Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-14

Friday, Oct. Is, 8 p. M.

MONEY MARK EFT.
Friday, Oct. Is, 8 p. NJ.
election approaches, political agitation begins to In
w All stree, aud commercial matters to be forgotten
Injection between petics and the money market has
reat during the last few years, that capitalists and
re eternally specializing the results of the cleo
1t question at issue, in which politics and mo-
into each other, is that Of a National Bank II
administration sustans itself in power, there will be
N tank-no general system OF exchanges established
The authority OF congress-no national currency maze
equal at every point OF the coniederacy In such -
At the authorities will be driven TO the necessity o.
ang their institutions capable of sustaining their 10
egn regulating exchanges Of the nterns Even
present of things the affairs of the country
paly returning order and moderaon-but we iear .ne
Multiplicity of banks and the baseessns Oh nanSsi
capitals will for form barrier TO perfect system
n exchange large bank is the only intuton capable of
Knitting with the governnep and OF restoring the
mestic exchanges To order.
The United States bank of Philadelphia an institution OF
t value 10 Penns, vana Ore OF lis most striking effects
establishment of moderate rate OF exchange pet"eeA
city and other points of confederacy On the Sd inst
FIND the notes of the United States bank quoted at 10 per
mt premium in Nashville Tennesseespeeie at H. being on
per cent variation from the paper In all the southern and
cities United States bank notes equally in high
u,e Though only State bank, yet from the magnitude
capital the OF its and the apparent skill
its that institution concentrates vast quantity
the trade OF those sections upon Philadelphia
tng else than defence Of monetary interests
nst the rivalry of Philadelphia. This city ought TO be the
ae exchange system between Europe and America,
for Of any potent institution we are merely loa-
RS n the commercial world
Yer reason the coming election in this state becomes
.by import ant not the codrse public opn
the ultimate defeat of Mr. Van Buren,, but more in
to creation of large state institution TO be placed
his city, defence of against the RI
alry Philadelphia repeal of the Restraining Law and
If
edemabe paper money and deal exchanges the
thtsote the real estate holders measure looked for
confidence by wi spread and influential body of men
this city, Many Of the banks in existence without
pa-and had any but the kites Of stock
olders CURRENCY fixed capital, visible, tangi
M beyond reach Of speculation would certainly longer
Mn the confidence fhe public with the amount of pe
currency entirely resting on The paper Of specula-
hs traders and others.
The great error the present baking system is that
ss on no capital ALL begins what called capital,
It is merely nominal-a humbug deusion. Take
nple How did the State Bank go inoopera ion last =
The payment Of fixed capital. No such thing The
III paid in the notes of other banks. and the very
taken and the bank went into operation,
vas reloaned the parties each endorsing for
other All the banks Of Wall street possess nominal CAPT.
Whereabouts, yet it's afact that there
hardly property any kind an2 the
paper OF their customers.
Nov very easy create large institution on firm ca
pta Of In real estate houses stores &c not mort
this capital currency might be Issued OF xSOOOO
900 specie basis created Of 000 always remain
ing In New York. Such currency such basis and back
ed by solid in real estate Of O0o would be bet
Ter throughout country and in Europe than the
sury government the bonds of the w. States
Bank would regulate the exchanges and keep them sea
dy would destroy all the banks and shnpaster
Germs and keep rckety country banks order. And
above all would make New York the great centre Of com
Europe and America, and the state of New
York the most aourishng in the whole Union.
The tendency Of political and commercial events is TO
dace such haI by change in financial policy All parties
appear TO repeal OF the restraining law, and the
OF banking system and per-
naaet basis.
Commercial favorable Foreign and domes
tic exchange gradually coming down. simply by the
r~,reh 90 events Of LA
agreeing OF Treasury notes. Even throughout the
whole period OF our troubles, New York has given proofs OF
helm. the specie operations in this hemisphere
Within the last three weeks $4,000 in specie has been export
al 10 Iav,i and s25ceco Canada Yesterday the
.cboper Belno took Domingo $1,000 Yet there
Is probably greater quantity coming irte New York from all
parts OF EUROPE bay cotton from South America in pay
ments for our manufactures sent them
To regulate and organise the u movements OF spe
ale am exchanges only want such Institution as we
have described Will the politicians give their aid
Ha.gmen are respectfully put the criminal out Of
ence Why polite to the ocoocs poticians-as
commercial hangmen-who the crii
na bauks'r
sales at the stock Exchange.