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

NOhOny, Oct -, u p. m.
The fall trade is rapidly drawing a close On Monday
Little is DONE and today less done than Stocks have
declined The amount of specie carried by the packets
yesterday generally estimated $4,000 Exchange closed
the prices which opened Friday last beiss
little advance on the rates by the previous packets
In short time shall expect October statement Of the
banks Returns from about half have reached
Albany, but the authorities take much
prepare hcm that half month generally eapses before they
are published portion of the banks in this city pung
themselves position specie payments early
day. Inaddtisn the Manhattan and the Trademarks,
learn that the Lafayette bank began yesterday
five dollar notes. If the other banks would follow the
practice, might be enabled, ina short time Danish the
vile shinplaster trash which floods the country.
All excitement and inqury among the commercial classes
rapidly sinking into uescence The session OF Congress
drawing close and the full Of its
already beginning to be realized Those however,
acknowledged all hands be temporary extending
not beyond amher year. Congress- and the Executive
Washington refuse provide any SYSTEM capable keep
ing the banks in their orbits calculated such
over issues and revusons have passed through late
decided majority exists in both houses Of against
National bank.
this refusal Of congress the United States bank of
Philadelphia placed in very commanding position and by
OF its immense capital credit both In this country
and in Europe regulate and affect the trade Of the
whole and particularly the foreign New fcrk
Already the bank under the magnificent management Of Mr.
Bdds has established agencies from London New Orleans
forming chain that may control the exchanges both foreign
and domestic in the American trade Of both countries Unless
plan devised capable rva.ng the United
States bank and the great skin Of Mr. Bdde Philadelphia will
become the monetary Of the whole American trade
and New York. with her mighty physical and artificial advsR
tages fall into the back ground.
These sentiments have the material
mercantile mind here for time past and the fual of
to monetary system Capable Of councrac
of the United Bank deal of
discussion In various quarters.
In the midst Of this confusion dsorgsnzaon several
eminent fnancers have devised plan Of founded
fNaxuV VAIL
supercede the necessity a National Bank, give
New York that control in which and
merits.
BY the Assessors Lists is aeeraned that the aggregate
value OF real estate houses in this city, amount 1887 e
sseoocooo OF this amount, there may por
ton encumberea with mortgages II is probable may stand
thus.-
proportion mortgaged, 4so0o,0Oo
Leaving unincumbered, Sl5ooeoOe0
Here therefore, solid capital Of &i50Oo0 o0o clear OF all
debt mortgage, which could be thrown fund.-
and made the basis Of paper currency equal
fifty millions OF dollars, redeenablc in specie, and issued in
dollar TO thousand dollar notes. joint stock
citation formed such capital could command much spe
Gle might be wanted that credit could be given its
small currency among the ocoeco Every real
heller In the city would find his interest become part
TO the extent of his unncumbered property Why BE-
he would be In the receipt Of his regular ren besides
the dividends Of at least 5per cent the property the
shape OF a basis to bank issues.
This ncep association would embrace all the
interests Of the city, and thereof would
confidence bank that established
In also, could be conducted
prncpeswth public statements every week OF ia cir
specie depose exchanges aud loans II the
secrecy which banks conducted that panics
rise. Take away all secrecy and you take swsy all paic
and give all confidence.
Such the plan which has been in agitation for several
months past among several Of eminent hnsnciers
There a favorable time 10 attempt It's
formation No other legislation required but the repeal Of
restraining law and the passage Of general banking law
autborsng issues Of paper real securities In New
York All the Of real estate in the ctya the ocoo
masess classes Of merchants and manufacturers, who
been crushed by the atrocous banks ready for
organization OF the currency The present banking yS
tenn Is rotten TO the They profess TO tave csptasasa
basis for uesbu from the practice Of oanng ont both CAPT
tai and credit the whole the shs Of douu commercial
and they are therefore, unable rcvulsisn, TO aaya
panic relieve the community. Not with real estate
bank, the plan have chaked out II would command
the highest confidence only Of this city, but Of the country
at large, and Of all Europe beyond see.
Messrs s. Jaudop, and james O. King Together win he
vile wilson, OF London passengers the George WASH
ipgton sailed this morning for Lverpoel
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