Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-06
MONEY MARKET.


We had accounts from several points this morning. all bear
ing ON the monetary and commercial movements Of the city,
The news from Washington rather uapropitioss-that
from England quite favorable.
The passage Of the SubTreasury Scheme in the Senate
low certain House begins 10 be proba
Die. There be great apprehension OF this new
scheme among few capitalists aad brokersothers again
decided its favor One class of thinkers believe na
She Scheme ought be passed by CT ngre as
se road national bank TO convince the COVER"
returning directly from the state bank system 70
tona bank Is given up in despair The next best
encourage and aid the government in carrying tne
practice, under the belief that will OF It's eeoia
produce necessity OF great national bank cehue
In and its subdivisions from New Orleans 70 Boston
Again-he England appears 70 De hshy avora-
ole. The bullion in the bank of England oreasns-ter
est falngcotton is seady-snd all inc eeen's Oh COM
mecia industry abroad TO be ID u operauon ohe
the mast remarkable features in the present commercial
dition England that of It's curreHey and exchanges.
Enrland and the United States both conduct their
camille operations through rhe agekey mixed currency
but ngulay enough happens that IL the former country
the and banks unison, and managed
according 10 system while IL the latter, have general
systene scientific arrangements of the parts Hence with
fewer of the elements Of good mixed currency than the
United States England manages VII much skin
TO make dollar specie 20 FAR again de the United
States.
In another departmental paper will be found quar-
terry averages of the bank Of England Taking this
in connection with former enc furnished with the
following facts =
ENGLAND.
1887 Looms. Circulation. Deposites. Specie.
Aug q, as7i7,oeo is,zsaoos iooo5,oCc 5,75s,oco
From this table will remarked that the spe
Gle basis OF the bank rapidly increasing In January last
bullion amounted 70 about filo0,oo0 In
above, increased its specie o00-ts circulation only
E00oo The decrease Of its dsposes may arise from the
additional demand made for pubc stocks,
for commercial purposes u g. Bank shares quoted
. price equivalent to I2l per Of currency.
he of The Ran af Ulapa
fairs of that country peculiar and extraordinary the
great central point where all the paper curreaces through
out the empire made payable and redeemabe. The
private and joint stock banks of England Wales Scotland
and Ireland redeem not specie but in paper Of the
Bank Of England. In Scotland there muktudes pr
banks-and probably about five six incorporated
institutions. By the latest documents in possession
the aggregate issues Of the Scottish banks nearly
sterling principally in small ofone pound and
upwards In Ireland there number of
stock banks the Engl system, which issue about E6o
900 in ofth description In England and Wales
there two descriptions Of bsakhe sn stock and the s
banks In December 1885, the issues othe private banks
Ell Oo0-and those of the joint stock E458 00-
Since that period January and June year
there contraction Of ooobut since the specie Of
the Bank Of England began Increase and confidence
restored these banks have also begun expand II is
probable that their equal what they
1886 Taking therefore, from which gathered
from papers and by the arrivals
reach of the monetary affairs the whole
British empire These data transferred into American
rency, may be stated thus
Circulation. Specie
Private English banks, s5Ooo.ooo
Joint Stock English bks. 250e,o0o
Scotch banks, 2,000,c00
Irish banks 350o0,0o0