Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-07
NJ O ~ = Y M A II x Il +.
T -

by gathering growing revoutie in the value gold
silver compared with the prices of other commodities and
the wages Since the close of great
rope credit system has extend ng ITSELF
specie sssis gradually contracting From
1926 aad @ il probable hathe relative proportions
specie and paper convertible specie on demand not
beyond what the principles of strict science demanded From
1896 1885 these proportions disturbed in every
commercial country blythe vast expansion OF paper currency
and bills OF exchange and by remarkable impulse given
every avenue OF industry during the few years
In the l50s the discovery of threw vast quant
les OF gold and sverto the markets of the world This resh
accession OF the quantities OF metals diminished eir va
aue and produced revolution in the prices CT conhodues
measured by them From that period up 10 the beginning OF
the century, probable that th value to the precious
metals continued current, although be-
came sluggish and inactive approached the close OF the
eighteenth Since the year 1900 or te later the va
Tue ogod and silver has been
Ameca-by the great spread Of luxury and renement-and
by the population and trade in all the civ
ed countries the world The precious metals have been
gradually growing principally by the dmnutone
quantity brought market ana accordingly its value,
pared with other commodities has accession
and is continually rising in the sa,ne'scale.
therefore, ridiculous absurdty suppose the
the Bank of England,
States, Of the United States government, have alone pro-
great revusion in the money both
rica and Europe The original evil has proceeded from the
ignorance Of the great corporate and private
bankers both sides OF the Atlantic whs supposed that be-
the credit system during the gradual appreciation OF
specie from 1907 to 1900 exhibited equabe symptoms stability
and sounness they could give the heahness of action
10 the same SYSTEM when deep and radical revolution had
begun in the value Of their basis specie compared
the three preceding centuries.
The suspension Of specie payments States,
only the first explosion corrupt and ignorant system OF
which will be succeeded further greater
poons unless there radical contraction of the paper
reDcy to meet the increased value SPECIE compared with
the wants OF commerce and the in
devised different distinct basis that gold
and silver The United States Bank is beginning to perceive
the true position OF the the commercial world and
under the guidance OF Nicholas Bide that institution wisely
contracting its issues and facilities in order put itself in
attitude of strength and power before the meeting of the
Congress there other banks the country
ready willing upon the action they
will conjoiny be able 70 begin in trade, industry
and commercial morals in the United States.
The great othe banks in this country unanestiona
bly, rotten and and worthless the NomiRaly
based specie they only founded paper assets Of
value whatever They just able redeem their
paper according the face any
day before the suspension they the day AFTER
say the whole system Of paper currency on de-
mand in SPECIE simply e that passed for TRUTH until its
lineaments strictly examined.
But while there prospect, under the sautsry influence
Of the United States Bank, Of beginning
founded cautious and scientific principles
the that the floods of rsdeemable
paper money thrown into circulation all Cities
give terrible explosion the existing
and remaining banking than we have BY
suspension Of the banks at one blow plum
dered community OF mlioiH Oh seioe
paper money issuing from all quarters shall have clo-
sed their career probable the nation will equal
the following smopnis,-
Irredeemable issues Of 600 hanks SS0,0000e9
Unavailable surplus government funds, 40,000,0oO
Unavailable New York Canal Funds, 2,5O09oo
lTnayalable funds In ether states, 5,jOO0eO
sIos,OOOeoo
probable that nearly fifty millions have been
actually spent suepously by the politicians
nanciers who controlled the nation the
years In space OF tine begga from the wlds Of Ken
lucky sk~ pssico Of capitol,
who formerly trundied cabbages market in Kinder
hook mounted splendid carriages and rode through
fashionable with livery behi them. Blythe
suspension OF the 10Th OF May the people pundered
twelve uons being the depreciation in the value Of the
paper noneybut final catastrophe shall place
fall the spring Of 1885 and all the banks
their existence the community viii then lose full sixty
lions.
all the integrity in adea the true of skill and
money matters will arousd the resumption specie
payments about begunby the United States Bank
basks throughout the commercial cities that
willing upon the honorable Of action
contraction Of the healthy circulation yet
prices OF commodities adjust themselves
the standard OF vaucsnd wages labor
sccuced economical level during the regime
and Until this take place, expect
ORDER regularity in the money market Accordingly
Yesterday stocks feverishU = Bank
every Other avenue of trade dull nominal