The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-04-21


the several banks, who agree 10 undertake the duty.
That further agree to begin at once the increase
Of discounts in several Banks, on each discount
day. to ten per cent above the income on sucn say
until the increase shall amount to ten per cent OF the
present hne of bills aRd notes countedTexcePnng
where the charter of any Bank will not allow OF the
engagements of the discounts
That in order to secure the continuance oil conn
dence each Bank agrees to furnish through its Pres
dent a weekly statement OF It's condition ana OF the
operations during the week in discounts ana exchange
such statements TO be submitted to meeting OF inc
Presidents, to assemble every Sunday morning al .
o'clock, at the Union Bank to devise proper modes OF
action TO the Banks, and more fully to know thelr re-
spectiyc condition. G. BURKE, Chairman
BY the Express Mail yesterday we have New fork
dates to the 3rd The accounts appear TO be some
what contradictory to the state OF the money mar
ket in that city. The New York American states
that it was easier-that negotiations more prac-
hcable and confidence increasing. But the iierald
does not corrobate in full, this pleasing intelligence
We rather inclined to be scepucal and suffer our
fears to get the better of wishes. The measures
of relief that have been adopted, limited IN Their
operations, and necessarily public confidence will be
restored only gradually. There vii! still be failures
and this should not alarm the public, as the very
houses which may be compelled to stop payment by
the arrangement of credit are competent to meet all
their engagements Courage and elf-confidence are
virtues particularly essential at this moment-Bee
New ORLEANS April 49, The accounts from the
northern cities brought by yesterday express repre-
sent the state of affairs as still very BAD noiWlth-
standing the measures adopted by the banks. These
measures, it is believed by some of the papers, can
only afford temporary relief and will only put of to
later period difficulties and disasters which are Ger
tain to occur
The New York Herald proposes that bank of
fifty millions shall be Immediately established by the
legislature Of New York, to regulate the exchanges
at home and to take the place of individual credit IN
foreign exchanges. We doubt, however, whether
project of this kind would succeed. There would be
much difficulty in the first place in selling the stock,
with the faith of the state pledged for It's seca
ty and If sold we cannot perceive what advantage te
institution would have those already established.
The very fact of the bank being new one and IN
tried, would operate against at home and probably
abroad as an agent suited TO the existing embarrass-
menIs and without the most entire confidence IN ITS
ability TO accomplish all for which it was created,
but little could be accomplished.
we have banks enough now II the tain OIL the
community in them will only remain unshaken to
extricate gradually from the pressure which is at
present xperenced.-Buuetin.
The TiMEs.-We do not rcccollect period IN
which the commercial horizon Of our country was SO
threatening bankruptcies, failures, and suspensions
OF payments, like the mighty Mississippi, when she
bursts her embank mens spreading ruin and dessoa-
ton every where 1t behoyes our citizens 10 meet
the pressure IN becoming manner. To be alarmed
and quietly submit without an effort would be GRIMM
al while mutual forbearance and spirit OF accom-
modaoH and confidence, will restore business, and
prevent the evils which contrary course would IN
evably bring about.
The depreciation in the price of our great staple,
cotton, is chiefly owing 10 the want OF confidence,
which pervades The business in this country and
Europe. A reaction for the better must take place;
for come what may, will dress as well this year
as last, and the manufacturers consequently pro-
duce as much goods We would, therefore, impress
on the minds of the planter the merchant, the me-
chanc and in fine all classes the mperious necessity
Of cohdcnce and unon that IS all that Is wanting
Courier.
EXTRA SESSION or THE STATE LEGisLATuRE.-The
arrangement Of the currency and the total prostra-
ton OF public credit, call loudly for some adequate
of relief There is no blinking the question of
distress aud the concomiIant evils which shed their
banefu Influence over the land, the result OF over
trading, and the facility with which money has been
obtained from our Banking Institutions. All the
modes that have been prescribed TO avert the danger
which menace commercial credit are but partial
NEEDLES, incapable Of affording that permanent relief
which tho malady demands. The Crisis would JUS
tify some legislative action and we know Of nothing
lhat would be better calculated restore confidence,
and provide for the emergency, Than convocaton OF
the State Legislature The enlightened and combined
wisdom Of that body would suggest some plan which
would meet public wants, and restore the equilibrium
of trade. We trust that our governor will act with
promptude, in responding to what we believe TO be
the general wishes of the community, and that at an
early day our embarrassments shall be submitted to
the representatives of the people, for their consldera-
tion and adylsement.-fbid.
MOBILE, April Ia.
Gossrr.-There is a rich rumor in town for the aos-
spers to feast upon. Ii Bennett, OF the New York
Herald, were here, how fat the fellow would grow.
We may yet work up article after hlsfashion. The
materials rich and rare--Hercantiie Adr.
"A private latter tells what this gossip is An
exchange broker, whose name we have, committed
act Of affection poor but Of course a pretty
Irish orphan girl, all orphans pretty whilst her
| master and mistress were at the theatre. He was
afterwards blockaded in his Office, and his meals
were daily sent to him, as the gentleman from Mont
gon.ry, whose family the girl resided in, threatened
TO MAIN him the memcnt he caught him. II is said
the broker is an agent for house in this city.
There is no business, which may be called bust
ness transacted I'm market There is a little trade 10 be
seen going on here and there but is mournful even
to look upon that, il leads 10 comparisons. Where
nine tenths of the merchants of ct which until re-
Gently fourshed and prospered, beyond all others OF
iis population, have suspended payment II is enough
TO despond the souies hearts. But there is one CLEAN
OF consolation after all We scarcely see worse
times for money, and If we fairly the bottom OF
the wheel, 1t may turn, and may go up. But our
friends abroad may rely upon IT we have tight times
here.
CoTToS.-The article is almost too fiat to be writ
ten about. The extreme highest price now may be
down l3 We report tho sale of 70 bales to-
day. Ii was the first quality cotton in market and
brought IL l2t cts. Yesterday, we reported the
sale Of 800 bales at l0t There is no inquiry no
interest scarcely since tho receipt of the from