Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-12
- U N e Y NJ Ar x EFT,

mercantile circles This arises from the ,r.du,, d~Io.
o. inc views OF government relative currency
the Gebe received yesterday following private letter
OF very recent date from General Jackson which clearly in
dictates the purposes othe party power il caused great
sensation and inquiry KNOWN
the the and an ed % hsss T,
and other papers that the democracy uniting upsn the
fa S hs s
rs .na
TO the real wants Of the paysbe gold
% s 70 Al
community WIN be left 70 manage their exchanges and all
the the whole democracy Of The whole Gno viii adopt
pa epsd system upon which they rely rule
hope No Treasury will be issued. The Treasury
take of are and do not
ION by The merchants and banks and
avoid it. Diaeen. must be with Treasury drafts drawn
I bs s and from The conduct banks and
e weih bd ney have "m attempted destroy
mat deserve protection from the frauds banks Yours
FRANCIS p. BLAIR ANDRE" 'nChSoN
AT this moment the government mainly depending for spp
port on apeces of dhonored checks upon the epes
banks 1t calculated that during six weeks
In duties have been paid in these checks The they
are made available somewhat peculiar creditor of the
government receives check $4,000 deposte
This is refused to be paid specie Its protested The own
er OF the draft then takes street and sells for
or "a per cent premium The broker purchases carries
10 the Collectors office, deposes there for
face and then draws checks against sums as he can
find customers varying from $50 $780, The buy
these checks deposited dshonored drafts to per cent
thus saving the difference in specie.
The ultimate redemption currency rests upon the SOL
vency of the deposes which the the
time that congress meets the circulation may
several millions, ard there much likelihood WHOLE
or greater part will name well as
the old character, Of unavailable funds
In imitation of the government de gus,rs
ana INDIVIDUALS without means, issuing in all directions
their There Exchange Com
panes In and about Wall street. putting forth their irredeem
able paper in abundance-s0me in
on deposits in Canada-some checks banks elsewhere
and some redeemable in safety fund bills grog soup
theatre tickets
All the paper issued by associations or
clearly and positively illegal Many of them conceived
In fraud and will end in insolvency. and public
ware they will become ultimately losers by such
schemes.
There great Of conversation about the Brock
Ign Bank Cannot friend Of truth and honesty give
expose in figures! We have statement wants particu
lary and figures In banking poetry figures are
every thng-fgures of speech for the one-fgures
tic for the other
The Water Commissioners taking eur hint in good part have
stirred up and advertised for loan of $5OocOo payable
one half on the Soh instant and the other the 18th Of
Der next There be difficulty procuring hsloan. The
large amounts ofunds lying idle will naturally good
investment Will the Commissioners take the cash paper
at its nominal par! Or will they only its
lion vaue In required by Illinois, learn that
paper money, its nominal received for legal par
By this the brokers who performed the operation will
make 10 alone in the exchange by RENTING
Europe.
We do not believe the Water Commissioners auher-
is to receive paper money for the loan except its specie
value.
The operations in bullion still continue At Orleans
$3oo0oo received by the last arrivals Small
are also daily arriving here from the Indies
In the foreign market there little doing The agents
Of the United States Bank still in purchasing
the specie at current rates. These purchases
undoubtedly for foreign exportaien appears that on
at all The Manhattan Bank freely pays specie
notes when demanded. We may say positively there
fore, that the Manhnfan Company has specie pay
nenfs IL has however, little circulation aoat The
OF dishonored Treasury drafts great tendency
keep down the price Of specie
The great talk Of the day is, however, the expert
men to be made by the government very nationally descr
bed in the letter OF Gen. Jackson Francis Blair Esq
loh!I That 1t will give rise great connection, among
the various interests throughout the country have no
doubt As such scheme goes into operation, il re-
duces at once the whole oregn trade large portion
H. to direct specie standard Of value Its effects on
state banks and currency win be singular power
full IL is the last experiment Of the great Fnancer
Hermitage and will probably wind up democratic par
~" before is fully carried through shall have enough
OF winding up by and by.
Our accounts from Liverpool a little later Bank and
fancy stocks England maintain themselves sty The great
bulk OF railroads and banks the principal cities
are hg-some 90 I0 ONE 1850 above par par
ticularly the railroads.