Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-29

Tuesday, Nov. rs, @ p. nj

Tuesday, Nov. rs, O II. M.
Stocks today took rather start-probably
that a g Int rise taken place in IT, Bank shares on the
day previous in Philadelphia Business in 81, cks closed with
great frmness. In money matters affairs usual
taiments in certain of The banks, still goes
Specie svey langud and falling Yesterday quoted at
per American silver Indeed the difference
paper and pecie is ng that half OF banks
may be considered having resumed specie payments
public of the fact would produce special e
fecupon the market in this city. Fer past
the balances have been rapidly accumuang OF
city, from almost every point OF the country.
In Boston, bank checks New York sold Monday
IA to IL premium. This heavy exchange against Boston
from several One Of the principal the
quantities of eastern paper in twos and rees which
been circulating here the suspension specie
payments 1t is calculated that s5ocooo of this description
OF paper has found lis way of Connecticut Beyond
Connecticut and Rhode Island all paper rede mable
in Bostonhence the demand for New York funds redeem
these rapidly returning to the points Of ISSUE
consequence Of the approximation Of specie and psperth
reduction of busne-tbe cuailment Of banks
prospect legislature will uhorize the a
! lar currency they
Another the exchanges against Boston-e
balance of trade in favor Of New York The quantity Of
aour cotton East Iadia produce foreign
exceeds the Of domestic sold
here OF New England Durng the last six
months, have explained ports
there has been great inactivity in that branch trade. This
affects the balances and ultimately the exchanges
The the Boston banks has ase added these
An Of loans has tended only increase the
difficulty fresumptop and greater parity
| tween The currency of New York and Boston
From all these would that The policy OF
pllai,ts OF Boston is fer expansion
and against the rapid return specie payments
would appear aso that this policy has been adopted
subject Of holding Bank Convention was agaled
1t possible, therefore, that there bat a
purpose among influential banking prevent
New York banks from reswming specie an
until certain uoned interests have ed their Interior
PURPOSES The other banks have Jealousy OF the Nav York
Banks.
commercial relations with the south have undergone
special alteration Bank ch, chs Montgomery, Alabama,
sold today per discount-on Mobile Fer Tke
debt of Alahama and other ouhes states TO New York IL
undated very slowly From the authentic
pears the souihera dealers first qudating
heytowe their banks before they think ~ satisfying their
creditors in direction We heard great deal late
Mug the system adopted ny the southern bank going
into the market purchasers of On strict i.veaga-
oa this business have been adopted by necessity
The southern merchants particularly those in Alabama Misss-
spp Louisiana and Tennessee owed large 10 the local banks
also the northern and eastern wi oeale merchants In
stead however OF equsng their and aei,ies OF
liquidation among all the creditors they confne er pay.
banks their several peghbo hoods The hanks
compelled take this asd ship IL 10 the north
Europe, FOR market. During the lasfew weeks consdera-
bic quantities description Of cotton has been consigned
to the agents of the banks here while the creditors Of Tie
very men who wipe their local debts do
ceive pound daily IL with the original MARKS they
well pass dssr Frem the which this busine
takes il will that the merchants who tell last spring in
OF OF etsnces from the SOUTH sun In
lang wishing condition. and may continue so for and inden
length OF time.
The Bank Convention holds its session here with
cy bat its character begnping 10 leak out There two
parties in the Convenon-one for resumption in month
two, and another against steps being taken. There "
deep and rreconcabs ference OF opinion among them
This difference show sefon the face Of the proceed
ngsbu the meetings held among particular sets sua
GENTLY Indicate the OF maHy The Philadelphia banks
are decidedly agsin all immediate attempt, resumption.
Their rea pupoe undoubtedly make another effort for
charter Riddle bans before they viii consent to pay
specie On the contrary the New York and several ether
barks decidedly for resumption and opinions essre
sed certain portion will agree designated
day whether Philadelphia banks not ia portion
banks should resume and another portion hold out We
shall have smashing work for sin nine months TO come
ny the EXPIRES. mail have received The following curious
s,em. nj, published in the Charleston Mercury Of the ssi
irtin-