and the sound banks will be enabled to expand upon it by pursuing the policy of discounting OR actual transactions, and refusing to lock up their means, by renewing the paper of those who cannot meet their engagements. The same appearance of things 16 manifest at the south, as far as heard from. In South Carolina none of the banks banks. have suspended with the exception of a few of the Charleston In Georgia the Savannah banks stand firm,and also those of Augusta, with the exception of the Bank of Augusta and the Au. Co. gusta Banking and Insurance Company. The banks of Jumbus have suspended. Statement of the BANK OF THE STATE OF GEORGIA on the 7th inst., as compared with its condition on the 1st of October, 1838: Decrease. Oct. 1838 Oct. 1839. 010792 9 060 936 342.753
