The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-04-21

the several banks who agree 10 undertake the DUTY
Of discounts II our several Banks, on each discount
dav 10 ten Der cent above the income on such day
until the increase shall amount TO ten per cent OF the
present line of bills aRd notes dlscOunted-excepnng
where the charter OF any Bank VIII not aow Oh the
engagements of the discounts
That i'm order to secure the continuance OF conn
dence each Bank agrees to furnish through us rIesi
dent weekly statement OF its condition ana OF the
operations during the week in discounts ana exchahgs
such statements 10 be submitted to a meeting OF the
Presidents to assemble every Sunday morning al
o'clock at the Union Bank, to devise proper modes OF
action TO the Banks and more fully to KNOW lner re-
spechvc condition. u BURKE, OhanH'a
BY the Express Mail yesterday, we have New fork
dates to the 3rd The accounts appear to be some
what contradictory as to the state of the money mar
ket in that city. The New York American states
that it was easer-that negotiations were more prac
hcable and confidence increasing But the Hsfaiu
docs not corrobate in full this pleasing intelligence.
We rather inclined to be scepucal and suffer our
fears to get the better of wishes The measures
of relief that have been adopted are limited IN iher
operations, and necessarily public confidence VIII De
restored only gradually. There will still be failures,
and this should not alarm the public, as the very
houses which may be compelled to stop payment by
the arrangement of credit, are competent to meet all
their engagements. Courage and self-coniidence are
virtues particularly essential at this moment-Bee.
New ORLEANS, April 49, The accounts from the
northern cities brought by yesterday sexPress repre-
sent the state of affairs still very BAD notWlth-
standing the measures adopted by the banks THESE
measures is believed by some OF the papers, can
only afford temporary relief and will only put on 70
later period difficulties and disasters which are GER
tain to occur.
The New York Herald proposes that a bank of
fifty millions shall be Immediately established by the
legislature Of New York. TO regulate the exchanges
at home, and to take the place Of individual credit IN
foreign exchanges. We doubt however whether
project of this kind would succeed There would be
much difficulty in the first place in selling the Stock
even with the faith of the state pledged Tor Its secl
ty and If sold we cannot perceive what advantage the
institution would have those already established
The very fact of the bank being new one and un-
tried, would operate against It at home ana proDaoiy
abroad as an agent suited to the existing emparass
menIs and without the most entire confidence IN It's
ability TO accomplish all for which it was created,
but little could be accomplished.
we have banks enough now if the faith OF the
community in them will only remain mistaken, 10
extricae gradually from the pressure which Is al
present Observation-Disclosures
TaE TlMEs-We do not reccollec period IN
which the commercial horizon Of our country was SO
threatening bankruptcies, failures, and suspensions
of payments, like the mighty Mississippi when she
bursts her embank menis spreading rum and dessoia-
ton every where. 1t behoyes our citizens TO meet
the pressure in a becoming manner. To be alarmed
and quietly submit without an effort, won be GRIMM
al; while mutual forbearance and spirit OF accom-
modaoR and confidence will restore business, and
prevent the evils which contrary course would m
eviably bring about.
The depreciation IN the price OF our great staple,
cotton, is chiefly owing 10 the want OF confidence
which pervades The business men IN this country and
Europe reaction for the better must take place;
for come what may men will dress well this year
as last and the manufacturers, consequently, pro-
duce as much goods. We would therefore, impress
on the minds of the planter, the merchant, the me-
chanc and in fine all classes the lmpeous necessity
of cohdsnce and union; that is all that - wanting
Courier.
EXTRA SESSION OF THE STATE LEGisLATuRE.-The
arrangement of the currency, and the total prostra
ton OF public credit call loudly for some adequate
means Of relief. There is no blinking the question Of
distress and the concomitant evils which shed their
baneful influence over the land, the result Of over
trading and the facility with which money has been
obtained from our Banking institutions. All the
modes that have been prescribed TO avert the danger
which menace commercial credit are but partial re-
mcdles, incapable Of afiordng tha, permanent relief
which tho maady demands. The Crisis would JUS
tify some legislative action, and we know Of nothing
that would be better calculated TO restore confidence
and provide for the emergency, Than convocatlon OF
the State Legislature. The enlightened and combined
wisdom OF that body would suggest some plan which
would meet public wants and restore The equilibrium
of trade. We trust that our governor will act with
promutude, in responding 10 what we believe to be
the general wishes of the community and that at an
early day our embarrassments shall be submitted to
the representatives OF the people, for their consdera
Ilon and adylsemcnt-fbtd.
NOZZLE, April a.
GOEsIp.-l mere is ruHlOT tOWN lot tiie 4Ds-
spers 70 feast upon. Ii Bennett, of the New York
Herald, were here, how fat the fellow would grow.
We may yet work up article after hlsfashion The
materials are rich and rare-Hercantue Adr.
IA private latter tells us what this gossip is An
exchange broker, whose name we have, committed
an act Of affection poor, but Of course pretty
Irish orphan girl, all orphans pretty, whilst her
master and mistress were al the theatre. He was
afterwards blockaded in his Office, and his meals
were daily sent to him, the gentleman from Mont
gon.ry whose family the girl resided in threatened
TO main him the memen he caught him. II is said
the broker is agent for a house in this city.
There is no business, which may be called busi-
ness transacted in market There is little trade 10 be
seen going on here and there butt is mournful even
TO look upon that, as It leads 10 comparisons Where
-tenths of the merchants of c, which until
Gently ourshed and prospcred beyond all others of
lis population, have suspended payment il is enough
despond the soutest hearts. But there is one CLEAN
of consolation after all We can scarcely sec worse
times for money, and If fairly al the bottom of
the wheel, it may turn, and may 20 up. But our
friends abroad may rely upon have tight times
here.
CoTToN-The article is almost too fat to be writ
ten about. The extreme highest price now may be
set down l3 We report tho sale of 70 bales
day. Ii the first quality cotton in market, and
brought IL 12t cts. Yesterday, we reported the
sale OF 800 bales at l0t There 10 no inquiry no
interest scarcely since tho recep, of the last news from
\ a.