Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-22
~ the Expire - Mail.
Correspondence Of the Herald


evenng-the Atchayalaya, the Orleans the Carol
ton, the City, the Mechanics and Traders and the
Louisiana. The rest will fellow today or on Monday
Nothing can sare them under hearcn. Forstall, the
leader Of the French banks admitted last evening the
necessity, and while he did 90, his lip quvsred with
anger at the tyranncal course of the government
The return of French protested bills daily expected
from Havre and Paris, will place these fur Creole
monsters far in the back ground Their losses will
be immense The pet banks will certainly declare TO-
day, before bank hours are closed They would have
joined with the first batch but for their position with
the government l venture to predict that the
whole OF the government deposites throughout the
country will be unav aable in coin in less than two
months Thegovernment by suffering the state banks
to suspend, has been caught in trap The pet banks
will grove treacherous, and will glory in it. They
have the government funds in their hands, and what
care they? Some think that the Knderhooker knew
how things would go, and determined that the whole
surplus should be lost to gain his poizt-that is to
make all the state banks unpopular, and then propose
specie currency, to precede his great safety fund
measure. There is no telling the depth of this man 8
manGuvering or his ignorance. He is either con-
summate knave or very ignoramus. Time alone
will show which. l am inclined to the first alterna-
tive.
We bear things phaosophcally here. As yet no
manifestations Of public opposition shown to the
measure There will probably be none as the small
holders OF notes have long since exchanged taem for
specie, under apprehensions of this movement Our
population here is not made up of the refuse Of Eng
land, Ireland and Germany, as in New York-and
hence our quiet.
We daily and hourly look for the news of your
hcn haul MI
United States Bank will be compelled to follow suit, if
my information be correct. Their agents here the
Merchants Bank, are only waiting for orders from
Philadelphia.
gentleman well versed in these matters has lust
told me he has made an estimate of the government
moneys loaned out in the various states by the pet
banks on the former fictitious values OF things, and
that the loss to the government will be certain Of
twelve millions. Add this to the public funds made
unavailable by the suspension, and the government
viii be compelled to borrow money for its expend;-
lures before November next. Is there anv truth in
the report that the privy council has ordered the
Bank Of England to suspend if necessity require il?
Prices of produce in sa,u quo.
Just heard-as the mail is n-that all tie Mobile
banks have suspended. So we go.
New ORLEANS, May H.-Suspension of SDecie
Payments. long anticipated climax of ear ca
amties broke upon cur city yesterday morning. The
Presidents of the Bank of Louis ana City Bank. Me-
chanlcs and Traders; Carrollton, Atchafalaya, and
Bank of Orleans, held a meeting on Friday evening
and came to The determination, and accordingly paye
notice through some OF the journals Of the city, that
they should temporarily suspend the pay ent OF spe-
for their notes. On the opening Of the Banks YES
terday morning, tremendous run was made upon
all of them. Smaller notes were cashed during the
day, by some of them, but all notes over $40 were
refused.
general dismay regvaded all classes of our COM
| munty Persons were running to and from the
Banks and returning with their hands fall of silver
Others again, sent large bisaccompanied with boxes
to bring home their silver those were OBJ iged TO re-
turn empty, finding no favor with the telers.
Could we believe that the motives which acuated
the banks to this measure were any thing bat purely
selfish--dld we suppose that they had spark Of
feeling for the interests of that community for whom
they manifest much solcitudcwere there any lust
ground fer believing that their can have ten
dency to dssipae, in the least at pressure which for
the last two months has been preyRg upon the vel.
yitals of our commercial community and destroying
confidence between man and man-coud we be
brought toreaze all this woad be among the first
to uphold them. But we think different. They have
all along been playing an iniqultous game, and now
come ou forsooth, with the plea that they are endea.
vorng to restore that confidence, the destruction OF
which their former system of favorit SIN has been so
instrumental in bringing about.
As yet we have seen no reason for suspension OF
specie payments. There 10 been no run upon the
banks but what might have been made in the best OF
times. The up country traders have always earned
away large portion Of the money they get for their
pro luce in specie. This they have done now and
would do in the most prosperous times
We rejoice in one thing, however, and that is HE
banks Will hereafter be compelled TO show their
hands. The next legislature will doubtless pass
such laws as will compel sc directors to let the peo-
pie know in what the affairs of the different
institutions are conducted, and net allow them to
| continue their dark underhanded schemes
We rejoice, Also that things cannot become toorse
! Picaytne.
a. We understand that the Gas Light hank ano
Merchants, and they alone, continued 10 pay specie
yesterday until the closing Of their doors the rcgu
lar hour. All right in these institutions so far anc
we trust this state of things will continue
SCENE IN BAsx.-An Irishman entered one o
our banks yesterday, and throwing down s. bill
"Will you be kind enoagh, Misiher, Just 10 give mi
! the space for that same bit Of bill Z"
"No, SIR"
"Whatl can't you be Anticipating such small sun
| as that at all, at alT'
eve have suspended paying specie altogether
| Suspended, We you9 And is this the instltu
ton, sure, that cannot pay honest man five dol
| lars, that you have had man paradlne about with
loaded muskci, all the long winter through, to keep
off thievcs1 If you had pig, or any thing valuable
to protect 'twoud all have been right enough; bu
such poor, miserable this s, sure. Och
botherstion TO you, and the like Of you"-Ibid.
/ Never was there so much liquor drank in Orean
IL one day as yesterday ana all on account Of tn
u