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N E V VE A R K Monday, Sept. 9-6 P.M. The anxicty for the arrival of the Great West rn is momentarily on the increase, and, therefore, but little business is done. At the Stock Exchange, the transactions were light, at prices which evince no material change from those of Saturday Delaware & Hudson improved 1 per cent Harlem, 1 per cent A Florida paper contains a letter from Col. Gamble, of the Union Bank, explanatory of the non-resumption policy of that institution. It appears that the community is indebted to the bank in the sum of $3,500,000, while the circulation of the bank is only $286,000. Col. Gamble therefore states, that if, on the receipt of the new crop, the debtors of the bank will pay 10 per cent only of their indebtedness, the bank will resume; at the same time he intimates that another suspension will grow out of the premature resumption of the southern banks generally. The bills of the Darien Bank and branches, are not received at the Central Bank of Georgia We have ascertained to day, from authentic sources, that cer tain of the banks, under the gener.l banking law, about is suing post notes, at six, nine, and twelve months, of the denomi, nation of 50's, 100's, and 200's. The New York Banking Com pany, of which J. Delafield, Esq. is President, have already in the hands of the engravers a quantity which will be ready for issue in few days. This is a new and important movement, and one that grows out of the exigencies of the times. The banks, with the exception of the Manhattan, are not allowed to issue post notes. The new banks claim the right from the fact that the general law does not debar the associations formed under it from issuing descriptions of money other than that which is furnished by the comptroller. The following is the clause having reference. to the matter 621. Contracts made by any such association, and all notes and bills by them issued and put in circulation as mo ey, shall be signed by the president or vice president and cashier the of and all suits, actions and proceedings brought or prosecut. ed by or on behalf of such association, may be brought or prosecuted in the name of the president thereof and no such suit, action or proceeding shall abate by reason of the death, resignation, or removal from office of such president, but may be continued and prosecated according to such rules as the courts of law or equit y may direct, in the name of his successor in office, who shall exercise the powers, enjoy the rights, and discharge the duties of his prodecessor. The post note system was wrong from the beginning. It has been carried to great extent in the South in order to sustain the institutions of that section in apremature resumption, and to evade present settlement in order to afford a basis for speculations. "hose operations have turned out disastrously, forc. ing upen the Philadelphia banks, which favored the southern policy, a continuance of the system, and to such an extent has it been carried recently, that the specie in the vaults of the N.Y. banks is in danger of being entirely drawn out. The more so, that most of those having the direction of the banks, have sought only to invest their issues at usurious rates, leaving entirely out of view the great mercantile interest of the city. They have endeavored to keep the line of discount as la w as possible, in order to avoid danger from any unfavorable turn of foreign exchanges. While this prudential course was rendered necessary by the state of affairs in England, the banks have not been willing to forego their usual profits, but have, with a mistaken po. licy, sought each to make its own dividend as large as possible. To do this, the high rate of discount at which the southern post notes, certificates, bank stock and other securities have been offered have tempted them into a support of that very southern policy which they were the first to discountenance, by taking the lead in resumption. That measure was correct and proper; but it should have been followed up by au undeviating ad. h rence, at all hazards, to the interest of the merchant of this city. Grasping cupidity, want of tact and a wavering policy have, however, placed them at the merey of Philadelphia manage ment, and they are now in danger of being put " hers du com. bat." The situation of the merchants, meanwhile, has not been benefited by their resumption-their outstanding paper has been indeed curtailed-they have therefore not been forced upon the banks for assistance, but not being willing, in order to embark in new business, to pay the exorbitant rates for momey which has been obtained by the banks from southern ap. plicants, they have been obliged to remain quiet To this cause may is a measure be ascribed the low state of foreign exchange. la Philadelphia the post notes have been of material assistance to the dry goods dealers, but few of whom have failed. In the grocery line, how ever, we understand there have been r seven failures. one to the amount of $700,000. These are said to have grown entirely out of stock speculations The hope of aturn in the market caused many to purchase at low prices. The continued fall has crushed them, showing that much of the distress arises from speculation. In this state of affairs Mr. Delaheld has with some tact, decided upon an issue of post notes as above described; this will afford a currency which will be very servicable to the merchants. an give them the mean. of meeting the fall trade more easily. At the same time it will be of great benefit to the Bank, even which Mr. Delafield presides, by rendering it very popular with the trading classes who are well conversant with Mr. Delafield's ability for financial management in asituation where he has more square feet to ct 2" han he had at the Phenix Bank. The old banks are becoming daily more unpopular much excitement was created to day by the refusal of the State Banks any longer to redeem the bills of the Buffalo City Bank, and those of the Commerial Bank of that city. The reason alleged was the great quantity received in this city to day. Last week we mentioned that the Buffalo City Bank bills were refused, and subsequently again taken; this vacillating course on the part the State bank,merits the severest condemnation;even since May last. the trading community had been kept in a state of anxiety with regard to the redemption of country bills, and the arbitrary manuer in which they are subject to be refused at a moment's notice, is calculated to destroy all confidence in the arrangement, and nullify its effects. At the termination of the last yearly arrangement, the redemption ceased, and after a delay of some weeks a new ar rangement was effected on better terms for the redeeming banks. At the same time an arragement mad. by the banks under the new law. was entered into, to have their bills redeem. ed at the N. American T. and Banking Company in this city; this was never carried into effect by reason of the inability of the country banks to comply with the terms. On the 4th instant it appears a Convention of the Safety Fund banks was held at Auburn, consisting of delegates from 38 banks, as fol lows : David Wood, Canal Bank, Albany. A.D. Patchin, New York State Bank WatterSherman. Albany City Bank. John Paine, Bank of Troy. Gurdon Corning, Farmers' Bank, Troy. C.S. Douglass, rohants' & Mechs' Bank, Trey. J.H. Douglas Saratoga County Bank. W. B. Walton, Mohawk Bank. Thom Palmer, Schenectady Bank. A.G. Story, Herkimer County Bank. W.M Conkey, Chenango Bank W. Lathrop, Madison County Bank. W.I Welles, Bank of Utica. B.B Lansing, Oneida Bank. John Wood. Bank of Rome. Wm B. Welles, Lewis County Bank. O. V. Brainard, Jefferson County Bank. James Averill, Ogdensburg Bank. Edmund Knower, Bank of Oswego Samuel Hawley, Comm cial Bank of Oswege. M. W. Benneti, Bank of Salina. Hamilton White, Onondage County Bank. G.F. Leech, Bank of Auburn. Gen. B. Throop, Cayuga County Bank
