Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-03
N Ss:s MAR X Il X.
Monday, Oct. 2, O p. NJ.

The final passage Of The bin delay the payment Of the
Fourth the Isl Of Jannary 1882 has produced
very sautsry ecl mercantile confidence ana me move
ents or money market The operation oil this act VII be
decidedly in favor c the Atlantic STATES, anil particularly OF
New York.
1t appears BY The Report Ike Treasury mae AT the com
of the present that on TIE ath OF August
ire aggregate deposes Of public money all the various s.
vernmen banks amounted 10 sl9259gi6. OF this
there :942o64, suhec dra, and intended for the
payment OF the Fourth testament. Tire greater portion e
probably Sc 600 ooe i deposited ~ The banks OF Lou
saIs Mississippi, Alabama, Ohio, Indiana, Illinois, and Nj
chgaa.
Now happens thar the requires this large
expenditures ID the Atlantic States Tie daily,
weekly monthly nccfuinc IN The and south
States qaite sufficient for al government expendi-
that quarter The Of pablo deposes laying
in those distant regions w FOR the first time, since the
saions pubic lands and issue Of the famous pece crcu
lar be moved from east FROM the Mississippi 10 The Allan
&c States.
e process o sorise The eqarus OF The publc ronies
the speculaons public lzrd in 1885 and '36,
continued by the specie circular, will begin at
period Che year These hanks have
quite suspended specie their stock Of specie
towards the Atlantic, 70 deray the expeDd
OF the government here. The crops 10
ket in al directions and thus the clemens hohot com
and the seasons mite give facility the
transferring their funds from The point where hey
Wansd 10 the point where they
The of 100000 from the viii soon be
ls all the reaoas of business hcreior an balances tend
New Yok From this condion tie crops and ba k o
me west probable that any pressure difficulty
viii produced by The transfer. Indeed, looking
ground, probable that le banks
isI The whole smount, whoatsosin isgle Soar Of their
specie, curtalng 800 of their paper circulation. This
operaos be Effected through ne medium q the cotton
cops oi he southwestern states and The OF the
rortn-western.
We win see however, in few weeks bow the Secretary Of
Treasury and the government banks ofhe west will con-
.uc operation. There difficulty about il whatever
ak,H .x .s.fIs tp
rereyen the Of Treasury We should he dpo
believe that this bl will passhu nay be mistaken
The issue OF to bearing interest," would be-
gLy beneficial to foreign commercial interests u would
foreign trade, and take away fro the
every delay specie payments 1t is feared
hovese The whole banking interest Of the
pyes the They do not like rival IN the
6el soga paper medium better and negotiable than
The close monopoly which he banks have IS ong
joyed paper money, be given up
without hard srsgge Toe 4. States Bank and the leading
hanks here, that deal in ose ign anu domestic exchanges,
al opposed 10 tie isue OF these Treasury
The other in Congress II minor character
cept treasury scheme, which a ,ub the whale.
Since the closing Of the freCn exchanges specie has been
dali though much exyeced There constant
dand for small amount or h~ benct Of the country and
city BANKS For days The banks have been in the specie
sarse, making purchases Tbs believed been pro
duced BY The Intention specie payments early
day.
certain pubs opinion got longer brook the dis
bosored and disreputahie cordi,on Il ise banks.
calculated that The suspension ~ srece
he merchants aud importers ba,e ciped sIocooceo, al
east specie. claaon ~ their foreign debts. This pe
has been purchased premium varyng from IL
per eent--perhaps fair average would se per cent
Here then x0oo.oc which The interest has
paid, order TO 10 enabled pay bei, debts benorably
Nov sppb the rule e honesty the bank
aly merchant should pay premium of per
enable h 20 pay hs d'tts ard TIA, the banks
ecapeY Take tbs alore o. The lth oMay banks
eve people Of this state $4,000 that beng aoun,
tier circulation Whats the reason that the banks houd
re souutled 70 make good their engagements the Pc.
pls Nhs they the merchants honorasy % Their
forcca cdsvss Tsere i injustice ia any such distinction.
1885, 1885, the bank. fcsbed the merchants Of 600
and since the Ih Of May they have
IN sdaes ploneea them Of nearly siccoceo more, Ny sus
pending specie payments and causing the rise Of specie Th
unIust vyssem tuphtto he putdown.