Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-16

unrestricted the again
gave way Some falling although paper stock oil the
States Bank half per The approach OF the
sailing OF the packets has Its usual effect the buon
Paper money deprecated again yesterday full u 10
City III u per auntSaety Fund 10
Eastern l4to lsSouhern 20 30but much Oh the iar u
saeable.
The transactions of the bullion market were considerable
probably $35ae0o will today in the packets one 10 are
and another Liverpool Since the fraudulent suspension OF
the 10th May by which the commercial character OF e cou
Try deraced il probable that about $Oo0oOO in bullion
has gone Europe this port oi ms nearly S8ooo are
believed shipped ON account OF the United states
ankthe rest by other institutions and exchange dealers
who had drawn Europe The most OF this sun-probaby
oneourth-waon French account the rest on English Some
of the bullion estimate the at " o0OO0 others
$1,000 place at medium amount as being the most
probable estimate
Tim. moves onw the liquidation the Europe
debt supposed have been originally the of
half our financial and commercial embarramen One fthe
principal engines which this debt contracted the
ion system pracsed by John Haggery Sons, and those
engaged line business By turning the
tables of the State find that the auction sales paid
by the Messrs Haggery in 1885 S938n 1885, the
n which the excessive mportaons made the duties
amounted S33l, being about six times increased in
year by single house in the line
The auction system persuaded, has been the most
efficient channel of huyng the crisis in this counryand
causing by direct and indirect such depression
domestic trade and manufactures On another day shall
fully into this subject connection with the the
banks American manufactures and other points of deep
and abiding interest the community.
By of this SYSTEM and the peculiar management by
the Messrs Haggerty and their associates the country
brought into debt during the last amount almost
equal slooooooo 1t generally supposed and has been
given that couple Of crops will be pay this
debt and pave the for restoration of specie payments
This view of the serious tallacy First
uaded that the country will clear off its foreign debt within
the year. before the be brought marketand
secondly do believe that fourth probably not
tenth OF the banks win ever resume specie payments
foreign debt. The the
year inconsdeabeduring the remaining months,
the imports will be less The gross Of imports for
oOo-probably half more, from Eng
During the present calculated that
these imports will be reduced wo-thrds least This reduc
ton of imports win leave large amount of our exports to be
placed foreign debt Suppose the debt due
abroad 10 be 100000 900
Exports for 1887 s60oo0,0ee
Post already RENTED, 100000
Bullion to be sent, 6ooOO00
Remittance OF bankruptcy, 6,0c0,cc0
Freights due Us, tOOo,OcO-SlOO,oOO,0OO
BY viii appear that the foreign debt be
paid during the present year, without application Of
crops its liquidation In January last exports
estimated $900o0000 but the revulson has caused
reduction of the value of these exports in the Euro
pean markets Our foreign fregh have however, increased
in value ia The time
The second point is the difficult liquidae and
rangete banks by which alone they can be
enabled specie payments How stands experience
Between 1914 and 1917 all the banks IN the
States except those of New England suspended specie
This explosion ny tue W
pendures of the Tho banks had advanced funds TO the
government TO of sixty eighty millions, in
change government securities Treasury notes. These
advances the suspension The banks received
these Treasury notes. per dscoan from their
close of the these advances were funded and
paid rapidly specie currency, its equivalent BY this
profitable operation the banks in those days. enabled TO
lay a specie and specie payments in 1877
with the banks in day. II exactly
Inen of the being indebted TO the
banks or furnishing with the rosump
ton the banks indebted to the general and state
Inens probably eco 000 But this not all
The the banks of immense Of value
less securities probably onehrd in protested commercial pc
per- There hundred banksber loans five hum
dred mllonstelr circulation hundred mlonsand their
specie fifteen millions few of the banks, that may
prudently conducted may be able resume, but
the great bulk viii and 1t is of of
sequence these institutions how good the next be-
for how and broken merchants get hold Of
property into value and pay their notes. Never
This therefore, Of the that the banks very gene
rally unabe relieve the community, and that their
per deprecatng day The advances made the
during the lat caused the embarrassment sfha
perodthe private extravaganza folly and Madness
Las, two years Of this me-and impossiby
banks ever resaning. They are dead and gone
GENERAL MARKETS
NEw YosK June 18th, r. M.-owing 10 the nclement
weather this forenoon, nearly all the public sales
postponed and sales private account Another
Improvement Hour has taken place Western held o2
and l006 odored very few sales This shows improvement
12t since yesterday Sales Of New York. and Southern
very limited TIE Of this owing 10 the smalqu
ty received down the rivers, and through the canals
Liverpool has aan rccedcd tne More has arrived than
was expected II il transient ships Liverpool coal i
held So sales 81 consequence Naval stores
cessiyey heavy. Cotton yery quiet We soce snle 81 100
lhs prime ctailsg Rico sugar At $500 $50, which
j. rather low price iof the .rice.
HAVANA june 5-The all to banks had suspended
specie payment the sale bills the United states
tcy impossible except sight and payable "a speee TO the
exclusion Of all paper money. On London, le y dong-ihe
present rate Il per premium IL produce transac
tons mlel-asssed quote al u, ~ II,
whites o Ia ~ browns AMI yelows H. Coffee, % p a.
10 qualities Rice 10 r. last sales: trst arrivals VIII % Wel
MArAszAs June I've have change notice in prices
&C Island produce We continue without arrivals OF rice AMI
the first that viii do WELLS upwards, would,
think be paid today; much however depends the sales
in Havana, for this and other articles of consumption
market regulated very much by that Lard plenty, and
worth " SIS.
Bosros Jane l2-Cassia-Saes by auction OF 1000
% H. C0fee-Salr BY auciiono go bags Bra
Flourtieneec earketsloly aud holders
hm To-Day there has been considerable inquiry and sales II
l00brls common brands NJ sloi2 and fancy at 1925 i0y7
Not much dong IN sonhern. GrainCorn l. sales
yellow fat ~ sluo white held at little above ST. Sales South
ern 81 rts LarSaes ~ auction zoo kegs Western
Liverpool per barb Woga, slG7 1890 bags do per ship
Daiman Les ld5 and SEQ hhts Liverpool nj 81
per hhd cash. suga-Scs 70 gocer ~ fair Havana
at ~ G., 4mo&
MosLr June D. r. M--Fiour-salc OF we,tern AZ sio a
$3.50 Freghts extremely au Ivcrool orr rates are