Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-25

MONEY MARK EFT:
Tue sslay. Oct. "a. q

Wall street hrown into high of excitement tbis
morning, ny an account from Philadelphia stating that
packet ship Susquehanna had been captured pirate
Capes OF the Delaware Al first seriously doubted but
the arrival Of the mails every essential particular fully
confirmed.
probable that pirates msook the Susquehanna for
the Chandler Price the having large amount specie
board and the fsrmer very little The Chandler
fitting cut at Philadelphia for voyage. During the
last three four under the regime United States
Bank such voyages fitted by purchasing Can
ton and London instead Of taking specie revuo
Of last spring and the total dspdaton Of the foreign ex-
changes the trade the East Indies been compelled 70
60 back to the Old hard money system Accordingly would
appear that pirates and outlaws prepared 70, every
gency to avail themselves of the Of the times
Indeed II wonder thing has been attemned
earlier Pirates excellent ocooco to do business
large specie basis They moaey men, entirely
On every packet day. for six months public prints have pa
raded the vast going England in gold silver How
could these locoiocos Withstand temptaon We ouea
not but the bark which captured the susquehanna fitted
out at Baltimore Norfolk or New York. The anxiety 10 hear
further from the Susquehannai is intense.
The state OF the markets uncommony a The fall bnsi
ness has nearly come full stop Political agates in
anticipation Of the election next month, rapidly increasing
its intensity and widening its circle of action.
For several days have had among u.s. the agent of The
Bank Of England, whoas spy out the naked
Of the land" This mission has grown ont nj the
connection between the bank and the London American
houses When the three WIS failed spring. their assets 70
the amount OF sterling or Si1 100000 in our conn
try, were put under the control OF the bank great poreu
Of these assets consists Of debts due by American
merchants in New York. Philadelphia Boston and New Or
leans.
The OF correct information in England on Amercac
commercial affairs i the principal that caused the
bankto create such agency We feeble
notices Of the light thrown upon American and
finance by Captain Stockton, Of New Jersey, X M
Batchford of this city, but among prast csl St
the idea that these gentlemen any correct
OF the general subject rdiculcd and laughed The rpo-
rance which our own bankers and fnancers have displayed
in their conduct for the last years. astoncd every
person concerned In radebut when given out the
Wall prints do, persons named ceuld in
sruc England on American the thing too pre-
posterous TO be treated with seriousness
We win venture say, have published duriar he
last two years. more elaborate and philosophical on
commerce, than oil the bankers fnances OF Wall
streetever knew, they rolled like penny one
piece dough- and had the aggregate Intellectual science Of
the whole street put into little brain
There of that more ignorance or
acknowledge their
Of wstreet and Mr. Cove agent Of the Bank of Enr
land of science and practice begins already 10
aughn his sleeve their deporable in the elemep-
tsry knowledge Of their trade
The abilities Of the country pay all its debts, bet
than that OF England The foreign
need have happened II the banks Of this country
taken warning IN july 1885, when the Bank OF England
the evils Of the ys,em and changed policy from expansion
contraction At that period banks in asuson 10
cura their issues and 70 commerce In healthy condition.
which would have entirely prevened the symptoms Of
astrophe and the final winding ND in March,
April and May In July 1885, the expansions Of our banks
only half what they in January OF this year. n
they had begun 70 reace their steps, that period, In
junction with the Bank Of England,
have been npped In the bud and panic checked In time
Instead Of doing the prints ota region, which only think
talk and feel IN sympathy with there bseIess Institutions de-
nounced the policy the Bank OF England, and actually
threatened 10 break formidable institution IL Il did
recall Us mandates and gang book agen."
This cry well the time be the camor the
lard Spectators who had vast quantities Of unproducve real
who alarmed prospect
all their bubble by single sf Yet
there time in this country specie basis
paper circulation, than that pos sessed England but
consequence Of the want Of system and financial
elements Of prosperity and health entirely una
valuable.
The ages Of the bank win all things hs
eyes but unless he look sharp abou will be led aay
u be wants correct knowledge fesey and Independently