Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-28


The general pause in monetary affairs costumes The stock
market opeaed this morning with unusual inactivity and
transactions quite limited The policy OF our banks sun
in favor OF contraction estimated that during the present
month their aggregate curtalsnts least ses0o
few of them enlarging-but only few.
An early resumption OF specie payments is the unavoidable
policy operate produce this conviction on
the of aanciers One of the most important the
made against the banks under the and
auspices certain bullion brokers in Wall street.
appears profitable business has been done In bring
ng suits the banks threatening them with law
pense they do not specie for their notes On demand 10
those particular persons connected with these brokers' The
suits are brought and is supposed that all share
the profits accrung fron,he premiums During the last few
weeks suits have brought against the State BaRk the
Merchants Bank the Union Bank the Chemical Bank for
probably the $4,000 $4,000 the aggregate Ia
order to and expense the banks have compro
missed uis-pad the specie over privately and made their
escape from the Eeshes OF he law.
This process has proceeded entirely from certain bullion
brokers Wall and purely speculation 10 make
little money. The great masses of the merchants and me-
cans becoming reconced to the conduct of the banks
u this city, principally from conviction that they have been
sincere in their purposes specie pay the
est possible day.
We ought observe however, that the cnrailnent of the
banks this city does extend to important branch
of business we the -four To dry goods-domes
tic manufacturers the importers busnesthe grocer and
trader these curaments pnspaly restricted All the
-four here, and particularly those in the western
of this receive only the facilities from
that they enjoyed but increase. II posi-
bile TO reach Of the discounts made by these banks
this fact would become manifest.
To this may be attributed the difficulty which
certain banks experience in early resumption
of spece payments is conecprsd that the dealers in bread
stus here throughout the State, have received
crease of bank So during
year. while the other branches of business have been
redpcei 81 0O0 900 in the line Of discounts.
I'll singular in the history of banking opera
,on but we believe very true far perfect
racy
Today there great deal OF conversation in Wall street.
on the Bank Convention The FIRST this body has been
highly unpopu and dangerous To conduct their debera
on NTH closed begins already give deep dissasfac
ton 10 the ante iaeres Throughout the day. all the
avenues of business the Convention the principal topic
rhe great Of delegates from all sections of the
try has quite sensation. Among the intelligent great
homes are formed that this body if they with talent
aud prudence may produce sauary effect the
rency and exchanges Than all that legislatures nkered
some OF the bankers Of the nation among the
eeeates-parteulay Boston, three from Phadel
mia two from Baltimore from this city, besides
anv practical shrewd fnancers from the South
West
From returns by the banks hroug
the country there be doubt OF their ability
new system at once reestabsh confidence and specie
naymens in weeks AS specimen ae follow
inc returns from only few of the banking Institutions of the
land