Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-06

year or two before had been the bottom Of the roll
but had advanced EDWARDS by paper money and wild
speculation. They were not content 10 have emula-
ton in business they must also have emulation in per-
sonal and household expense. At last it became al
most necessary-ifa man wished to keep up his Gre
dit-tha he should live as lavishly as his nelghbor
Expense became sort OF test Of mans fortune, and
the result was that those who lettering Over the
precpice plunged deeper than ever in expense, TO
maintain the show Of wealth.
The Loxdon Times says
Some interest is felt in the city about the mode IN
which the considerable amount OF bills understood 10
be returned for non payment into the great cotton
state of Alabama will be dealt with there by the par
ties concerned The Legislature of that State it will
be remembered protected their banks by legislative
enactment against the resumption of specie payments
for term of three years absolute, unless during that
time the State Bank Of Mobile should find itself pre-
pared 10 dispense with this restriction, in which
event, by six moahs' notice given of their intention
10 redeem Their paper IN specie, all other banks were
bound 10 do the same, or close their doors 10 business
The paper of all these banks is of course at consde
rable discount in all the places Of ISSUE and much
more SO IN other states of the union, where ii has
never formed part OF the circulation and therefore
does not stand on par with the paper of banks local
ly known, and long the medium of business transac-
tons. There could be no difficulty as to the manner
IN which the returned bills would be taken up in the
absence of specie if probably would be offered, the
general practice of New York were followed. That
IS, to the amount Of the BILL with the expenses of
change and exchange, is added to the difference OF
the premium between specie to which the blholder
entitled, and the bank paper in which only he can
be, and is paid. 1t is stated that Of the Alabama
are likely TO dissent FROM this course, and
to insist upon specie, and that proceedings will be in
sued on occasions arising out of these transactions
against the Governor and Legislature Of the state,
who, it is contended, had no legal constitutional
right to supersede or suspend the action of bank
charters originally granted by themselves and on the
faith of whose PROVISIONS which render specie pay
mcnt OF notes obligatory on demand, commercial and
other persons resident in other parts of the unon
New York or New Orleans for example, have been
induced to act and have suffered damage in conse-
quence Such actions would be brought Of course in
the Supreme CeHrt of Justice of the Union, which
alone is empowered to take cognzance without ap-
peal of all suits between one state of the Union and
another, or between the inhabitants of enc state
against state ITSELF of which they not subjects
The suspension Of specie payments threatens indeed,
% provide employment for the lawyers both in the
state courts and those of the union. Some instances
nave been given heretofore Of this kind of litigation
By the papers last received from New York it aP-
,ears that one cause has been tried and decided |
against the banks. A Mr.. John Windt had obtained |
judgment in the state or city court of New York |
against the Commercial Bank for $685. upon their re-
usal TO pay the notes in specie. The cause, it is said
vas to be carried TO a higher tribunal. Thus with
powerful banking corporations, to whom law charges
ire no object individuals contend at serious disad
'antage.
LIvERpooL.-The Orpheus, Capt. BURsLEY, arrived
i this port from New York on Tuesday night, and has
rousht US American papers 10 the I'd of August In
mother column will be found cOpious account Of
he Cotton Market, from July 26 to the above date
contains some interesting information, and the
populations relative to the advantages which Eng
and may derive from Texas, a cotton producing and
consuming country, are entitled TO ser-
BUS considerations. 1t is clear that if the trade to
Texas be properly cultvated-and not 0rer-Pushed,
new and extensive market may there be opened for
he sale of our principal manufactures Besides If
what the Ne0 York Herald states be true, cotton
will probably be much cheaper in Texas than in
Savannah New Osleans, Augusta or Mo-
bile. Thus, England will have the double advantage
IF being able to purchase at lower rate than at |
present. and of having new market for the sale of
Ter own manufactures. Our fear Is, not that the en-
erprse of English traders will fail 10 take advantage
# this but that there may be upon il. THIS
ear is augmented by the knowledge that our com.
nercal relations with the United States were prima-
My embarrassed, nearly as much by English over
Iading, which created iHcauuon, as by American
over speculation, which evcntuated In dishonest bank
-uptcy. We remember, too what took place when
me trade to India was partially opened, by the modi
ication of the East India Charter, in 1912. There
was general rush to supply British manufactures,
which had previously been introduced by US through
he East India Company, and the result was, the
upply SO far exceeded the demand that-except such
argocs had been the very earliest in the market
he greater portion Of the goods so sent oat were an
d OF at less than the cost prices -Lrerpooi Mail,
Aug. 26
TnK Iron TaApE.-The demand for iron of all
descriptions made in this neighborhood has become
great 80 much so, that many Of
he makers have determined 10 clsse their order
looks AMI reject orders at any price. We understand
hat the stocks Of iron in dealers hands throughout
he empire are remarkably small, owing TO the ex-
,ectati,n that prices would still rccede The reaction
pon this important branch Of business has come 80
4 ddenly, that many persons conversant with the
rade have not been aware Of the advance Of prices
n time TO have their orders entered by the makers.
The nominal price of bars is IL per ton and Of No.
oundry pig-iron Al. los. on board at Newport.
Monmouth Merlin.
STATE OF TRADE.-MANcHxsrER.-T was a
cry good demand for yarn yesterday especially for
in advance Of about halfpenny per pound was very
generally obtained There was also fair demand for
.oods, and prices were firm, but without any change.
: Manchester Guardian.
BAcKBuRS.--We are unfeignedly glad TO perceive
hat the late distressing sagnaton in the staple trade
# this country seems TO be giving way TO more
ouragng state Of things. Intelligence from all parts
estify considerable and progressive improvement
The demand has sflate been comparatively brisk, and
FOODS, which month ago could hardly have been
soid at any price, have gone off telcraby well in
consequence OF this the weavers, who have suffered
bitterly have far better prospect; believe few
new cut OF employ; and il gratifying to learn that
heir employers have been enabled 10 increase their |
wages Altogether commercial indications are more |
healthy, and II the no pes of an abundant harvest be
ealzed and at present there every reason To think
hey well. we may lock forward to prosperous au-
Standard.