Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-11

Friday, Nov. H, p. NJ.
The situation Of the money market remains unsltered
Stocks generally today advanced hade-ore especially the
United STATES Bank though temper Of moaed peo
PIE Improved the Of the market is The
rom the interior indicate political revolution
state. Inc effect OF these financial will
ncaeuable The whole banking interest has found
with The Wing party order preserve present system
intact
The exchanges same sluggish condition that thew
have presented TOR the last fortnight Several private aers
IN domestic exchanges are now making collections the
at rates lower the banks do This arises from the Quality
OF cotton which reaches this city, its to Europe and
the general reconstruction of basis LEFT 10 dig IFS wav
opened by the revuson.
In relation the Bank Convention movements are nan
and Important The banks of Georgia have held meeting
and appointed delegation of three the convention OF
New York on tie 9Th of this mo- tn.
we conceive this to be direct blow to the of
south Carolina relative to the pn of making Charleston the
entrp0t of the south The Georgia banks that they
are perfectly competent specie payments soon
as New York gives the signal They designate LIST or
next June as the proper time for such The
OF South Carolina hang back is of consequence how
We should be surprised that the
banks of Msbe and New Orleans should delegates
to New York. orer to the plans and views of the whole
country on the general affairs of the currency
west We have yet heard of movement there is 40 rea
sonabe doubt OF the Ohio and Michigan accepting the
invitation and joining New York.
twill be therefore, that all the Atlantic
seaboad, except these of South Carolina
are rapidly coming to the conclusion join Convention
and to make vigorous snd concerted effort
rency from its degraded condition
WI" respect the deep points Of interest that will be-
lore THIS Convention only hear of conjecures
mses the delegates from each section and shoad
bring with them statistical the value of srs
perry real and persona-he produce Of the eistbe
domestic imports and exports-embracng OF ten wears
past the mind would be able accurate conclusions on
tie amount OF paper currency the requires my
signated period.
healthy currency certain ratio u tie trade
property and prices OF Commercial circle of This
country is divided into geographical sections
states These divisions artificial arbitrary, and some
times absurd In respect trade and industry
It's several OF motion different distinct Boston
the centre OF large circle of acten acng congu
country that make their paper money redeenabe there
New York the Of larger circle reachag far
Buffalo besides being the general Union
Philadelphia Baltimore Richmond Charleston Savannah ard
other cities the centres Of their several districts
their local currencies ia ratio to the trade Phladephs
like New York, in Ct United States Bank,
and the superior financial talents of Mr. Biddle forms de-
nestle and foreign Of action, which revove
the local currency bills OF exchange and other bills credit
Now il very plain that all these different circles of action
be arranged formed one great pablo
purposes, just well Boston head quarters OF
the currency New York of The Safety sys-
TEN.
Atthis arrangement exists among the banks Of
this Sa,e by which the issued Buffalo are receivable
mere az oui phs III payment OF ueoe In point oil Time the
distance of the Buffalo banks from New York greater than
of the banks Savannah Portland What ste prevent The
New York banks and those of Pornd to devise
arrangement produce result equivalent in pub
lie convenience that existing New York and
Buff To- We conceive all these subjects highly important 10
be delberated AMI discussed the The great
evils TO be avoided in future expansions and
At this moment have PROFESSIONALLY many banks
the Of trade. More will not be required sup
ply currency for yeasto come. Indeed question
whethe existence nuisances.
which ought to be ,hut by the coercive
solvent banks The point be ascertancd guam
ty ofcurency to transact give quantity
ascertain the proper ratios between currency pro-
perry prices imports and exports An axiom has obtained
footing that currency should stand pre- perry Of
State. We conceive that this ratio is merely artificial
arb ary Iii the steadne Of the ratio whatever that
gives equal action to the commercial machne-and five
eadncss of speculation prevent
rcvul,ion, and save may from ruin and beggary.