Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-26

the borders Of Texas | cannot doubt my authority,
however and according 10 ySur desire, communi-
cate such information as do not find in the newspa'
pers, not thinking il necessary to repeat what's pup
lshed there.
One of the first acts of the new Administration OF
Mexico was to increase the army OF operations on ,he
reserve of four thousand men, the head quarters OF
which will be ST. Luis de Potosl The story OF the
revolution at this last place, &C., Is therefore either
wholly without foundation, or mere exaggcrauon OF
some popular excitement
The last accounts received here direct from the
Mexican army state that all at once the army has
halted in it's march, and is making dispositions as II
for defensive rather than offensive war; such as
throwing up redoubis, forming depots &c. Thenum-
Der of the army has increased within a few weeks
past and is stated in round numbers al more than ten
thousand men. Ii IS said that they Will not act upon
the offensive until the army is still stronger exclusive
of the reserve have before spoken of The officers
complain ofnot being allowed to visit any OF the sea-
ports; but as for the rest their letters to their freds
say that they pretty well oil.
This IS as much as can communicate TO you with
out disclosing my channel o. communication, the do
ing of which would speedily put an end to it.-Nat
Intel.
ONE DAY IL New ORLEASs.-THE WAY 1T
wopKs-The beauties of the suspension OF specie pay
ments are hourly developing themselves. We are
trying the experiment Of paper currency and are ra-
ptdly discovering its manifold advantages. Banks are
issuing paper without regard either TO the wants Of
the community or their own ability TO redeem pr
vate individuals have put their notes IN circulation
and every coffee house has established currency Tor
its customers The first municipality talk OF issuing
bills of credit-and editors condemn those who fulfil
their promises TO pay as Indicators.
The country is likely TO be overrun with paper bear
ing nsminal but of no real value, having fix
ed relation to the precious metals. Some who own
stock in the banks largely indebted to thesein-
sttutons have advertised that they would take the
notes of suspended banks at par. BY which they
mean give US our price for goods, and trade out
fha xyh nd W
nominal vaue;" but they will not permit you TO buy
half the face fthe note and pay you the balance
in silver. No, no. You must either purchase to
the whole extent or take your change IN shopkeep
ers bill Of credit payable in goods. Such thing as
bank personal paper at par, IS thing al this day
unknown, except in the case OF very few banks
who still continue to redeem their notes There are
hundreds OF these spurious bills already IN cirouation
and though they are OF more real value than bank pa
per- the payment of which is at present. and proba-
bly, will be for the future, impossible Still as few
mercantile houses at this day stand on safe ounda-
tion they form very precarous representative Of an
uncertain value.
The credit system is approximating its end. thas
at length reached a height from which It's downfall
will be both sure and terrible The banks are lndebl-
ed TO an immense amoant TO the COMMUNICATIVE
community is ind b;cd TO the banks-and individuals
are largely indebted to each other-aHd none have
the means to pay. Weare nationally and individual
ly bankrupt-and by very natural Infatast.on we
resort 10 the very means which have brought us -
this crisis for relief. We would cure the evils OF Gre
dit by its universal extenson-we would remedy
fuctuang currency by supporting every man in
throwing into circulation his paper. Madness could
not do more One month win justify all we have
said and prove how short sighted Is the policy which
has been pursued. One month, and bank psper will
depreciae 80 per cent. Ii will be absolutely worthless
as circulation, and the meas to which many look
forward for relief will but increase their difficulties.
This is the last explrng struggle OF credit against
capital-ef paper against metal The desperation of
the conflict may carry away all the landmarks OF
~. a, S.fs
nation and shake the very foundations of It's prospe
rity But the struggle must be short-thc bubble will
burst. People will awake frem their dellrlun, and
learn the difference between fictitious and real capl-
tal-between worthless and luctualing currency Of
paper and fixed and safe one Of gold and silver
They will learn that industry and economy and not
bank credit, form the surest guarantee OF individual
and national wealth and that profitable commerce
is ever conducted with foresight and caution. The
lesson will cost us dear, but not too dear, if remcm
bered.
ATTEMPT AT SurcrDE.-About o'clock on Sunday
evening, an elderly gentleman was observed walking
up Charles street his hands were in his pocketsan
his eyes upon the ground he seemed like one medi
tatng upon a matter of Importance He reached the
corner of Canal street and stopped Slowly he rails
ed his eyes and looked towards the river he turned
and looked towards the state house he looked at the
moon, and at his boots; and taking roll OF bank
notes out of his pocket, he looked al them.
"Poor trash" said he, "for you have toied day
and night, for many weary month! had fondiy
hoped that might be OF some use 10 me IN my OLD
ace and have treasured you as my hearts blood
but you are false and worthless. Like your makers,
your promises are hollow, and your worth fictitious
I'll have no more Of you!
He folded them up deliberately, and thrust them in
his coat pocket He then took of his hat, and laid
il down; he pulled off his coat, folded II up and
laid il on his hat Piece by piece he Invested him
self OF his clothing and stood IN all the glory OF ma
tue-a man without shirt. He took hasty glance
at surrounding objects and started for the Mississippi
nj the top Of his speed. Some persons who had
watched his movements gave pursuit but their exer
tons would have been vain, and he gone case, had
he not stumbled and fallen PROSTATE in pond DIVA
ter al the crossing of Dorsey street Unable to es
cane and convinced of the dIsagreeable effects of
muddy water he permitted himself TO be led back
He quietly redressed himself but whether he will
find redress at the banks is more than we can guess
IrcgSprARy ATTEMPT TO FIRE CHunca-The
spir;t OF Satan himself seems to be abroad IN our
c,ty. Avapabond named Patrick Butler, suppos'ng
we presume) that there was not already suficien'
distress and misery the city attempted TO sci Hre
% Mr. Clapp's Church, in ST. Charles street when
discovered by the watchman he was IN one OF the
vestry rooms surrounded by quantity Of light wood
,havings, and other combustble materials which ne
lad lust kindled into flame. The light alarmed the
vatchman near the church, and on rushing. IN, ne
ound the villain on his knees blowing the flame TO
Increase il. II is supposed that he Is merely the
gent of some more deeply cupablc scoundre'.
Hoover and Davis, the accomplices of Washburn,
r. NJ xUov aoufeUced