Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-26
I,376,7l5 16


made The impression has been that the banks
curtaing order be able specie payments
New York this idea has been nusrously circulated
other circumstances disposed to believe found
ed fact For fortnight after the suspension
ments the depreciation Of city paper only per cent
at time when the demand the greatest for expoaton
For fortnight past hs depreciation has per
cent Now the question nationally upwhy should pa
depreciate the influx of specie increased foreign
export had ackened II can evidently arise from only
reason-snd that is expansion Of their circulation
We see by the Boston Banks that week their crcua
ton increased, by their showing S25OOO although in
reality the real increase the oans 77i5 BY
an neenous mode which may be called suppresso rer
they would have the public believe circulation is in
creased only S25o0 whe in fact increase the in
Of loans
From this awkardy expressed statement are certain that
the Boston banks rapidly increasing their
no less satisfied that the banks Of city pursug the
policy by stealth The depreciation Of paper
eney the fact and the mystery the city,
gives strength 10 the suspicion
But this ALL The western Safety Fund banks have
agreed the proposed the city banks on which
large issue Of paper further be pecated by plan OF
action and from the course Of policy they have formerly
sued, additional hoed OF paper money will psuce
nued depreciation Of its value, compared with specie.
Under the idea OF making the paper all the sae
we shall have curious state ofthngs during the
and fall From every appearance the prices oevery Of
utility, will rise, valued paper money already the
effect OF these emissions begin to be developed prices
our markets Flour upmany other articles rising-no-
mnay however, while paper is rapidly depreciatng
bullion offices in Wall street
In Baltimore and Philadelphia state Of ,knrs ex
lists The city and country banks OF both places have
arranged their balances additional issue money
IN fact every speceso paper money beginning make
It's appearance. Baltimore the moned Of large
OF banks, and by these arrangements impetus may be
given to trade. So in Philadelphia which
large business extending Tennessee Ohio We have
already mentioned the organization paper money
exchange between Philadelphia and Nashville, the extreme
point Of the monied action of Philadelphia.
In Virginia" hard Virynia-he has not
only authorized the suspension OF specie payments but law
has already been ordered to third reading in the House Of
Delegates allowing issue OF and dollar bills
the amount Of sis6ooo On Wednesday ths proposition
rejected, "a 30 f7on Friday passed majority
Such the rapid change Of public opinion In the "Od Don
Mon In favor OF edeemabe paper currency small
notes.
In the southwestern the policy with slight yar-
alton, is adopted. New Orleans AID Mobile are the CEN
tres OF great business communities The destruction tie
large cotton houses and the suspension banks up all
their commercial connections with New York and England.
We learn that the principal
gagged in the export trade themselves
for believing that the banks and large dealers
in this city have been pursuing similar policy. The Mobile
New Orleans and New York hanks large exchange
gagenents make good in Europe and remittance Of
cotton enable them 70 meet their engagements although
the practice i contrary their charters
In another point OF view these shipments made from
south New York. by the banks OF
paper exchange SYSTEM and accordingly within last
week. bills Of the southern banks begin circulate here
like any bills OF exchange though enormous dis
count.
indications throughout country and the sngu
lar apparently anamolous every day dyeoppg
themselves. persuaded the hundred banks very re
neray in position make vas, issue OF paper mo-
ney The increasing variation paper and specie %
Gates mathematical certainty that such Is their pocy
This policy, however has been hep, mystery
prevent the public from taking legal steps check Of
conduct that will end IN fetal destruction reputation and
character Of the country For nearly month the city and
country banks o this have secretly
plan OF acor which large made The banks
make arrangements with themselves protect each Its in
eresbu they will negotiation with the public
Yetthc public have check upon The no bank
that IN solvent condition ought deprecaie than five
cent that being the average at law against
solvent bank The poor who holds sum less than
$50 cannot without dead loss, bot the real capitalist
who can pick 5000 Of bank twelve per cent discount
from specie recover Of the bank and make ESQ Before
the suspension the convebty coin OF paper money
demand was the only check ON ues-tha, check being
there remains nothing but the process law
the banks permit their to deprecis,e below five or
per cent they cheating the community and ought 10 be
| sued and put into cbsncery.
GENERAL MARKETS.
Ngw Yosx June "A, r. Midday throughout has been
very bad for business has sned by spes through the day.
Auc,i.s sales were much mpeded nothing importance
sch. Fair sales OF go so25 York inspecss
and sa5o % unexpected; sloso sio75 for Western;
an - m.