Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-09

nePot OF the Secretary received
early % morning The general views, revealed BY this dosu
men In detal relative banks aud the currency are,
possible, more "loco6oco"that the werdthan those
Of the Message.
The Secretary into full and minute analysis Of the
scheme he has devised for conducting
without the the banks In any shape what
ever We do not knew that necessary follow his foot
steps, for according to appearances Congress will
thorize the plan.
The development which elaborate Report makes Of the
public finances presents deplorabe Flemsh account The
condition of the easury is as follows
1897
R Rssspe for the first Six sssss
Do Do a 90: do ao d mamas .onrc.. sses7s I
Estimate for the next SIX months, 95Ooooo
Revenue for 1887, s2e,875,582
will be observed, however, that the for the last
months based the belief that the suspended are
all paid up. II Congress should extend the time beyond
the year. for any specific amouR which probable aggre
gate win that extent highly probable
therefore, Congress may extend the suspended bonds for
another period of time the amount of SOooo If such
should be the case average of the year viii be
Expenditures for the past six months, sls7ss,ss4
Estimate tor next, l6OOO,OOO
Deficiency for the year 1887, 6,o5sy3o2
TO meet this deficiency and ether contingencies it propo
SEQ 10 withhold e fourth nsament Of the surplus revenue
amounting 80 24or failing in that 10 have the authors
~ to issue $OOeOOOo in Treasury appears that
the amount LIST
TO and that bonds to the Of 81 100000
been pat in suit, making in all s5,OOe,o00
The Secretary proposes organize extension into spe
cies of warehousng system, suitable meet all
On the subject Of the surplus revenue Secretary full
appears that of the third nstalmen due the July last
about 81 remains in the Treasury undrawn for by
The United States Bc INK has dealing in these
them large quantities. and then
making demand upon the depose banks the specie il
not possible that this very operation may have been the origin
panic in May and the suspension of
specie payments by the depose banks! If
those banks get rid of their engagements with the Treasury
they be able specie atonce
ganze exchanges without any action of Congress The
following extract isimporan
affords undersigned pleasure add that from the
completion of their selection after the depose passed.
the last before e M great @ in
place. and in several cases. much larger portion OF specie
public money paid thy them betweenlas Noven-
Der and May amounting TO near twenty millions than
bic 70 their prudence aby specie
culation, instead of increasing fell from forty
thirty seven millions
continued 10 be almost as large il May in Novem5e Il
% e @
relative quantity held by all The England at the
ni the an OF T an
compared with their immediate Liabilities were somewhat
nearly 81 greater than the usual ratio the best times
Of NEST banks which have large amount OF deposes pos
In this condition of things suspension specie payments
by the deposite banks was an event not generally anc
pated. -
early discharge Of their engagement: The Treasury,
and TO the resumption Of specie Many have gradu
oSsr much Of the public depotes Since the Of he
Is wG sssn p" asoo
s6 while their specie has diminished less than p 100000 or
ten eleven are 10 have paid over ali
the public money which possession TO the cre
oher The aggregate " REMAINS
@ % @ to s s %e
time, for meeting the public necessities that. according
naming unpaid in all OF them was only Sl24l8,04.
and other views and reasonngs
pressed in Report highly probably that late Bank
Circular recommending early resumption Of specie pay
ments originated with the Treasury department. ny first
oDecember January If not have heard stated
tatthe Treasury Banks to specie payments in
order to prevent Congress from adopting Su-Treaury
scheme of conducting the finances
Secretary touches other points, which we
shall throw light upon hereafter.
In the meantime, the general aspect Of things wang-
teu throw gloom stocks and The money mar.
The probability is that the exchanges will be here
after recognised under authority Next winter great
effort will be made the legislature open whole bank
ing business under general law From the indications Of pub
lie opinion this of policy may Commerce
currency exchanges may therefore, be compelled here
AFTER system and begin, de nopo individual
association. But every thing, yet, is in confusion.
Specie is coming and going usual About 5000 600 went
TO Europe SS3 received here from Crox to-
day. In the Treasury Report have the official export
IMPORT specie between the 18th Of May and LIST September
II is asfolows:
Amoun, of specie exported May Is to sep. Ss7oe $40
do do imported do do $4,000
Difference, S563320
It's highly probable however, that larger have
been both exported and imported than these doc.
ments. The whole export is calculated s6OoooOo 1t
very evident that only millions of specie
absolutely exported thus verifying previous
These experts known not to have been in pay
Of foreign debtony the dividends Amer
can s,ocr in Furope