Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-21

ne ArruA with in host Il Safety Fund Bubble suppe1ers
busy employed, ese eag summer days. in hunting ar
Ynssts the honesty and integrity Of the clique banks
eheeray furnishing specie for the payment of the canal
debt preference the deposors blhoders. One of
reasons urged that promises made
and therefore ought be redeemed In
CON- How absurd Nay might add how biased the mnd
that could beake set such sabteruse There can be no
doubt as the honesty of the banks furnishing the specie re-
CURED They subject blame for this Their aut
mot redeenng their promises To the deposiors ana o
holders. Therein the crime which theyare guilty Atth
very moment the Manhattan deprvng OF $1,000
lawfully due him. and the Commercial eneeavorng TO escape
from the redemption fifty dollars of its bills held by another
citizen We further proof OF the quy Practsed
by these Mr. Croswei may argue as
he please lie do with the moral obligation they
under their deposors and blEolders Had they all
an honest would have dope when they could
pay all demands against hem they would hzve stopped
and wound M There difference between corporate
body, when perform the duties imposed by
law and citizen fails fulfil The conduct
othe Few York Legislature egalzing suspension
creating law only shows the raned condition
Of the public morals and public justice. And
press jusyng this act OF our authority equally
wicked and unprnciped.
In connection with this banking institutions Of
Yo-a conduct initiated by many States up
held by every pecuaor in Unonhe gene
raj Is to be equally blamed Formerly repaired
iaw establish what should and what
should not be received in payment of dues but days.
the administration of affairs has narrowed
convenient point that the xecutve Department takes upon
itself what shall be the circulating mediums
shall be taken for public dues We REFER now Treasury
drafts These shapaers part and portion Of the
system that looks the enjoyment of the sposno
how!
To exhibit in coors the enormty schemes
lating all law, right and justice, note this fact
Some time since, agent despatched this city, with
$4,000 of Treasury drafts being the quarters
salaries of certain high funconsy and his
clerks the whole was sold at profit Of per cent or LILO
dollars!
Such operation the new metun-a medium that is
intended benefit only Of Uncle Sam
Great taken pay these shndrafts
debts, except, probably, to some avorite creditor
Now what be thought OF nancies who thus fly into
the face Of honesty integrity and justice! The eaven
peades the whole body the party from the President down
TO the swest officer the clique in the State Governments
The public have little expect fiom their Governors,
when they suspension of Bank corporations and is
without warrant of law, circulating medium for the
payment Of their owa dear selves
While look these staring in the face,
light seems to be sPrngng up The movement of the Demo
they called by way of einence, will probably
bring about the establishment of National Bank Godknsws
want something end financial msrue and above
all he public currency which may serve, in
best possible the Interests of trade and the
finances Of the Union Whether shall attain Wishes
Congress show in September. If that body does
why, wait till the people their that's
ALL
At the Boad today, UHted Bank shares maintained
their stand ia From the general feeling manifested there
disposition wait the result OF suspensions in England
There large orders the market for specie at low
rates. Otherwise coin is dull today.
As proof that banking great evil note today
that the Morris Canal Company ssuing $40 bills payable
year hence and sesdng them to Louis for circulation BY
this the public put possession OF deprecated
currency which will produce gain the bank without
responding benefit the community. So is with all
banks.
Six O'CLOCK, p. M.
Al the second Board contnoed firm
The Of The still principally consists in
bullion During presen, month calculated that essoOos
have arrived from foreign from
the interior of country The foreien imports prncp
ally odebts West Indies s~d South America the
United States part OF it, also is brouR in by emigan
The bullion brougb,in,o Wall the interior OF
country from the boarding of many years One
counymaa from Rhnebck brought S0O0 old silver which
he had boarded during the last years lie exchanged
for paper the usual premium and invested the proceeds in
mortgage. The difference between specie paper
the OF bringing light quantities of boarded
coin
Ansher singular factis developed aFpea that portion
banks buying up specie with keir paper The
foreign exchange dealers have orders and low
prices They will not give than 6 TO per This
arises dmsutopof the foreign deht and
ledge large yet ready for
poaion The sound end solvent banks are therefore, begin
,ng seize the opportunity 20 lay in stock specie Since
The city bars have
specie, should Congress properly
rency, they will he ready specie payments
early day
The country banks, however, do follow this policy
Their STOCK of specie small and sbelcved 10 be diminish
ing. The gradual approximation OF the valueof bank
paper and Specie visible the whole country, from New
York New Orleans Those who boarded bolon, hud Il
their part with H. the premium BY
things the good banks will be able gradually enlarge be
specie basis, and pre- for early resumposor ta
point all honest institutions must hook
Z