Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-07

WcdncsAay, Be pt. D. r. Ma
e effect Of the Executive Message stocks and the mo-
.x has beea disastrous The Bank
treated 70 IA per cent and exhibited lansuid com
plexion than done for weeks 1t believed
that all the projects for the esuscson of that bank are
as fabric OF visionn Rad the opposition Speak
err Mr. Bell elected the influence the Executive dee
ent would have been stranged in the inception but coup
ling radical and Incorporating hostility the banking
system with the election Mr. Polk, the whole movement
from Washington has carried terror into banks-pTaysed
Spectators and unnerved merchant who was look
ng congress of the exchanges
The banks and particularly all those that have extended
loans and issues reduced the last shift generay
believed among the directors that the doctrines OF he mes
sage they be carried to the extent u
its columns, will be the means Of winding up oay ana
completely the Safety Fund SYSTEM and the sae Fu"d con-
federacy.
Among this of bankers fnancers, there Is to be
private meeting tonight take into consideration the propre
~ of closing their DOORS settling their business and winding
up their charters.
If the two h uses of congress adept only in part the
esaaons of the President it is believed certain that
revulsion will yet take place throughout the
whole commercial interests Of the nation.
In New Ysrk the of the radical action Of the govern
merit nav not he so excessive in other cities The intensity
of The revulsion felt here April and May last when Bal
tuore and Philadelphia ped Those latter cities will
now feel effects Of the total and ultimate destruction Of the
United States Bankfor ofopnoa that the policy Of
the government Indicated will lead to final winding
mn of that institution in less than two years.
While this the opinion 'nterained oil message anoag
the merchants nancers and bankers covered with the
gagemens of 1885, that the large body Of
the people, capitalists of trade it looked upon
of emanated from the Executive
government The bodness gnaty and fearlessness with
which President has assumed his ground has entirely dis
appointed his political opponents much it has astonished
friends In the history which he gives OF the OF the
Revision, it unphany sad that he is accurate and phi
osophca the Edinburgh Review, in its last article the
Crisis in the American Trade"
The moral of the Message regard the duties of
banking corporations however unpaaabeat may be to
of such character stand scrutiny of other nations
and There be question about the phioso
ply monetary principles the morality of the mixed
which Buren, approves and ADOPTS but in the
the couRy these principles are as distaefu
to the mercantile medicine young girl accus
toned to sugar candy.
From the complexion House Of Representatives and
The general aspect of affairs doubted very much whether
Congress agree postpone further the suspended bends
of the merchants This poponement depends two other
measures 10 which the opposition have manifested bitter
boityhe repeal of the Distribution Law and the issue of
Treasury Notes.
Such effects of this extraordinary Message en- the
money market We enter, from this day FORTH new
era in faancial philosophy and experiment 1t is subject
fraught with consequences to every city in the
country. We shall watch and report