Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-06

.fNHl1 Xueo08yS
Little business done dsythe election Of Speaker
in Congies yesterday having occupied every tongue and
every mind Wall filed with animated groups
during the ofaing calculating chances for the
speakep The failure movements Of the money market de-
ponds mach the action of Congress- that capitalist
and every broker waiting anxiousy till development
be made Of It's actoa relative to the currency All sorts OF
hopes and fears expressed few days win dPel them 70
certain exenbut the general opinion is that nothing
will be done Of any special importance.
The position of things in this quarter unaltered Each
nanis ru ing with his past engagements, while new sat
ofmen rising up. slowly take the lead commercial al
fairs.
During the last agents Of the suspended
American houses of London have been endeavorng 70
collect and realize their assets this country We believe
Mr. Bates, Mr.. Melville Wilson and others have been
here and sl ia the country partner OF the mouse
OF the Bangs has taken his departure In reasng ihese as
the greatest difficulties encountered very doubts
full whether three London American houses VIII ever col
ect ten pcr cent OF their debts Ia this country Those who
brokea particular hurry TO reimburse IT,
knowing very well little hereafter 10 be expected from
that quarter contrary the Browns, Barngs Lzsrd
Morrison Cryder will be enabled realise large por
ton the debts them They will all be losers
less by the but from the fact Of tiumphanty riding
through the hurricane they will be able the tide Of
the food, and to "grow with its growth and
strengthen with its strength"
Al Of 1886, the capital engaged in the American
trade estimated in the aggregate 0O0 and their
engagements $50 Tee-fourr of these engage
IN the shaSe of open credits four month bills,
making in the of the aggregate OF
BY the revuson the credit has been entirely
oken up the capital employed in the American trade
duced less Hereafter foreign trade
will be contacted dfee, principles Importers here will
find dacut get credit in England than and
will doubt healthy aspect than II has been
exhibiting for couple of years past.
In relation banking affairs here there great deal Of
unnecessary ss and twade among the banks themselves
There has little excitement among these institutions,
whether they shall pay or per for the outstanding
balances which they may each other. This is very
small affair." and be easily settled.
What need there any bank paying any interest. They
compel the public take notes. and will neither pay pe
interest Can they each other in the same
way The ah is the banks acting in great confusion
disorder and is probable they will continue do till
they destroy every bit of reputation they possess.
In the time revolution goes slowly than
did convulsive gaps Of April and May But while
ufacure commerce. and the exchanges in this state OF
confusion the the basis OF all business was never in so
hourshing condition probable the wheat crops OF
manufactured OF this, thirds win be required
consumpon-he balance $40 will be export
coastwse foreign ports The country banks the best
of hem may realize payments, which 10 secure spt
Gle payments but one half of institutions generally
believed to be entirely without any real capital
great stagnatisn for the home
market South America and the West Indies the only Pu
that to for goods The
yuision (which has Southern States destroyed
e there Probably caames Of New Orleans and
that dmnution of $4,000 MORE
of the goods of the North The stopping Of the
cotton New Orleans the other Southern cities has
had therefore, peculiarly destructive reaction upon the
manufacturers OF New England.