Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-31

" y n
Wednesday, Nay 81.
jaws ofa fresh panic and ought not to be
80 if position, and would meet like Of
and intelligence The suspension of specie
ents has far entirely deceived those who expected 10
reap advantages from the movement We always knew would
be So time of peace the moral of great commu-
ny thoroughly walked such open breach public
and movement can be taken by the banks that's not
narrowly watched WheR such thing upon coun-
try in time OF war; mems minds otherwise engaged ana
great public deception In currency may be INDUCED hno
only the community watchu and Jealous OF the
banthe banks jealous Of each other In
Boston, about thirty Country banks are OBSERVATION-DISCLOSURES
whose paper formerly that city, The same
Jealousy exists between the Boston and other New England
banks that exists between the New York city and western
Safety Fund banks Country banks generally are prone 10
issue quantities of redeemabe paper ana as the laws are
made country politicians they generally authorised be-
yond the limits city banks Such has taken place in this
State
The in cities the seaboard again
with the foreign trade and foreign exchanges The New York
city suspended specie payments only far
CARDS circulation The foreign exchange
laton continued be redeemed secretly by expectations
of specie This is also the with the Philadelphia, United
States and other banks Boston, and Baltimore On the
contrary suspension by the country banks complete
penon-a perfect specimen of total depravi" They
converted into paper machines and will
For those the city commercial banks
pudae and cast back the bank paper Even under the
despotm of the suspension state we
that the city banks will cordially redeem, take par,
the paper of the country Safety Fund banks.
But this ALL The Of between the city
and country banks increased by Jealousy between
the banks OF state and state BY the public prints that
the Pennsylvania banks in the district Of country reject
the bills OF the New York banks issued in the neighborhood
This jealousy will increase and WIDEN the issues Of
paper increase and widen. The suspension of specie pay
ments will be utterly worthless for the purpose intended
1T viii end in total destruction the whole banking SYSTEM
and entire ruin to all concerned social revolution in the
ownership ofpropery, is its inevitable consequence.
Our own position in this city as bad bad can be- The
wall street prints are busy hiding the real state of the
case as far as they understand Not the ordinary
facts OF the day do they appear understand explain
has been Wanted forth that the United States bank
taken to ship cotton Europe advised
TO adopt the same This single greater evidence
OF complete paralysis in the u s. bank any thing
have yet seem 1t has been driven this by
one OF TWO causes-either its want of procure specie
10 meet its engagements and sustain its credit in Europe-ois
The oy means left get paid for debt due by merchants
who had cotton hand, but money Probably the u.
bank has adopted for both reasons line
OF policy That institution in its operations must have
taken in exchange its celebrated post large of
paper, vaueess For the funds persons giving
under the necessity paying thus
the United States bank from dilemma
PEELED to turn cotton broker.
This single of the most hunatng cc umstances
thai connected with the history of the United States bank
and trust FORTS character ovency, soiy that may
to be gross SANDER. -
In this city position is unchanged Stocks falling
and the general foreign trade daily getting and
deranged This from the continued apprehension of the
news from England. Many reasoners begin to think
that not only has the Bank Of England suspended specie pay
men but that change of ministry has taken place there
and for aught tell, they may be at this Ii the
full tide OF political revolution, equal in intensity
French Revolution. We do go far own anti 4
tons but that the commercial reaction will be severe ave
noia doubt Our city banks placed the centre of notion
with the Revision from England expected the side
and The country banks crying in
the position Of citadel between fires II wonder
that they curtaha they inacve-hat they know not
where to turn their head their tail The Circular issued by
y w. Lawrence Co. proposing the country banks
piece OF caratanim. The city banks deeply
cerned with the large foreign exchange houses here and
abroad to be able comply with the suspension law
mode settlement proposed in tina, circular In the month
soocoe OF exchange exrkce protest from
abroad Even banks eventually he drawn the trade
of barter the T. States bank We shall Meantime
HE BOBBY OF the Star calls upon the banks increase
discounts Can he tell how they can I,
Pr'ces IF Paper Money in Wall street, 3cti May.