Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-01
d OHDv ~ A n X ET.
Th-A- -


- Thursday, june 1.
&c @gg's hstwssn thsspssts 80 hs mere
menus mo two general action Stocks
another decline the done was oe
rms arises from the uncertainty of things and
~ sene &c" pervading the paper system On the
ay,u o 10 specie Is quite active The bullion brokers
were very busy making up shipments for nylSpd The value
Hpaper again down to per cent and specie up This
usually taxes pace ON the day previous the sailing of the
PaeAes nat today, at least, $4,000 in gold
anu SILVER puion WIZ leave this Europe The extra
ordinary high price given for specie as. coarr with MR..
paper has the enecto drawing quantities TO New York
from point of the Exchange, merely
a-he buying selling in the face the spece
Not even cotton going forward either hero or !. the S,r ~
any considerable quantities
Some acute reasoDer begin to think that the hank If Eno
land can susta itself till hears OF suspension Of snece
payments the 10Th of May it will be to we.her i. .
culues The very suspension in this country calcula,ed "a
ease tbs English MARKET confidence ~
the foreign trade The release OF the gold silver and ia
concentration at this from every other pont may be the
means on extrcasng the remains Of foreign from diff
hcues while it floods country ith
Issue without character reputation.
expectations are still iniuged by spectators that this
tne suspension Of specie payments win preserve the
w"'e irae o. speculative business throughout the nation
we are Inclined sti believe that ibis is fon erpec.
'o ne dement's of specie basis are by the suspension en-.
ey Inverted 70 the foreign trade leaving domestic trade
without ay regulator balance xhee to measure is move
ments Tie results Of the suspension l7s 1921 in Enc
land and that inthe United from 1914 10 Br7 are s,rc
parallel cases Both these were adopte3 in Tins; ~
war; in order 10 keep the specie country and TO make II
the basis OF domestic coang internal trade The sus
pension OF specie payments sadoped for the purpose of
releasing the specie Of sending the country and of
preserving trade at the fe home In this
respect total repugnance the two measures
Inc one was done from motives patriotism. to preserve the
.ood iath OF banks to their peope other from any
Kind OF motives to debts the expense OF good
ah AT hors' Al the large foreign exchange through.
% inc cohntry were on the brink of insolvency. They
fs0f1x;l H.
funds to meetem through the medium OK nors NJ ~
en produce In 1886 the amount of and tobacco az
Portea 10 thdhce and England equae $725O0OO0 This
year was expected to reach ssOooease more Thcde,
engagements in England and country knocked down;
the price U produce and prevented the nccumua,or If
But the exchange to meet IL ,ir en-
sagemen. What did they COZ Therst persuaded secret.
~ 'e oaxs suspend specie payneas, and then
openly and approved their coaduct fthey had
finger nhe pie. Such course OF action by Pnme
ward x Co. This movement permitted the port el specie
etthe expense of the home trade.
saeh sour situation Yet while foreign trade Ind large
exchange dealers were thspoppedmp by breach public
faith al home probable that set, ,s in will
create indifferent result from yea anticipated he
are issuing, far and wide Large quantities pa
per money Wall Streets Literally with i.-,but the
to plunge forward on tie paper system the other GLASS
are holding back fer resumption early day The Man
hatirn the City, the YAK ofAeriea and Others
shaping their sor resumption of specie payments in
conjunction with the general government The other banks
aroanxous TO enlarge and launch out into
One fact curious, The Commercial Phcsax AID other
banks are issuing tllsor 81, $l2 10, and GA
sons receiving Their bills wann change they WE
perceive from this ,hat seysa of the banks
sced fraud, Openly show their nten, to chesA
The specie psying channel of business slowly reviyg
AT the Custom Iouse laIge of specie are Degnninto
De received and spite 81 inc camor of Wa9 pres
the demand fo>specie payment for aas By the govern
men decidedly the only policy can save the ~eien
trade OF New York During the last suspenson in lslzo'l7
the government received its duties deprecated paper what
was the consequence Foreign Imports accuulaed and con
verged To that point where the local paper the greatest
depreciation In Norfolk Virginia. paper At Is per cent die
count below coinnese II IL to percent BY importing the
same goods Norfolk importer would save TO per cent "a
compared with New York This result took place befors
would 'ake place agnin However, hard may be- therefore,
Tor the government toexact its dses in eon evidently tends
10 preserve tho foreign trade in New York. policy o
Boston, Charisson, and New oearx compel govern
meato receive paper for its dnest the policy Of New
York TO pay in specie, and r; thu, distinction made
The cash retail trade In groceries hardware drysood. &c
ourshng The Stewart drygoods in Broadway the DcSa.
vans HARDWARE J6 Maiden Lare Of Broome and
broadway, the grocers generally all conducting business
IN cash or short credits, gradually creating that
Will sn, in year two, the great medium q commerce on
the proper principles Of trade. The nerchan who
leu in the revusos brought ruin On themselves by
er expansions, bal system, and vicious principles Of trade
The ready money coming ths fluid nsw viii have
the merit Of reconsucng whole sssamercial edi6ce
They have the field before them entirely The baelex banks
and mere paper crei will go peron piece by piece In
less than six monhS Paper money before spe
cie II Is useless try IT,
New York hank bills 6i toai per cent IA
New England do. stol0 do.
United Rank. Ia m 40