Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-24


stances.
The quantity Of Bills Of Exchange returned dshon
CURED today was very considerable, but the amount
on the aggregate is understood not to be great. IN
fact, the practice ofdra wing bills the first OF the
month is becoming less frequent an intermediate
date being now more generally preferred
III, attendance of the merchants on Change lhis
afternoon was far greater than is usual on TINS day o
The week; but there was in general little desire SHOWN
to enter upon any fresh transactions It being appa-
rently made point by the principals oil most OF me
hrst commercial houses to make their appearance IN
order 10 check any unfounded rsInors, WHICH, IN
times like these, are sure, under other circumstances
10 be circulated.
The notice which has been ISSUED by the Directors
Of the Bank Of England, stating their readiness 10
make advances the deposit OF approved bills OF ex-
change having more than IS days to run, will rem
der essential assistance to the commercial at the
present moment.
The London Observer assigns the following reasons
why the Bank Of England threw of the American
houses.
The principal reasons urged in the Court of Dircc-
tois why the advances should not be continued were
the mposslblity of the embarrassed firms obtaining
within reasonable period, any sufficient remltances
70 meet Their engagements-the determination OF the
American executive not relax the strict letter of the
treasury circuar-the consequent inability of the
United States Bank to avail itselfofthe proposal that
II should draw on the Bank Of Euglaud for 600 00W
or any lesser amount, renting one halt IN specie
untees TO the bank for the repayment of the full
amount of the advances made to the AmerIcan mer-
cbants-and last, though not least, the uncertainty
which must continue to prevail in all departments OF
trade while matters remained IN doubt, whether the
houses in question would not finally be compelled to
suspend payments, which lessen confidence prevented
prices receding 10 their lowest point OF DEPRESSION
and induced those who have extensive ordersfor Brit
lsh manufactured goods in this country to hold back
in the expectation Of completing them more advan
tageous terms. The difficulty with respect to the par
ties who the principal guarantee for the advances
was removed in he early part OF the week. and SO
certain were the prospects, that the arrangements for
continuing the assistance would be completed, that
considerable sum in addition was advanced by The d.
rectors TO meet the engagements of one of the Amer
can houses. If the statement we have heard be cor
rect, very nearly 100000 was advanced legal diff
iculty appears, however, to have been discovered
which, unless all the guarantees entered into fresh
arrangement would have thrown the whole respsnsi-
biy upon the Bank of England-formine almost
insuperable barrier TO any fresh arrangement, which
was increased by the very unsatisfactory tenor of the
accounts which were received from the United States.
All these circumstances combined induced the drec-
tors, as we have already stated, to TO the deter
mnation rcsor,ed TO. The advances already made 10
the American houses are estimated at not far from
1000 000l sterling portion of which has been clear
ed off, and The liabilities Of these three establishments
now estimated at about 2,5OO,0OO
That they were not perfectly satisfactory to the
English themselves, may be gatheredhy the following
from the Liverpool Mail of the 9th June. lfhere has
been any jugglery abou, the affair, it will ou,-for
things are not be kept hidden in that country when
they violate the principles of honesty.
Since the remarks which have offered in another
article, published in the Morning Herald of Friday
under the head of English Opinions, in relation TO
the American houses which have suspended payment
written, we have been advised of other proceed
ngs involving the honor and char scter of certain d.
rectors of the Bank of England which cannot be
passed in silence.
II is said-we hope is not rue-we trust it is not
ire-lha certain directors Of the bank held paper of
the houses which they supported until their paper
was retired and that soon as they were free them
selves they voted against any additional aid TO the
concerns which they had previously favored and
propped
This is serious charge, AMI we hope il is an un-
founded one; but in the present state Of affairs, and
considering who are the directors of the Bank ofEng
land we are apprehenslve that it may be true II so
The conduct OF the citizens OF the United States not
one whit more reprehensble than that of our ma
tional bankers To speak the truth, the Bank Of En-
gland 10 incompetent TO carry on The monetary
Germs of England. She has an insufficient capital;
and even if that capital trebled, still the charac-
ter of her directors, connected the most Of them
are with mercantile houses, ought to disqu,ify them
from acting as the arblters upon national credit
Some wholesome truths are contained in the fol-
lowing from the Naccesfeld Courier
AMERICA AND ESGLANp.-The annals OF nations
do not afford grosser instance Of dishonesty than
that which is exhibited the present moment by The
government Of America. Jackson and Van Buren,
have showed their qualifications to write treatise on
the Art of Robbing made Easy. They have got from
the unsuspectng British merchants gold and goods
10 the amount Of El2 100000. They resolve that
gold shall not be returned by America, and exert all
the powers Of government TO prevent the American
creditors from paying his debts. The government
openly and shamelessly takes every measure pre-
vent the payment of American debts to Europe. The
consequence 49, of course the bankruptcy Of the Uni
ted States merchants; and the losses arising TO Eng
lisA merchants from these bankruptcies appear to be
calculated upon the principal means OF keeping a
gold currency in the United States. The American
government has, however ruined the credit of Amer
can banks and American merchants in this country
American investments must now become thing but
eligible and the eff ct will be the eventual whd, avail
of English capital from schemes Of improvement in
the United States. The value Of floating American
bills in this country must be more than the value
of uns Id American goodsin British ports. The Anne
rcan banks must be made 10 know that their creditn
this country depends upon their power to meet their
engagements in coin or saleabe commodities; and
If they persist in refusing 10 do So the bank Of Eng
land certainly has no obligation to bolster up their
totterIng credit.
II appears that the Princess Victoria is becoming
authoritative in her demands Hear what the Mora
ing Post says.
THR KISe AND THE PRrScEss.-WS some time ago
informed our readers ihaa discussion was progress
upon the subject Of establishment for the Princess