Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-18

Sunday, Sc Ptember ~, p. NJ
Tiki week ended with better spirit than begun Several
stocks have slightly advanced price, and the operations have
been greater than kno for long In IT, g. Bank shares
there great feeling OF buoyancy The money market
also Is uncommony and money may got good and
unexcepuonable secuebut this always within reach
stated that the amount of private deposte in the banks
equal to S5o00oo Probably 100000 Of these deposites
may be in the shape payable
future day. Ifso still leaves sl0ocoeo more OF cap
waiting Tor investment the government shall as
sumo some settled plan action The general foreign and
domestic business the city gradually improving and there
probability that OF prosperity return
than many imagine.
From Washington graphic will be read in
another department of The repeal of The fourth
nsanen of the surplus has passed the Senate and from ar
pearances possibly the House. On the other hand
the views of the government, that gr1duay returning
the former state bank deposts yn will also beget feeling Of
security in the present Of things
There however strong opposition congress
TO issue of Treasury Il incorrectly
in our opinion, As Treasury Bank. Let examneit
There be doubt that the relief contemplated by all
parties new issue of credit capable Of begetng and
ating new confidence in moned This may be effected
in various ways Ii commercial bank chartered its
opeTaons would be OF the character IL only could
suscate trade by reving credit confidence The adop
ton OF the Philadelphia United States Bank would operate in
precisely the We why the creation of
e pety millions OF Treasury should be considered
In any other light than that OF issue similar the post
notes and bonds of the United States Eank 1t issue of
credits better security, nobody win
eve that the United States better security any
existence.
very true, that each Of those plans of revvng conf.
dence, distributes the direct particular cliques
men, The resuscitation OF the Philadelphia United States
Bank by adopting the depose bank would communicate
relief and impulse to the friends and avoes of that institution
The creation of national bank would course raise
up new set of customers and these would monopo
lze all its loans discounts and aids. of Treasury
notes TO arneunt would also be confined in its first
ments to those connected with the party power 3d. also
would reoganz OF the bank system be relief to
all those connected with those institutions
From this analysis will be observed that any relief produ
ced by the action of the general government must be- in the
outset partial in its nature and beneficial to clique instead
Of the whole community The struggle in Washington about
this or that plan is only struggle among several opposing
ciiqae or eori of men, To the whole community, ii is
therefore matter OF importance that Congress shouda
quickly, than all The direct benefits an issue of
Treasury will first be felt By the by
the merchants They will irst pay govern
nent-then come into the hands OF the merchanthen be
used basis Of domestic exchange,hen be Europe
AMI there taken npaymen Of the foreign the crops
come market They the purpose this
try as an issue OF Exchequer bills do Engand-a
frequently resorted to in that country time Of panic and
pressure.
Taking al these views into consideration there doubt
but the action of The government distinct tangible
pan would in less than six months revive the whole industry
and trade OF the country. Its singular this
y, than England does The currencythe banks-e crops
the population Of the United States, all present
cIded condition OF health than the elements indicate
England Wed not speak random-wc have the facts be-
The whole evil has been produced by panic
ed by politicians and the unnecessary suspension specie
payments by the banks by which the good bad and
were hurried into the csastrophe Ia this country,
throughout the revllson the banks OF the Emitted
In our large commercial cities had specie in proportion
TO their paper circulation than all the England have
Take the following statement copied from the latest
as evidence
1887. Csrcufn,i9s Spece
July %, Bank OF England, SOL 3e5,e0O S2s, 100000
], Prvate& J. s. banks, ,36265 o0,ooe,ooo
Paper circulation in Esgland 145657,l65 26,l5OO0s
July I, u. 8. Deposte banks, 3l.77ss74 II429Ol2
Aug. ]. New York city banks, 6,os1 or I,75e,4s9
Sept 9, Boston Banks, l,9i0952 l,03cz9i
We might extend this all The banks throughout
the country, and would willingly. and
Philadelphia and Baltimore banks including the u s. Bank
but as these institutions have published returns may
reasonably supposed they in too critical condition
pose their charms.
But what we have shewa creates most remarkable concu
sion IN every acute mind Why IL that England, with
Of the specie basis her currency Wanted by
locoocos In Congress- should yet have re-
vulson with ouy the loss Of spar vessel OF
commerce and should have upset the 18th Of May
last and still lays her beam ends. knocking about till
get waterogged. Why! Why! We shall tell tomor-
row.