The commercial accounts from New York are of a rather
more cheering character than those we have recently been receiving. The arrival of a million and a half of dollars from England, the expectation of further supplies, but chiefly the determination of the delegates of the Banks from every State in the Union] except New York and Mississippi to suspend the resumption of specie payments till January next, had restored confidence to mercantile men. The New York Banks were to commence the redemption of their notes on the 10th of May ; but the amount in circulation was not large, and it was not intended to pay deposits in specie.
The Legislature of the state of New York had passed a latr, the chief provisions of which are thus described-
" Banks may be established to any extent of capital not less than 100,000 dollars, placing in trust under the State Controller, United States or State stocks to one-half the amount ; the other half in good mortgages on real estate. They are then inipowered to issue paper-money to an equal amount, subject to keeping as a basis specie to 121 per cent of the issues. The stocks and !non' gages remain deposited in trust as a security for the redemption of the man in ease of ' revulsion, accident, or mismanagement.' The new law was favourably regarded, that arrangements are said to have been already madeis New York for the formation ut a new bank with a capital of 12,000,000 lars; and, adds one of the papers, dozens of others will follow.'"
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