Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-15
Monday, Aug. II. g p.

me confusion increases the money markein the exchaa-
saho In every operation of commerce Every thing is
sn lending downwar The fal which took place stocks
surns The first Board continued at the second sitting ana
M .ne street. during the whole day.
Ihee is general impression M n that the disnari,v he
spe. ana paper money will gradually, if rapidly,
c. 49, s Impression has gathered force and strength
si 'ne 'eseaon OF the policy of the general
II is generally calculated tina, tb,s ,o; ;, 49,;
ue OF all stocks 20 or so further before Decrm nv
~ " o'.oSe the amount of suspended bonds that will
aue W ne merchants, will have increased 10 fire mil
ons 81 dollars The new policy the government, vii, have
such an effect upon trade and currescv ne ., ,..,
froothirds of that amount if more.
IN the mean time the situation OF the particularly
OF 'he safety FUND oahK-oecomes more and CRITICAL
Yesterday the Manhattan Company the market az
purchaser Of specie, considerable amount The honl e
preparing, its courage does fail publish general
notice Of resumption Of specie payments before the eeno r
Congress The resumption will take place on their ccu.
ton only To provide for the aeposes Mr. White The cashier
under the advice of the directors and possibly members r
the cabnet-thc Hon. Amos Kendall (premer cuisine and
the Hon. b. +. Buerhas entered into negotiations with the
depeors that they shall make any drafts specie or
give checks The bank that may be used as such.
calculated also that the Bank Of America will able m
the principles, and at the time bank
is perfectly able to do so.
The Phenx has purchasing small silver change in
considerable quantities. which movement is believed 10
originated in purpose and Intended for the
suit.
The intention banks, by resuming is the GO
that entire separation from interpretations
called present crisis in their aars II and
other banks should resume, such qualified principles they
may able form nucleus which public conf
dence end entirely prevent the necessity of esong the
Gougc system managing the finances Of government IL
there be portion Of the banks OF this city, capable of
ming specie payments at sacrifice by expanding all
their profits their duty and their policy step forward at
once and that dignled stand The United States
Bank Notwithstanding all the hopes formed Of president,
and his general character for high talent has made
quae meet the emergency We persuaded-and have
been so from the commemorative the banks Of this city,
in May urged into suicidal measure of sussen
sion by their enemies, their ignorant friends
We will explain.
The panic which caused the run May greater
taan that which brought the crisis in July 1926 Similar
in 1924 and 95 caused similar or the currency
to that have experienced in 1856 and "a
the Bank of England had expanded the caused
general expansion of the foreign and trade The
exchanges turned against Engand-the bank in egh-
months dmnuton Of the specie from fI2 100000 10
E2cOe00C. curtalmen, ensued in England ii reacted
this country. Cotton ehe exchanges run against New
Yo-specie began be partially exported This caused
run banks What the consequence, Instead OF
acting under panic and In body, banks did IN lpS7
they conducted their business each hook The
panic always causes people to only particular banks
About dozen banks throughout country broke TO
pieces This satisfied the who operated upon by
panic. The good banks stood IL The panic subsidized in
weeks The export Of specie ceased after sending out
only OOooo-andth the bank credit substituted for
reign debt ill 1922 when exported s30oo0oo specie
without creating single furry in the market
When the panic began May last banks ught have
followed similar policy Each ought to have tout
halt dozen of the weak banks might and ought
shut and closed oreverbut the very closing dozen
or two rouldbave stayed the canor aud in days the
whole panic would have ceased entirely. Instead of such
bold decided STEP all the banks country in
moment Of terror suspended in body thus throwing
selves out of the pale of moral senmeno usce-and
Interchangeable equity The only remedy confidence
good banks do not the avowed policy Of the will
destroy them entirely.
Yesterday throughout the day several leading fnancers
were in consultation with the Hon. b. r. Butler who
town tomorrow morning. The great inquiry whether
"waS actually the intention Of the government separate
from the banking system altogether ~ Mr. Butler replied in
substance" It's The policy OF the fixed The
State banking broken reed There reason To
believe that individuals may not I've found safer repositories Of
the public funds than the banks Taee opinions known
In Wall street at early hsur, and probable that they
contributed depress stocks and add another pang the
pondency in the money market.