Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-12

street has not been duh many weeks was yes
erday. All the old channels of business are filing IN with
rubbish day. The confusion the do
probation Of the curency-the ular
specie are beginning to create channels
equations srewd business fresh and
chances in money making.
The little produced by the recent news from England
subsidized perfect calm. Throughout the country and
foreign affairs gradually wearing channels
Congress will in Sepemberbut begins 10 be the de-
erae opinion many that nothing will be doneand ge-
neral arrangement of the currency or exchanges will be
framed In such prospect the great current Of trade,
change money and circulation will have to work out its
salvation, and find channels for itself.
The refusal Congress the charter of the late Uni
ted States bank institution gradually
producing It's natural effects The State governments may al
tempt to create banks and regulate e currency but they
never will be capable of establishing Al
ready State law laughed at sco and all the
banks in the country in state of dsAab and dhono since
the suspension various State legislatures have made attempts
TO provide remedy for the existing evils by egazng the
SUSPENSION passing stop laws making money alega
tender In these attempts single legislature that
has not in some violated the say nothing
OF morals and integrity In Virginia stop laws have been
passed-in Alabama the suspension egazed till 840n the
southwestern States they all in conuson-n the northwest
they what better-in New new arrangement
just going into operation which will end in smoke-and in
New England, species Of paper money issued
mense quantities.
equvocal fraudulent and immoral acts of e-
glave bodies great of the people taking law
into their hands, and issuing shin paster" they
called, in equally luxurian abundance There is visible
tempt making eace all the right notions of currency by
floods ofwohless paper AT this the redeem
able paper currency probably increasing the Of to
per cent month If the paper circulating medium the
10th of May $oe 100000 probable that S2O00ooe
lave been added in all kinds, period The
variation between bank paper and specie 10 per cent
but if the mania for fresh issues continues this variation win
rapidly increase In the southern the depreciation of
per is 20 per cent, if not
The obvious effect of this action the part
community should Congress all power regulate
the currency will be prepare the for another and great
explosion of the paper than any have yet
There is large of geld and silver in the country,
which to build up and better SYSTEM and what is a
makabe feature in the present condition of the currency the
specie begrs flow back from Europe the United States
During the last month have large of specie
England By latest from that quarter is evil
dent there pressing demand for specie there
before the large should reach England the specie be-
gins return us, what will it do during the month
great that forced the specie towards Europe
arrangement the exchange system, founded the
trade There enough and other pro-
duce this country remarkable export efspece
and possibly have saved the banks from suspenano spe
exchange houses in New Orleans and New York. in the
middle of March, the great broken uthe chain
snapped in twaaad nothing could be got but specie
In the Oxford $4,000 in gold back This has
seek investment the SOUTH The arrangement
of internal exchanges the depreciation
the local currences remarkable that with specie in his
power, goino the market and make fortune. at
i'll wnd that blows nobody good" fresh series very pro-
abe specuaons have started the of the
currency, which will remain only till rredeemabe paper
system makes a final explosion.
From the symptoms already visible specie operations
should be surprised tie sound solvent banks
able specie payment pa pa with the action of
next Congress.