The herald., 1837-05-20
M ONE Y MAR x Il r.

money marketmay several DAYS past the hanks since
m passage OF The suspension law have been consulting daily
~ with the codntry banks and Commis-
one what plan Of adopt but up TO Yesterday even
positive had been determined Opinion divided
'''o '''ou' 'aaes' hues and differences 1t almost
possible 10 gensralize them any degree OF accuracy
Stocks except bank stocks 10 rise-Unted States is
rather quet-Trust Companies and Railroads very ,h
general character OF the stock exchange excitement specu
ton and hope The rise in evidently bloated and ur
sound.
The great te OF binos ,be ea dc
ference Of purpose and object between the civ and conrv
banks 50 Tar as regards the new suspension law The country
banks are very anxious to avail themselves provisions Of
the new law and launch out into having for its OBJ
ject the voluntary redemption their by the cty banks
On the contrary the city banks the strongest em are very
anxious avoid the suspension law. elimination and recrm
nation banded about among the friends OF both
try banks say that the city banks better than they should
be- and the city banks positive country banks are
entirely unsound Howth difficulty will terminate
tell
appears that the suspension singular provisions
prescribing the rules between banks and banks altogether diff
erento the rules guiding the conduct OF the banks towards
the community Tie city Safety Fund banks enoned to
ceive all country Safety
hem butt appears that the settlement balances between
he city banks and the country banks the provision does
not apply. How these balances settled This the
great point in dispute and point will depend the action Of
the banks hereafter II city bank country
bank and demands settlement the creditor hank may refuse
opay specie but the city bank has right charge
the held until the suspension repeas itself its
limitation Others believe the the
power to shut the debtor bank unless settlement be
made satisfactorily to the former.
In this of confusion every thing hangs the
present Yet there Is this city portion ofour banks showing
indication that they will operation ofthe
suspension nv 1t that the National Bank has made
exposition of its affairs the Vice Chancellor and that this
developemen the opinion that unconar informally pro-
babe that the National Banks under the necessity Of
plying with the provisions of the suspension law of coming
under its regulations The following learn exhibit Of
The rpr mali slrVpn sla
Condition ef the National Bank at the Suspension:
Individual deposites, $5C00o0
Balance due by other banks, $4,000
Specie hand 10000
By this statement appears that the National Bank fully
competent redeem all its circulation specie Mr. Galatn
argues from this National Bank has legally
suspended specie payments With the confidence of its depcs
tors in its solvency and the debts due by the other banks
is competent any moment redeem its circulation
when demanded Under such circumstances said that the
Vice Chancellor gives his opinion that depoor stock
holder other creditors Of the bank would right under
tha law injunction from the Court of Chancery,
u the bank The right Of injunction alone belongs
the bin holder in Of solvency and of
the bank has three times the specie in its vaults
out in circulation, il that by redeemDg as
presented
ths view be correct highly probable that one half Of
the banks in Wall will orm specie pay
ments and probable that the moral of the community
will support them in the
We hear also that the Manhattan Bank will under
the Suspension Law that cashier MIR Roh
White rejects the fraudulent of the legislature with
dsdain. 1t probable aso that the old New York, the City,
perchance the Bank Of America, and Chemical my adopt
line of policy II such policy should adopted
National and other banks backed they will by the strong
moral sense of the community, they will form the great yaysg
point for resumption of specie payments and for preserving
the public faith deceived and cheated community Unless
such Of action be adopted whole array Of
banks will be utterly destroyed by their ignorance
folly before the termination of six months The banks
this city and state launch oa in the direction permitted by the
Suspension Law, shall have flood Of redeemabe paper
basees and vaueles rags are imported
from Trieste to make Saugeressay werye for these
manufactured into good paper which print these
Wall street reports TO enlgien the community.
In opposition to this Of action, which have ind
Gated for the National Bank the country
Albany clique will themselves So also will the United
States Bank and the other banks Philadelphia But If
government and the moral part Of the public unite sup
port of this plan Of restoring specie paying system the ire
deemabe paper issues be crushed three months pre-
sent every thing is in confusion
While these state of eervescence tbs
SPECTATORS far and wide avang themselves issuing
kinds shin paste ridiculous paper currency Paper
for dollars half dollars, and quarters
tapster in town. the moment when specie and
change plenty. II also said tha, Morr
Canal Bank nen;s Heod the country with dollar
John Hsggery is director of this bank and probable th
| attempt will be made.
We advise all honest people in the
and every occasion all those ridiculous substitutes
taic The grocers traders and spectators
ing up all the silver they get sell premium issu
at the same time their own worthless upon deuded city
| GENERAL MARKETS.
New Yoax, May is.-Opcraons have been large today
auction Large sales Of wheat and groceries Nothing
| dry goods worth recording.
Cotton-The market very quet the past few da
Sales ofthe week ending today about 1000 bales