Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-12-06
n @ n Il Y n a n x - r.
Tuesday, Dee. B, 9 r. M.

There decided determination In Wall street, among
large portion monied interest," to specie pay
independent Of the action Of other cities and s.teS
Deep and equeat consultations taking place among the
sAnsncers, Mr.. Gsan backed by large influence, will
probably carry the day in mercantile homer and
seund financial science. The proceedings motives votes
and purposes OF the Bank Convention coming su and
the they examined eak and inconelusve
they appear be. the New York banks do not move in
the resumption throw all the preparations they
lave been making for the last six months But is probable
that public steps will soon be taken in favor OF this Pc
hey.
orderts resumption and lay the ground work for
the usre various be brought before
the next legislature. state baHk-a state oan-or tae
repeal of law against the issuing Of small notes. all On
the carpet The issue OF State Loan believed however,
20 be most available proposed the should issue
of five per redeemabe in twenty years. for IA
amount equal $2 oOos0o even $2Oo0oooo With this
stock in the hands of banks there would be no diff
Guilty usng the foreign debt and domestic balances as
10 nj the exchanges rates. and than
make York the great centre OF all monied operations
hereafter With such fund, available In London,
could bring Philadelphia, Boston and Baltimore into
financial measure and compel immediate ption of
specie payments close the doors Of the banks with
The present of erca affairs is favorable to this
Of policy No further curtaments would be necessary
could bgin specie and extend
their loans.
consequences growing out Of the present attitude
Of the tke Of balances of New
items The discount today such money to a cent
1t supposed that the balances remaining here
New England, is least SIS 0ooe In Boston, Treasury
drafts per premium checks New York, IA to II;
exchanges England lit; thas showing the extraord
nary redundancy ofther circulation and loans
The resumption Of specie paymentsby the New York banks
will have same weak aad bottoness institutions
revuon and panic of last spring had traders snd
spectators without capital II will shut up large patches If
those rotten institutions and place them in the category
with the hinplaster Wall Already hear
that of The Rhode Island banks those who have
Issued bills have closed their doors, under the dread
the Bank Convention and the return Of their
for redemption
In our commercial circles similar principles work.
evea houses with large foreign MEANS have establish
ed themselves here within few weeks past The departure
Of Jaudon and Mr. King for England under the belief
that they establish American houses there to supply
vacancy created by those that failed takes place. smula
neouy with arrival here of similar agents from England
With intention Of creating houses here. One foreign
house has been opened Wall street. with large capital
and connections in Lenlon, Liverpool and St Pc
tersburg-others ass and already is calculated that
81 foreign capital has here to establish new
houses The foreign import trade next season will consist
principally OF consgnments these housesa the old
here weahered the pauc being cramped as to
he prevented using occasion The import trade next
will be highly profitable far as goes but will be
in the hands Of few.
twill be seem therefore, from this brief view, sat all the
leading Of decidedly favorable TO
sumption Foreign exchange gradually falling to and
enc Of principal the transfer of capital to be in
vested operations by the foreign houses
tablished recently among II the State make large issue
of bonds have Indicated need not care for u.
Bank subtreasury scheme or Mr. Bdds or all put TO-
gethcr.
The nsurrecon Canada has deranged the exchanges in
Montreal We learn that bills are as high as III
. l0-no much higher than they in Boston, however
The following the latest published Of the u s.
Bank Of Pennsylvania
UNITED STATES BANK, Dec. 1.