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294,618 Speaie, $4,982.45 This is melancholy picture for an institution that short time since was one of the best in Philadelphia In the relation to the State deposites the report has the following The efforts made by this Bank to prepare for the pay. ment the interest and to sustain itself under the most pressure hich came upon it, will be seen'from the following ements The amount of interest to be paid on the first of Februry was $864,410 64; and the premium on currency for specie. The Treasurer of the State had caused to be placed to credit of the in this Bank. the first 1841, and the 31st January 1842, sum about different received This at times, in different partly in checks on various its Banks and this on and Harris in neigh place burg and Easton. the principal part of which was paid and checks on the Girard Bank. large these received. amount were notes six hunbeing dred thousand upwards, that thought expedient out to depositors and others freely possible, order diminish the amount. The deposites of the been of all treated special character, and other general deposites have been. By this the circulation and deposites of this Bank were greatly reduced. The Bank being then undoubted in fully expected that its own notes, then as they been, ceived in the until and the the Bank twenty January, tne doubt the payment of the It their belief, that if that pressure, previous preparation could difto resist, had not taken place, no ficulty would existed in making that payment. it show the character and extent of this pressure is stated. on the three consecutive days, the 27th, of January, the Bank paid of its Deposites, $406,9S6 And of its notes 60,692 $466,778 Over and above its receipts, The following is an extract from the message of Go vernor Porter of Pennsylvania, in relation to the State interest Late on the evening of the 1st February a successf arrangement by which have reason to be. lieve the payment the interest due now been com menced be completed as soon as the funds can for the purpose. This arrangement consists in application of the available funds of the Bank of Pennsyl Ivania, $116,000 Foreign Bills of Exchange, of the value of Specie, 234 000 150,000 receivable and soon available, And the proceeds requisition made upon the other banks, which will be to pay the balance fthe interest due, the whole of which will assuredly met in the course or three weeks. The State himself assistants. will the Treasurer make by pay ments of interest at the bank, or at the Treasury Letters from Cincinnati describe that city in state of the highest excitement in relation to banking affairs on the instant- heavy run was kept up on the Urbana Bank. The known rottencess of all the banks, added to the approaching day fixed for resumption, March 4th, renders the populace anxious to get rid of as much bank paper possible. a The Bank of Montreal has given assurance by formal vote, that it is responsible for the issues of the Bank of the People. me In the State Assembly Mr. Townsend presented morial of the New York Banks, charging the Bank Com. missioners with mal conduct, in permitting the Safety Fund to be wasted, and demanding Legislative investigation. This is a most admirable movement. The Commissioners are appointed to protect the public from the misconduct ef the banks, and to keep a watch over the banks, to close them up when they are going wrong, before their capitals are sunk, in order to prevent loss to the safety-fund, and thereby inflicting loss upon the well managed banks: Instead of performing this duty, however, they have not only allowed bank after bank to explode, after sinking their whole capitals, but also the whole Safety Fund, and leaving an unprovided for balance of $400,000,!for which the sound banks are to be taxed for years to come. At the same.moment Mr. Chandler Starr took it upon himself to publish a card censuring this paper for cautioning the public against those banks, which he should, in the discharge of his duty have previously wound up. This is an important matter and well worthy the scrutiny of the Legislature. It will be remembered. that on the first of January, the interest of the State of Arkansas on its debt was not paid The interest is ayable by the Real Estate Bank, and the State Bank .in whose behalf the bonds were issued. The Real Estate Bank, sent forward to meet its share of the interest, some of its assets maturing in this city in May and June. These were to have been discounted by the Phonix bank where the interest is payable,bnt owing to the pressure in the market,that institution was unable do so, and the interest remained unpaid. The State Bank having some difficulty in raising money did notremit until the time had gone by. Within a few days, how ever specie has arrived to meet part of the interest. of the bonds issued to the Real Estate Bank of Arkansa $500,000 were, will be remembered, pothecated by the commissioners, Messrs. Harris and Briscoe, to the North American Trust and Banking Company of this city and by them sold to Mesars. Holford, Brancker & Co Subsequently, in consequence of the failure of the North American Trust & Banking Company on its part of the contract, Messrs. Harris & Briscoe declared t contract void, and the question of repudiation has been raised in Arkansas. One party contends, that although the Real Estate Bank pledged the bonds in violation of the law, that Messrs. Holford, Brancker & Co. are theinnocent purchasers, and the State is bound to pay the bonds according to their face. The following is an extract from the Little Rock Times & Advocate on the subject Repullation, representative in Congress, Judge Cross, the honest and just any party where, except cases of fraud and manifest violation of law and moral right. We agree with him, and contend that there violation either moral right" in the purchase of the bonds by the North American Trust Company of of flaw and moral right' is the part Estate Bank in the bonds con of meral violation towards right' security on the and bound bank does might the se note refuse individual pay that curity note, had been fourth of face, the refuse bonds because the banksold them for their thon less The following,is a letter.from GovernorY ell of Arkan. sas gentleman in this city in relation to the para graph here quoted: Rock Jan. 19. 1942 This from the organ of one of the political parties in the state, (whig). They may up bond and anti-bond Jatter answer the your to my of party 10th November last. and shall have respectreply soon. The world seems topsey turvey YEL A. Yours, The question of paying or not paying, with the western States, is not one of will, but of ability; which ability may be tested very nearly by a comparison of the resources of each state with the State of New York, which state finds it almost impossible to raise money to meet its liabilities. We recently gave the report of the committee of ways and means of the State of Indiana, in which they avow their inability to meet the demands upon the state. From the resent returns of the census statistics of the United States, we come at the actual resources of each state. In estimating the value of the products we must take into consideration that the grains and other produce of the west, are of much less money value to the producers who have to pay the taxes. than to those of the Atlantic states. For instance, the price of wheat in New York is 1 25; at the west it varies from
