Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-24
n o = e u n a II X Il IT.

We are now hy sea, without rudder compsss-Pcny
Of SAIL and ballast No exactly where
he is Every thing loose ends Yesterday stocks again
ecIaed great inactivity prevailed in market generally
United states and other stocks fell per an average
The Of last week to be unsound
The country and city banks have yet fully settled their
system of arranging balances great doubts entertained
action of the banks the country No failures
take place The check of paying specie on demand
having been banks all notes are now receiv-
ed and business difficulty in getting money such
as is.
The city banks manifest great dislike country safety fund
bills payment of their debts, they compelled by law to
receive these bis but great hardship this considered
that directors determined to cura all discounts
who pay them in such The Albany
compelling the city banks plan
redemption the country banks symptoms of in
tmdao have Albany the city
not such mode OF settlement be
BILE to the country banks
Serious other difficulties the way Of the paper money
system.
he general government acting under motives APP
pean be hostile to paper money systematic go
Albany, the contrary entirely
system 1t is singular contradiction of political circum
that the Of should be favorable spe
cieAysem Washington but opposed to in Albany
it's
As the country placed, calculation
the recent statistics of banks specie currency imports and
ports All the large and engagements which
been entered into for past to be qudated in
deprecated paper currency entirely under the control Of the
of visionary spectators who with the check specie
paying could manage the great machine The great
et will be for the who have become indebted specie
prices get rid of their paper prices The
state authorities generally, far heard from, tolerate this
of things, which equivalent
ten of the currency the of 10 per whole
value The circulation of the Union
the depreciation this equal Sl2oooo This latter
therefore the mnuon which all creditors have
ny the suspension of specie payments.
Before the invention of currency in Europe every
great sovereign twice in would adulterate
the coin, sometimes ten, sometimes fifteen twenty cent
In this mode the iivre tounois in France in few centuries
diminished oneorteh its original value The
suspension specie payments here similar operation
per currency, that the adueraon of standard of
was former days 1t remarkable fact that the ne
cessity such alike in
ages the extravaganza of princesthe luxury cosover
trading royalty, such building tournaments caused
pressure the public panic in the money market
and high interest of money, until the sovecigns dri
ven necessity Of paying their debts by debasng the
The The extravagance-the luxury-the pride
the overadng Of days, produce bank expansions
and bank loans trthey driven necessity
failing Then comes scarcity of moneydecay of trade
stagnaon of businesspressue- panic-runs
ALL suspension and stoppage. operation
Immediately the depreciation in the paper currency
by destroying conyertibly, and in this stage
ourselves.
In New York, New England and Pennsylvania the
are placed somewhat different and peculiar positions
England and New York, the banks in each others
pubic opinion the of he community During the
vey of their paper issues they depended less
good Behavior and the confidence Of the community. In
case the community distinct and independent power
whose interest generally the of the banks
ADD their managers This position produced check
lance the action Of the banks The removal the check
tae suspension OF specie payments places them in and
strange position Yet by law the banks in each others
power. InNsw York bank shut up another by in
junction. because demand settlement of balance in pe
Gle. This them mite in general plan
yantageous their interest but hostile the community
In Pennsylvania each bank entirely in the hands of the
80 8ksn<sry provsaea they do not comply with the requ
sors of the law. The New England banks entirely u
The OF the Boston conedetacy regulated by
them on the old system OF redemption.
In such fconfuson and disorder, do
is possible prevent pofuse emission OF paper money
They throw large quantities ofsuch currency
10 below parbuy property the
aer few months dePress this paper so per cent buy
up and make the difference in clear profit
The suspension ospece therefore the whole
nation stock exchange The limits Wall street are
eSt.nde from Maine louisiana and every city, town
hamlet the brokers office organized side side with the
church. the blacksniths shop, O. the grocery
We have begun the most curious experiment nation
tried ,.4ffs.f s.
Lsf GENERAL MARKETS
Nsw YosK, May 2a-Busness today better-tle
weather fine for out door Operations Large grain
auction damaged Wheat brought very fair
prces--t sold fcrcss,a
Flouo material change in and southern Sales
New York AT o. A rather better inquiry today SOUTH
brands, hut very few sales owing nsucicncy Of
stock hand.
f(rain-Large sass auconenand has rather limit.
cd Mt private SALE We remark today sales OF red
wheat at s-3So bushels white at sl29t s35-aso 5000
bushels danag ed wheat Mt G3 65c-Ieoo do 72-
and 800 bzes damaged rye Go &c cash Our quotations
at si4o sl5o for SUPERIOR s25 so for INTERIOR
FOR Obese.
Coonsales average about lbs bales per day last weeks
prices principally for home The demand i limited for
shipping, sann OF the holders requiring ca b.
S,gms-we aotcc sales OF 90 hhds prime Porto Rico
s5s74 s7.is-45 hhdS prime New Orleans &c. Also
lesboxes primo Havana, slightly damaged $3.50 800
cash.
ehrction saeso kegs rasins 400 drums figs i6 II
300 boxes pipes AZ "a 2ac2n casks 81 Julian wine at III
Hi2 bags coffee e2 chests souehong l6cio half do
dyson skin 3c0bags coffee 9c2iobags beans at clio
seli7li0 bales seed ALMONDS ~ 9l@o boxes
caroni Tie cash.
Recepr Of Producel5o barrels Aoures Do. ashes-so do
provisions.
CHARLESTON May f9Cotfonraher better feeling exists
IN Dpsni, particularly prime qualities. Sales extern
ktvg lp.n thgrx