Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-25


we are nat stale and Improbable" Men Of business in
Wall street have hardly headaches of
Sticks and tho remain yesterday
NO. ripple durbs the surface. The Convention
all The topic among capitalists The question putting in all
directions among the mercantile whether
uon WIN conduct the deliberations with doors The in
rest which begins to be felt in this body increasing
widening From their action and conduct
than Their from the Legislature Congress
tive body esy acts upon monetary affairs by nrecon this
Convention directly, positively and oncusivey So far as
the affairs Of trade currency involved the
the Convention will be three times great the State Lees-
iaure, and six times that Of Congress.
such being the ought this body conduct its deli
beraons With doors The business Of banking and the
secret springs of the have been edulousy here
toofe concealed from the public la the general regua
tons among banks devised healthy
currency there ought TO be We
the accounts business Of ndvduaser special
transactions OF particular banks-but general facaggregas
statements, leading general results and rules
open as the doors of the Aston Hotel day. The
camille Int rest calls for open in the Convention If
that body do not they will begin their debe the md
Of jealousy and doubt.
We learn that The delegates approaching from quar-
ers Today highly probable that most Of
them will be on the ground.
What this Convention to do That the question II
IS as difficult for US to conjecture for the We
can tell better what they oughtto do than what they do
The situation ofthe currency this remarkable
In this state is calculated that internal trade has been
transacted in the products Of the country than
year. Ills asceraned that the value the received
at Albany and Troy during the weeks ending IAN
ins is $2Al25l Taking the Of navigation thirty
weeks, will reach result of 900, rs the whole
quantity OF domestic business canal during
the This is probably 10 greater than on xry
former yeayet the currency of this State compared with
that Of last year. less This naturally creates
great demand for and accordingly probable that
SsOoo0O or has flowed into this State neigh
boring States thus giving them the advantage detrent
ofour own Institutions.
obout the
es and fluctuations 0fhe melancholy In Bufa
To- large quantities Of Michigan paper money are circulating
a. discount OF l2 per cent under Buffalo bank paper This
grows out of the great issues of paper by
The floods of new banks in Michigan organized under gene
raj Banking Law and operating during the general
sion of specie payments While the suspension continues the
bad banks just in fair condition good There
no seecton-no separation
insovent banks during the things During the
regime specie payments the applied and then we can
tell the good from the bad.
In Louisville and Cincinnati all banks q Ohio Kentucky
II dana and Illinois, vary only to per cen-perchance
but the PAGES the bank paper and Mich
gan at 10 to Is per discount from Louisville and
Cincinnati This variation with great severity in the
payments of debts in all those untes Yet
well known that Tennessee rich and industrious State
but somehow other her banks badly 10
allow their paper circula much in
aneighborng State But in this currency it
proposed establish bank with
and at this moment, Mr.. X. Hayne Of South Carolina
to unite Charleston to Cincinnati
Again the paper of the Mississippi banks low per
cent under that OF Ohio New Oreans-yet Mississippi is
valuable state.
The condition OF currency southern states is e
better than it is in the western but there still great
improvement Throughout the whole country there nothing
but dorg anzation confusion, variation and uctuatioR We
have in our banking institutions ample materials
SYSTEM fully calculated produce confidence
10 begin Of prosperity. How this be donel Ii
must be founded the principles which regulate
the general commercial transactions Of the country The vbra
of the currency and capital OF banks must correspond
with the vibrations Of trade. At of year money
Il wanted in the south, and not much in the
another is wanted the east not wanted in the
west Take en- exampleit is well known that when 60
vernment balances overlooking the banks
spring. New York in the greatest the capt.
tai for only few months In quence absence OF
system al exchange rcma ce, York could not
get the spare funds which the and their
possession What the consequence Pancs, failures and
suspension Of specie payments We have always per-
suaded that the capital specie and currency OF this country
had been properly organized make balances
section that did not them rapidly the aid Of the
Of another section that did then there
hare been Of specie paymen
the want OF syeHand the OF OF the very
elements that possessed that entered largely into the
revuon England less specie aHd paper have
yet noh happenedthere The grea prncpe-a great ge
neral primo the bank keep
Ia view is arrange system vibrations Of
the and exchanges with the vibrations e
trade and commerce. This the principle which Mr.
Bdde introduced into the United States Bank which
he successful in its II also the system
at he has continued ia the Of the present Bank
The designation OF particular day for the mpon Of
clio payments only small part Of the duty OF the Conven
ton. They ought establish general system OF exchange
and currency make the surplus OF seeon
aid the OF another section bank for the pn
pose general depose and rede npon ought be selected
10 every city, and central bank in New York for The whole
Union. This whole scheme so highly benefcalto commerce.
-
These only of the general views which strike
present We shall ampliiy and fill them leisure.
Sales at the Stock T. xchangc.
NoyFrBER u, i'm.
los n. q. Bank 1914 1914 so Bos,. Wore. e5f
Del and Hud. 7si 78l 100 Am Marine Ins log f06i
$50 Farmers Trust l003 40 Firemeus Fire Ins. IS
2C0 Kentucky 80 20 East River -
IA Manhattan Bank 1H4 13N American 30
IL, Dry Dock 70t $4,000 Treasury Notes lolk
rs Bost. 4 Prov. loli lo7 $4,000 1919
loli0M TrMSles