The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-05-15
Money MARKrT.
M~-slay, May 10.


,. - affairs Stocks adj
We are sun u an W. 'sss paper money is deprec@t-
vlncmg -. - I'd requstion to put all the
= ana he sos 4, s--and receive nothing but Pe-
~ or rubp dues at the post once anu eu''
house 80 ,..., ;ssred over the whole Allan
new ~ ,s the collectors postnasters and o'herS ae
,rsd :, .ceive ia payment OF public debts specie - ~
,.s ~ s,,cie paying banks OF course tirfe are nov " ,
- ,.g banks in any Of our large commercial Clues 80
=. % he imperative duty Of departnltn ny anu
ne no., Office, 10 carry the provisions OF the law h'o
This order has created fresh excitement IN inc l' ~
merchants against the government, While uie uep ,
the paper money, and the difficulty OF proeurh os
up the excitement among the erea' po'' =
The panks ,,,he These con-
he rise on Saturday Of stocks is mere ouoos ;n ! on
tracts payable in paper money, the Saiue " 10
tirely unfxed and unstable United States stock rose "
rrtica Raj; Road ll8-Boen Providence lol 'hese anu
all other stocks redeemae in the specie currency
would not within 10 or 10 per cent. OF ese !,
transactions the stock market, have, ny he susp
specie payments, lost all their power or influence "
e exact tone of The money market Their prices are mere
fctions-and the quantities matters OF OPINION. t
Foreign exchange is in the same Wild unres o 80
ion-being quoted lis to l2o-and no one ,a ~ i
value Specie is the only index OF value at tnis 49,,
yer al conf,,s;on The difference between specs anu ~ -
city bank bills fallen to- percent TUE ~, "
extraordinary quantity in the hands'ofthe oroA'i~ ~ = "
equal food in hands Of the com"un'y put a. ye'
boarded and kept out oil clrcuiaton w 'i' i' " ~ '
narkes becomes settled.
few months before the sispersion II was estimated that
ere was saooooO00 specie in circulation and SioOooOcc IN
M bark The runs and drafts for the last months have
,,,, rpped the banks $4,000 part which
Ont abroad-the in the hands OF the community. We
ere incned therefore, think that specie will gradually
ortb FROM hiding places the prices all products and
erchasdize decline Should banks be authorized issue
naIs that policy woald have tendency send the specie
4,road restore ii to the banks.
In the throughout city there speck Of
cty The Stewards of Broadway having taken the start
their contemporaries by the general
ucon prices have created demand for merchandise
the dry goods line Gold and silver win peeping
nth, goods provisions and wages fall the standard
& value which every thing adjust itself The
fcuty about small change will therefore dmnisf-not in
crease
While this species of buness-e cash and hard money bust
wll gradually accommodate itself the standard Of
alne and revive the commercial system,
with the banking SYSTEM will continue give forth
losion after explosion, ill the whole fabric in single
ne spread ruin The suspension of specie payments by the
dnk does suspend the arrangement in the channels
OF foreign and domestic trade On Saturday of the largest
oldest and most respectable houses in the French exchange
business compelled suspend for the present The
pathy which has been excited for the house of De Ram
Moore, Broad street. in all higher and intelligent ccmmer
cia circles thing that have yet felt
They connected with the large cotton house OF Nicoet
New Orleans In Paris friend Of the house here took up
cotton bills proceeding from New Orleans The elder part
Of the firm director of the Mechanics Bank pos
the condition of that may have precpiated the
astrophe. Through long life they have exhibited high
or and meet with great sympathy, and doubt
imperative action of the government in regard pay
mt OF bonds in specie would have increased the calamity
saturday, had the U. = District Attorney
aitgate the terrible evils suspended all further till
- collector who has gone Washington shall have
sd with the Secretary Of the Treasury in person
Our news from Albany of the mos; gloomy character II
currently believed and said that government
wed directions from Washington leave the their
e and to CALLING the suspension specie
'as We doubt whether the Legislature will adopt this
brse The banks have entire controul present
~ uure, and we beieyeany law they dictate will passed
"st body There will however, be great cutting
among the banks in sts city md state The mechanics
? f1A.-ls 80 --ler-,
We learn positively that the Manhattan Bank preparing
ume specie payments in Few days, and that will
nit affairs To- the Safety Fund system
We evidently in general state Of confusion all
The country has been taken Our opinion is
hat the Safety Fund Banking system gone forever and al
though the legislature may ate, reorganize the ruins
viii end ia smoke npess than six tnonhs, precisely did the
system of Assigna Introduced French by
Mrabeauor the continental system Of revou
ION Between the present suspension and that Of 1914 this
country tat Of 1877 in England, there leading
and important points OF distinction which shall lay
etely bare day. We yet go through
vast field Of terrible ruin The general which
by special depote under the sona responsibility
the bank directors the OF the specie in the banks
later, have TO rerganze financial system
carry the general of the country The south
and New York will be the first recover from the
ek--thc former from the possession of their lat
by is energy and peculiar advantages The wheat and
DIVISION growing central states viii he the manu-.
turing system of New England will probably he thu last to
the pieces, and reconstruct itself the prnci.
e must also have plougng buyn and sell.
Don't droopdont despond. The commerce will vet
he news last evening from England highly important,
e American houses have begun cracking they heard
the failure OF the Joseps here. The British vove,o.,
nave refused TO ai the American trade doubt the whole
American houses gone long ago. What smashing work.
GENERAL MARKETS.
NEW YORK, May f3Snce the suspension Of specie nav
menus business has looked rather brighter, leading articles
s Sopped from their downward Operations were
er small today but what few goods were sold wen, Off with
h,ile better feeling
flour ~ mir demand Western brands were soi n, a. a.
soi southern bad New York remain without, any material
change.
~ "a" requests sales took place al prices
' . 80 o'essa at ST. In rye have no transac.
ions 70 remark since our last Our ouo,ations ya, So
Few sales Of northern rye NJ rs a 100 :
.ooa-so urher sales TO remark We quote Mobile al 0
T A. Eirr.t.