{"newspaper_name": "The daily union.", "edition": "01", "page": "p3", "byline": ""}
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Commercial Bank, Macon Osogis June !, ls4o.


Ii will be seen that the nine banks ihis list have
bills IN circulation which can only be passed at
from % TO IS per cent under par. Who are the
sufferers by these broken banks The bill holders,
| of course. And who the bill holders Why,
| the farmers-the laborers of the country-who have
sold the products Of their industry for rags loaned
to and put IN circulation by speeulators, most
monty the favoriles Of short winded banking incor-
poratons.


A bank in the interior (the Lockpor) gives public
notice that 1t will redeem its notes In New York at
per cent discount.


How many Of the banks that fail at 25 so, or 80
cents the dollar, afterwards in a manner
recover themselves by buying up their own bills,
through the agency Of brokers, cannot be known.
One thing is certain, men in corporate capacity
| may sometimes do things which would consign a
private individual to the walls Of State prison.
The firm establishment Of a constitutional treasu-
ry will go far to counteract the irregular and runous
| conduct OF banks. The usual plan adopted by a
merchant in the western States, or in western New
York, to obtain paper money with which to specu-
late in -four grain, Is this. He may not be worth
a farthlng; but If he has strong friends, perhaps
partner, relative in the hoard of directors of some
| bank in the interior, he makes a note, with some
sort Of on endorser, which the bank considered
sound, endorses as good, or discounts. A frequent
practice to simply endorse it, and then it is trans
mitted to this city, where advances are wanted on
| consignments Of -four and grain. The commission





country bank, offers II TO of the city banks with
| his own name, it may be, superadded. The coun-
try speculator gets his advance; and If -four goes up
| he and his bank friends make money; ifit goes down
they lose, if not Dreak altogether The bills of the
country bank put aaoat in payment to farmers for
their labor, of course depreciate in value till il is
found they have been cheated out Of their labor,
while the Spectators who had nothing TO lose are
| no worse off than when they commenced operations.
Now, ifthe banks in the cities did not hold govern
ment deposites to such extent they could not,
| the same extent, have favored such movements of
spectators and banks in the interior. All the banks
except that of Macon, Georgia, have probably
fallen through, mainly by speculations in bread
| stuffs.


Banks well and honestly managed in large cities
may do good by facilitating commercial transactions;
but in their general tendency they are demoraizng
| in their effects. How many have lost character,
wealth, ,frends-indeed, everything valuable in life
by the temptations held out by banks to those who
expected by their aid or money to become suddenly
rich? All can call to mind many painful instances
| Of the kind


| The Quebec insurance companies have determined
not to insure any building in which camphne is
used. This is closing the door after the steed is
. .olen.


The board of education met last night. The APP
preparation proposed by the committee for the pres
ent year for the endowment and support of city free
schools is estimated at S235, ,704 g. being S36 900
more than required last year. This increase is
caused by the contemplated erection of three new
school-houses in the 18th, 18th, and 18th wards.


The Union Theological Seminary held its ninth
anniversary meeting yesterday, in Mercer Street
Presbyterian church. The graduating class was
large and respectable. The General Theological
Seminary celebration takes place tomorrow. An.
other corner stone of new church, called the West
minister Presbyterian, laid yesterday at the cor
ner Of 17lh street and 5th avenue.


Stock market was heavy to day, and transactions
! light.


| l,l00 bales cotton sold No change.
1900 bbls. Michigan -four sold at S4. Genesee
was held at "a l2A "a lss, while "a offered
l,500 bushels white sold at 63 cents: yeIlew
or mixed was quoted at So Rye do. at "a a 65
Whiskey at 10 49,


Tobacco is steady and stock light. Sales from SC
to 100 hhds., 90 of which brought 6I the re.
mander varied from this down to 3 81.
i A lot of white Genesee wheat sold to-day at abou
81 per bushe


Provisions quiet, and without material change.


Exchange on London closed at u a8t transac-
tions light; and on Paris at 5 81 a IS.


Freghts dull. The Prince Albert packet ship is
in from London. The packet ship Garrick sails to.
morrow for Liverpool, well filled with freight and
passengers. Yours, very respectfully
! CoRREsPoNDENT.