Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-19
NJ ON 4, Y M A II X K II.

MONEY MAR X It.
Wednesday, Oct. Is, 6 p. M.
The great discussion OF The day in Wall
Treasury notes.-the of interest they will command par
speciee effect of such the
policy hereafter be pursued by the banks Opinions this
subject extremely various and confctng-yet these
opinions appear be settling down classesthe bankers
who interested in bank issues and nereand the pr
capitalists who possess spare funds seeking ready and
safe investment.
The present position commercial affairs thrown
amount capital Of action The of confidence
the leading of the rapid and progress
accumulation OF private deposes the banks By
returns these deposes had umulaed to nearly $0c
Of this may be in the shape
Of accumuaoa meet payments to the banks falling due
the greater poron-prebaby sloeeeeOoare absolute
unemployed idle lazy mdolent capital waiting chance to
get some steady investment
In addition to the want of commercial activity cone
dence leading in the accumulation Of idle capital
there another Of equal potency in the mortgage law Of last
session. This law is all ntents and purposes stop
the Kentucky violent breach the sacred vad
ty Of BY its operation large of capital
been thrown out Of employment regards real Many
capitalists after the experience Of the last few
cautious Of making in commercial paperprefer
ing real the best security Yet in of
mortgage stop law these withdrawn entirely from
the leaning business and have been laying their
several months past
In consequence of this of things CAPT.
tai will be ready investment these Treasury
issued These capitalists will, of course, be
reasonable interest," because they will have full confidence
the security being redeemabe specie the termination of
ayear This class of will probably offer very liberal
the Secretary and from such quarter have heard
that per cent interest, paying in specie would be
deemed sufficient inducement to make an investment
But there Is another class Of fnancer of different opinion
This class conprehends all connected generally with
the banks and who fear that the Treasury
will take the place of bank currency thereby diminish
their circulatios, impair their profits By this class
gued that Treasury notes. though redeemabe specie the
end of with interest," better than bank paper the
o discount from specie In less than year.
all solvent banks will have resumed payment and hence,
when the government called upon redeem notes. spe
Gle viii be plenty accessible and easy provided for
view OF the question: argued that interest of 10 per
payable SPECIE would required
and discount the receive the proceeds
in specie and next year payable in the standard
the government should agree allow per these notes.
then o. would be only sufficient nducement the
banks to undertake this difficult negotiation
This brief description embraces believe leading
views the financial world negotiation
ties Between the classes there difference of nearly
six per Those who believe that per
would be sufficient nducemen to invest at in the legal
con,, proceed the assumption they
London better for the seller than the post and
bonds Of the United States Bank.
These in hands of the engraver this
city, and by Saturday the whole emission required will be
ready be Washington. On Monday will be
received there, and by the middle Of week expect
them In circulation IN Wall street.
Ia the time the goes with great spirit and
bad feeling among the capitalists and fnanciers The
following Is from morning paper in the interest of the
banks
The proceedings Congress during this short have
beyond all doubt that settled policy
Administration destroy the banking institutions Of the
States and specious title OF Sub system
and keep circulation large amount OF Treasury
In plain and inelgible language Govern
bank be exclusively under the control and
Ps sdent United States through the
Treasury This be successfully carried
INTO long the paper Of STATE banks cireua,es
in Its soldity II is for this these institutions
be hunted down. and the first step towards eecting IT.
but little prospect the banks for time come
resamng specie payments In The Aerm their credit will
continually .ssard by the hired brswers Of power Their
paper, they shond redeem with specie iii be dis
credited The government agents by orders from the Trea
Department will refuse To bold IT, They will demand its
redemption In specie The moral influence Of these
nsiaous and ramed will he apprehen
aarn among tmd capitalists and ignorant business
government officers until bank paper Is, in great measure,
forced OF crc ulaon, while the thus will
be promptly filled up With what viii DC called Treasury but
IN reality Government bank notes
The temper which pervades these views Is In the spirit
which caused the merchants pay 40 80 or GO per
leans last year. Is the spirit Of monopoly and
chartered banking, intent upon prsf than furnishing
currency for public benefit The banks doubt afraid
the take the place OF their paper
but their fear dictated by miserable sborsghted views
The great evil OF the day lisa public confidence
in all paper currency. II the Treasury form
that confidence, twill in the end
advantage TO the banks themselves Establish confidence to-
wards paper currency, and increase towards ALL
The policy banks crying down the government
= suicidal and sefdestructive. Such they viii fndit
Sales at the stock Exchange.
0croBER 10, IAN