South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1837-04-08
From the Bait. Chron. Of Monday last.
MONEY AFFAIRS IN NEW YORK.

The letters Of our correspondent given be-
low, and the extracts from the papers, will
serve to show the state Of money affairs, in
the commercial capitol of the Union. Mr.
BIDDLE's interposition had produced very
good effect, but it is, very justly, regarded as
only temporary alienation of disease
which lies too deep for aught, but the all Gu
ratiye hand oftime
Correspondence ofthe Baltimore Chronicle
New YoRK, March 81.
After my letter went off yesterday,
the Banks agreed to discount a million
anda half of dollars, as means ofreliev-
! ing in some degree the present enor-
nous pressure in the money market.
1t is to be hoped that this, with the aid
extended by Mr.. Biddle may be pro-
dactive efpermanent beneficial effects.
A fortnight more, and we may have
passed the crisis. At present things
are as bad as they can well be. Several
houses stopped to-day, and among
them not few Of the most important in
the city.--This is not to be wondered
at by one who is an observer of things
as they pass around him, in this panic
stricken metropolis.
For instance: man holds an accep-
ted draft for thousand dollars on a
bank in Wall street; payable thirty
days from date, the time half expir-.
ed. For this he wants the cash, which
he cannot this day obtain in New York
eta less discount than eve to seven per
I cent for The fifteen daysi
Again: merchant here receives
from Louisville, Kentucky, fifteen notes
of one hundred dollars each, of the first
Bank in that city, in payment for dues.
He wishes to obtain cash for them
here, end is obliged to pay seven per
cent for having them discounted in
Wall street.
Once more, Richmond, Va. Bank
notes cannot be exchanged here short
OF FIVE per cent this very day.
All this time the wiseacres Of Alba
ny, who make laws for this State, are.
enacting the most solemn absurdities
III relation to money matters. They
are prohibiting bank notes of a certain
amount from. circulating in the State, x
although there are many banks in the
neighboring states whose bills bear
less discount in this city than many
of the New York State notes.
/. The. crusade against small notes and
the consequent use of specie have ten
ded to draw from this the proper chan
mel for specie to flow in, the true basis
of bank accommodations, which cannot
now be extended. And all this, and
all these to carry out the mad expert
ment of a doting old man, and his syc-
ophantic followers.
But New York is preparing to speak,
trumpet tongued, to the latter, at her
spring elections and that voice will be
strong and loud and distinct enough,
methinks, to drown the retreating cries
of the doting old tyrant, as they come
fearfully to the ears of the new occu-
pant of the white house, in favor of
continuance Of this abominable lex
pertinent.
The state ofthings to-day has not ma
terially altered, in most respects, from
what twas yesterday.--A better feel
| ing however seems to exist in the city,
and there is evidence that partial res
!, toration of confidence has commenced.
This will probably increase.
Stocks, to-day, were little on the
advance. u. S. one per cent more
than yesterday.
The packets for this week are de-
tanned till next by the request of the
merchants.
/ From tie ". Y. Commercial, .4p,I l.
/ SATURDAY, 3 P. M.
WALL SrREEr.--I'he clouds in the
sky, and in the money market, are par
tally clearing away to-day. The ar
engagements of Thursday are in due
and rapid course of execution, & there
I are more smiles and fewer long faces in
\ Wall street than for fortnight past.
The general impression seems to be,
sthat the severest pinch is over, and that
prudence, duty tempered with prompt
stitude and hberality in meeting such
s.exigencies as may yet arise, win carry
l'us all safely through the troubles ofthe
.stimes, and establish Our commercial
prosperity on stable footing. Let but