Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-11
Ni . \ r.. IA A IL X EFT.
Tuesday. july 1

~ - N
Tuesday, July II.
We have before highly important intelligence from
Engand-to the I'd June from London and the Sd from Liver
pool and disastrous,
peccd the early part Of the morning. the failure Of Me
Virgins Co., and also Of Messrs Wilson Co., of the
large American houses in London, reported Mers
We& had by former accounts already beenin the hands
Bank time looked upon gone
The intelligence received England couple of days
before TIE suspension of specie here and there
fore, bad possible be short of the finale
The effect of these markets and merchants
were limited We in Of complete apathywe
far down be, and can stir an additional
sensby Stocks however, declined and there was
considerable speculation in Wall the character OF
the
the of morning doubts thrown over
the reported failures of the Virgins and the Wilson's ap-
that letters had been received OF the latest dates from
London which failures mentioned. On the
contrary Liverpool letters confidently asserted the catas
trophe. Whatever doubt entertained but they
would CO. The Bank of England had withdrawn all aid from
hem and this circumstance OF itself would suspension
Up June these had their payments but
the trying time believed to be 9th of June At all events,
from them and other failures would not fall much
the United States England Few kills of exchange
New York England after the 10th March, and all
that due paid, protested returned The bills
Manchester the London houses would principally
action that oftme 1t is further said that
Virgins which has been largely connected with
the shipping merchants would not bring that class
of creditors in for much as expected.
Another remark has been made After the SUSPENSION the
London packet sailed the 18th, with the very Of
and little specie On the l6h the Liverpool packet
sailed with large amounts of specie for the various strong
houses the Messrs Browns the Barngs the Lzard
Morrison Cryder Should the London packet of the
10Th arrive before the Liverpool Of the i6 the excitement in
London and Liverpool would be intense The Of
banks the general suspension, and the deep gloom from this
country might communicate similar sentiments the public
and mercantile mind of England Ii it possible there
might be considerable panic hut certainly not enough
decided approximations G the Bank OF England The
the Liverpool packet OF the 10th would arrive, relief
shape large remiiances specie would be received
This believe, accurate view Of the state of affairs
gathered from tie many and various statements
mers and surmises, before
conceive therefore, that the of the foreign
or nearly connected with importing trade has been
received We have dread from conduct here
after, than any reaction from abroad.
This day. arrangement between the city and country
safety banks goes operation and many the
misses and differences respecting conduct and
policy Of the banks attract the general attention Of the
community. We fully the sea-we famliarzed
with poson-panc and excitement have ceased-and
look around cooy in order reconstruct ed
fee and catch again the ireshenng breeze
the Developments and dong throughout the country
there portion the banks able and willing specie
payments-anoher portion somewhat doubtful In this city,
the little banks throwing large quantities of paper
the large banks instead Of their bills the
such banks From variety of satisfied the
Commercial Bank rapidly extending It's issues in all direc
ons and its associated banks begin feel uneasy about its
bills, and therefore get rid Of them possible.
The public ought to have periodical Of the
Of each bank and the whole hu1ded up heap.
Nothing will satisfy the public mind but the publicity,
specie payments On this subject, following
extract from the Georgia Chronicle" is sound =
REsUMpTos SPECIE PAYMEsTs. We direct the attention
readers the bulletin OF the New York Herald
day evening last IL contains intelligence Of highly mper
the United states BANK about to specie be
incorrect He states that at the time the United States Bank
lsusp m IDpeo
specie init vaults and millions OF crcnaton and that
last OF june had reduced circulation five millions
and increased its specie three and halt millions BY law
Of the state Of Pennsylvania Of long standing I'VE believe is
instead OF clause in thee charter stated by the erad)
any bank in the State suspesds specie payments for longer
The Legislature which body in is discretion snnll The
banks IN New York suspended the 10Th May,
days will expired by the 10Th Of August From
e lie r Ts "a @ a. Rare essd from
specie payments by about the hr Of August Whether
rendered probable by the facts upon which based That
Mr. Bddle should have decreased his circulation
comprehension But The Editor Of the Herald has been se
all the banks and especially upon the listed States
Bank for suspendng that We have but little doub, that the fact
Nut adpng statement TO be true and his conclusion c.r
suppose The United Bank resumes what
AL ons banks %G' follow the example, p"S
VIII oe s.enea win any very disastrous consequence Inc
resumption specie payments won Rde uS far to conf
denes entirely Failures have who have already
who are yet in debt but thus wesbercd the storm,
commence OF their
TACT That since The suspension, than looo bales OF cotton
nave peen shipped TO Europe and we are o INC onon tbat
bou ana manly resumption Of specie payments b every sol
vent bank IN the Union, sustained by e OF Conge
which meets In September would restore confidence and bus
ness and the shipment OF very large amounts OF specie
10 pay on our foreign debt This step would indicate TO Tor
egnerS the existence OF proper commence IN ourselves ana
create corresponding confidence ~ them moi only 1.-THE Jss
tice of Intentions but in the extent Of our ability
OF may mistaken ~ the opinions we have ex
presse-we give them only for what they WORTH but %
thing very well assured that the banks Of Georgia
whenever the other banks Of the
Atlantic states resume The bare fact Of specie
payments would destroy demand for all purposes exception
shipment, So be converted into specie the
latter loses its value and nobody H. bank bills
being equally good and much more convenient
GENERAL MARKETS.
New YoRK, July TO- r. M-Business today has been rather
dull few goods were disposed Of ut auction The
from Liverpool to the 3rd Of Junee cotton market
that had been In good condionthcugh the 2nd the
market closed rather heavy The -four market in this city
without change since and receipts very
light
Auction salss-@ bids New Orleans Mossses al IN 33c
bags Lagurs coffee osc DC bags Rio coffee 81 %; p
cluster raiins 10 aoc 25 boxes bunch do 81
o2t 80 half do do. de- at So 5ec; 200 DC; 81
casesdo 7iasc boxes pine apple cheese 4 81 cases