Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-11

After week Of agauon produced by the events at WASH
ngon stocks closed yesterday very nearly the prices
which they did on previous week. The Developments
made by Congress have had visible effect upon
Of trade the exchanges any thing influence
sinurious 70 certain great suspended interests
One Of the most features officially disclosed the
Treasury Report the singular export
import of specie since the 18th of May last
We have already stated former day the equality in these
counter the unreasonable
nearly all the specie which existed in the country May last
still remains here highly probable that specie
is in this country this day. than there the 18th
of May when the banks simultaneously and Teacherouy
pended payments under ridiculous caused by
atos and Others who wanted launch
want issues in orderto keep up high prices.
But there is another idea growing
these Official facts.
very certain that the exception of probably
S50oo mere less AL the specie heretofore Europe
either for the payment owned
there least purchase goods this market by
importers with real capital, beginning in the To-
reign trade. #rs
Let explain.
The amount Of American stocks owned Europe immense
The following estimate probably short OF the
Americ&n Stocks owned In Europe
united States Stock SsOeo,0Oe
Unised States Bonds 100000
Morris Canal stock bonds 100000
Louisiana State and Bank Stock 100000
fenasyvania State and Bank Stocks l5,Oe0oO0
Camden 4 Anboy Rail Road 100000
All others 100000
soOoeOooo
On the LIST July half yearly dividends stocks
excepting the bonds fall due in London At average Of
per cent these dividends would nearly
due SPECIE without the dread bills exchange
all payable in July and August Now appears that the Off
cia account actually exporeds S30co0o being only about
100000 the exact required to meet these demands
in Europe The balance probably OUT on Of
the Browns and other solvent houses.
Here them singular of facts revealing beyond
the possibility OF cav that the export of specie Europe
has had nothing do wk the exngushmen of the great
debt caused by oycrmporng from that country during
and 1897
The only fund, therefore, upon which importers could
draw the export Of produceand this export only equal
to the imports for the present From
the revonue the imports Of the year 1887 will be diminished
at least one half, if not MORE
The probable amount of imports for 1857 S2oooooo0
do do exports do 60000,U0o
Balance due, s2ooOo.OOo
fhis balance be made up by freight, profits other
Of liquidation leave the foreign import
port trade for 1881 to balance each other the close
From these facts and the reasoning founded them,
very obvious that the great foreign debt due
Europe the nth of March last there
millions paid and probably will be- The faluresof
five hundred merchants here and hundred
water embracing of the heaviest houses will ludae
each debts without specie produce Bankruptcy
capital remittance pay bad debts with Each day shews
the probability that cents will be paid the
age ofl8Se Why So Because tbeh
valued In prices which since declined only So 10
and 20 per centhey have disappeared in great many in
stances
these data therefore, appears that the bankrupt por
ton of foreign trade reconstruct itself The
heahy trade, begun system gradually widening
circle OF every day. The great import and export OF
specie during the last three months indicates the OF the
new system. This trade Is increasing II beyond the reach
eflecsaton, and requires not the aid Of Congress.
The argument therefore, put forth by the ignorant and
corrupt Wall press that the banks cannot resume specie
payments till the foreign debt be paid is absSrd untrue, AVID
preposterou The banks this able
as they pay specie 1885, They ADLER and stronger
own they then. Many ofthe banks admit may
not be In good condition, but such not ought TO 90
down forever.
We and hope that public excitement viii be al
layed til these faess ignoraHi proud, redeemabe intu
tons be brought back cash payments and TO good MORALS
Sales mt the stoc Exchange.
lsl