Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-22
~ OIL e Y MA n X II II.
Tuesdav. August ~, D p. M.

rotnnS ~ occn uOlug
There seems 70 be general all round People are
waiting and wondering for the Of Congressome ex-
pectng this measaresome that measureand some
all BY general the letters Of General
Jackson the inances being kick Of
expiring faction
The money market and stock exchange counne
state ever Specks activity shew themselves
days time but general health such as il will
be this years. expected for three weeks come.
The statements made by the banks continue be
subject strict analysis and examination The singular contra
dcon of anincrease OF city circulation, and decrease
loans understood the closer examined
This radicory phenomenon in our monetary Affairs is
the legitimate results the suspension law The aggre
gate the whole State banking conaderacy
increased during the month OF July There is
ponoing increase oosn but from the working of the susper
sion law loans made the while city banks
TAIL The by ch the country banks agreed TO
pay all balances after certain periods Of
ue causes the city INKS prefer retaining country bank
paper to the business of dscsunng merchants By this
cuous operation the -four and wheat spectators of western
New York. furnished of driving their bus
ness by the banks of this city.
The process simple and easily explained.
since the of specie payments took place. about
so OF country safety fund bank paper has been received
by the banks ct this city at and depsse This
in small parcels, is ret enable the period varying
from rs days. But the that period the country
banks do choose rede it, they are authorised by
the Suspension Law and its affiliated arrangements
the balances remain here paying per interest
creditor banks The country banks find to their
interest They, indeed, pay per cent but they charger
per interest from their customers, besides
10 per in exchange they thus enabled divide
profits with the city banks.
may be recoleced readers that the time the Sus
pension Law passed. predicted exactly an accumula
on ofcounry in the city banks expert
enced We doubted tn whether it would so fast
has done-but the result The probability too is
that during the present and months this will
be much greater in the city banks, and equal ratio will
merchants have their discounts curtaled country
spectators theirs extended.
Wedoub however, whether the present arrang emen pro-
duced by the Infamous Suspension Law, stand
month The indignation of mercantile circles against
conduct Of the banks Is growing every day. The whole
the accumulation Of country bank pa
per- in thu Of loan the -four specua-
Of the West produces of rapacity and avarce
the banks and their conderates which leads them fur
Their than from returning sound principles and esumng
specie We learn that spectators Albany,
Utica Rochester and Buffalo, engaged in these projects
and that the Bank Commissioners acquainted with their
works. but shut their pretty Of Bank Commission
ers truly.
During last days specie began creep up Trea
sury have also advanced today This
from the continued demand for exportaon which active
In the London Packet Westminster which sailed
day. about $23OOOo in specie, exported Since
pension is calculated that have exported from all parts
Of the United States in payment of foreign engagements
folows:-
s pS ON !. Se% s,. xqT asr,. sSsss
Aggregate Of Specie exported, 100000
Cotton, I5,OOO,OOO
Other products, 100000
Foreign goods returned, 100000
Aggregate of exports since May 1, &S5,0C00O
Underths of things is curious the specie still
going by every vessel Europe Our foreign indebtedness
must be much reduced. This fact leads the belief
that much of the specie going forward pay goods
purchased suitable for markets Such also learn
direct quarters This species OF business like
exporting Of specie om Europe invest cotton
rey the prosraton OF foreign exchanges and
failure Of nearly all those houses engaged in that business
ethng like similar effect has been produced
domestic exchanges New York New Orleans
the Atlantic and the Western states Specie in small
continually arriving here, and at the other seaboard
from the The specie circular is length ef
fecusy repealed and with all the power Of the govern
| ment in disturbing further the exchanges
While the OF the country, foreign and domestic
adjusting itself the state of things the specua.
tors quite busy throwing all Of edeeabe paper
money Phadephas the head quarters OF this bad business
but distant States coming into the field The
Ran Bank Michigan OF those rotten that
,emp,s TO palm its one dollar upon this community Let
the people look out