The herald., 1837-05-10
MONEY MAR X IT.


"Wednesday, May ~.
The run on the banks increased yesterday and became more
general than il vet has during the crisis The Merchants
Bank the Manhattan Company the State Bank City Bank
and many Others less subject 10 these drains Tor
specie Tue Merchants Bank has its business to attend
TO- besides the Dry Dock and IT, s. Bank agency The Of
Yesterday therefore, appeared be concentrated on the
Merchants than any in the During the
whole morning the crowd in Wall street Immense The
people have lost all confidence in the banks, and real
y would seem if this calamity had been brought on by
banks themelvesby their foolish conductby their gno-
and Of general knowledge in their own business
The closing OF the doors of the Dry Dock Bank by on IN
junction of tire Vice Chancellor will likely be the "beginnng
OF the end"he last act OF the drama The uncuon was
granted the request of the President and Drectornot that
they lad the least doubt Of their ovency and entire ability to
pay their debts but because their engagements, on demand
large for their immediate The large banks
in the seeing this only denied assistance although
security offered but the first 10 throw dscred upon
and embarras them still further by refusing receive the Dry
Dock the regular of business Mr. Fish, of the
Tradesmen's Bank, foremost in the train TO Jure ms
neighbor and Mr. Galatin followed The Safety Fund banks
who first cried against the IT, 5. Bank and whose pro-
regulate The domestic exchanges have never been re-
deemed thought good time TO shake on he niue nahh
whose charter independent and unrestricted one
Watching the opportunity when she was weak ana uhpoec
ed they refused her without giving her the least ouce
The excitement Yesterday among bill holders and depostos
very great when they found the Bank sutup
and very naturally and wisely began to be alarmed about
other bank notes. knowing the precise day when the State
would shut up and each deemng himself quite
good depository these commenced steady drain
upon the generally Wall street, between Nassau and
William crowded, and the amount drawn out very
large, and will doubtless be repeated until the specie is all
out the bills exhausted One person drew of the
State Bank 500O and carried it, for saeepng another
pace-namely his own dwelling house.
The alarming Monday, TO his Honor the
Mayor that he afraid he should have ask aid of the other
Banks called his brother Presidents together and they
thought policy redeem the Dry Dock money
alay the excitemen and Mr. Lawrence delegated
before the asembage and that the Dry Dock
would be redeemed by the other banks This pro-
posed the Sunday evening meeting, but the majority
opposed but the of specie drawn out the first hour
brought them their The bihoders and depotors
will easily satisfied. Why refuse bills
day. Monday and offer redeem all the cir
culaton-ay nearly s2O0Oo0 certainly great
and learn that the hours operations brought some
banks down their gold, which is the last they would
wish part with Half eagles pretty coin and is
great trouble for to act as his banker when
he can get gold.
also get authority suspend specie
without the penalty of losing their charters.
ing held the Exchange yesterday object There
the continue, every will draw the
gold for their money before the authority graned-
they get their turn before the gold RUS out
The Dry Dock Banks paper shew about S2600O0
than all their liabilities without counting the real estate
consisting the banking house Wall street. and valuable
property and the Dry Dock, estimated day
ago, by Mr. stebbns formerly cashier ough in way
with the bank half million of dollars. So
lost in winding up, the khold
will have all the real left divide among them
selves.
Who tell what of protested southern paper
State Bank holds and what OF protested paper received
for bills London, Is % per premium The stock
sold yesterday 7and yesterday they paid half eagles
Where Geo. Grswod received for the exchange
Morrison Cryder CO.. London-sod 10 per
premium! Were they discounted the Bank of America.
And have those which have into protest been taken up
We had arrival from England yesterday, but brought
nothing alter the position of things the The
general opinion setting belief all
American houses except the Bang the Browns and Morri
appear capable of altering this opinion but direct and
positive information to the contrary.
Stocks continue a-Ented States Bank still at 95-Mor
ris Canal nomina at s0-Isa Roads firm and rising
Failures still continue among merchants Indeed
disposed believe that the merchants by their meetings and
their feelings their private efforts have contributed in
for specie The banks the 800 who have
failed" have crushed save tlemseyes-et
compel them stop paying specie" This feeling Of
pey towards the banks and their has increased fear
fully during few days There will be general
tanent Of discounts, ia consequence of these and OF
failures. Gold and silver plenty
Indeed many draw their deposies in gold sel pre-
in which English sovereigns sold for s530the par
s44 Paper already beginning to shew symptoms Of de-
probation
The evils Of the present things increased
OF the merchants towards the bankthc agaons Of
the general scramble for Office in the
poraon For ten years past banks boosting
making dvdcns-some H. 10, and 25 per In
one year. Where their profits now Where their sha-
wings now, Where the pity that any heart will shew
wards them their day OF amtyt The merchants
chancs have single feeling in with the banks
not one.