Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-27


Sunday, Nov. 20, =. n.
The week close in ext xordnary languor Winter
and business ally sinking sto the same degree Of
ethargy. Stocks and the market remain as usual
Specie decreasing in value every day For the ordinary
kinds OF specie change low to 81 cen-ether
kinds TO Sd The domestic exchanges remain they were
On any difference they rather edgng towards an ultimate
equalization The following extracts from express slips re-
ceed yesterday, will give idea Of the situatoa OF the do
nestle exchanges between the points naned and other sec
Mons of the country
RICHMOND. Nov o. Ercaange-Foreign, without change;
IS . M psr o sna
New York, Philadelphia, and BALTIMORE banks not drawings
pe een discount s o ao
South Carolina do. ao Georgia. do dol Alabama 10 DO
00 Nos o. New York
re n e Ne on New
York, 8 81; Philadelphia, 81 premium New Orleans,
discount.
We merely give these quotations sample. Aabana
Mississippi Tennessee and part Of Louisiana 10 be in
the depression in their domestic exchanges and
local The to p cent against them
in every of the Unon This arises from their heavy
debt, general financial management Yet we havenQ
doubt these States will rapidly than many ina.
CINE Cotton is their great product This article Is an element
that regulates all exchanges indirectly and two will
place them ia the vantage ground.
fact that in the revrson
has suffered most in the ucuaon Of price. The wheat grow
ing States have been getting rich by fertile and high cash
prices while the has been convulsed with bankruptcy
and ruin.
Throughout the week the great topic
the Convention. Yesterday and today probably twenty
Of thirty delegates arrived frcm the various
rounding cities The delegates from Baltimore Be
ton Maine Providence and the interior this
are ground. Tom,rrow they will meet informally in
Bank, and make arrangements for place Of
sembage during the sng Of the Convention We have
yet learned whether they will sit with open doors not but
presume that so important assembage involving such
deep public interests will the necessity OF throwing off all
elyeeto
This Convention the ostensibe purpose
sung a day for the general resumption of specie pay
We conceive however, that this is only part,
small part of their duty Ifthey Judge Of themselves
do they will feel that they occupy important position
than Convention that this country the
that the Conu ion 789 During forty
and Congress have been legsatng and tinker
ing with, the In that sng space of time, have
seen nothing revusoa following
without pupose-expansions without prudenceand general
predatory between the commercial interests of various
sections Of the country. In that time national banks have
and des,royedwo general suspension Of specie
paymeRH caused in the yhe insolvency and shutting
up hundred banksand at least psscs-
prespres-and many revnsonand probably the bank
ruptcy Of ten thousans merchants and traders
This dark side of the picture. The side
in.-for movement of social existence has both
dark and bright side.
With all these evils, the banking system has undoubtedly
CELEBRATED the advancement of this country in wealth. refine
ment knowledge and ivlz 1on, at least full century
hundred revolutions the The backing system has
couraged tradc-promsed adusrymproved the arts-but
mp ciesconstructed canasfled our harbors with
shpping-and planted prosperous and villages every
and every of the The banking system
still exists the elements Of strength and prosperity
in eminent degree. II in compete state Of dorgsnza
ton by the ignorance and oily Of rulers and na
cier alike but by wise and cautious and moderate
for the future may elias
tcy and of eriy, better and
than this country has
The day for resumng specie payments only small part 81
the duty of this convention By and pblosoph
cal organization of its eementsby the adoption Fl prac
tcal system ought establish the domestic exchanges
and duse benefits Of the power OF creating currency
every section Of the country IL them. In Engla
paper and credits four times the magnitude OF
masaged with great skill nearly the quantity
spec basis This effected by making Londen the great
all the domestic and foreign exchanges Local pans
could affect banking SYSTEM produce
suspension of specie In time OF peace the banks
had confidence ether and regulate their
o general system.
IL this convention adopt such plan have
sketched or they recommend the creation OF
bank