Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-26
MO NEY MAR X EFT.
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We very Inactive doubtful Stocks continue
fall and business generally dull Yet many entertain
strong hopes Of the future. The arrangements be-
tween the city and country hanks completed, nor
possible they will be for time The principal eie-
ments OF this arrangement and funds The city banks
require every country bank redeem paper period OF
5to Is days in city funds after notice shall have been duly gwen
The shortest time apply the nearest banhe Longest 10 ue
most distant The coy banks will probably be able 10 comply
with this plan ofselemen by making their loans depend ON the
receiveablity ofciy funds They win couple with their dis
count line acondon make their customers pay in New York
in New York funds BY this the redemption OF then pa
per viii be thrown entirely on their customers
Athe balances always tend New York. the country safety
fund paper viii tend rapidly in the same direction
BY law country safety fund banks authorized
an rredeemae currency Of COCOON the 10Th of
May circulation only amounted 10 S960l0 900 1t highly
probable therefore, that the country banks they shall
made arrangements for the settlement obaances viii issue
edeeable paper full the law In January
circulation 246 Oo0 and previous TO that date 1t
much larger Al present the city banks rather curta
ngnot expanding and probable that they will continue to
be very cautious OF issuing the of the new law
The city banks the 4h inst had only circulation ost OF
81 ooo January last Ss55Oo0 BY the suspension
law they authorized to let TO the amount OF Sooo
The banks throughout the all Of which now us-
pended are in general Of uncertainty, without any
check let hndrance their issues But this fact viii
geaNepecaon in the paper all the banks through
the country compared with New York paper In
Pesy the banks entirely in the hands of the Cover
He shut them up whenever he chooses In the other
States they have everycheck removed from their issues
In this of things in spite of the gloom and unseadness
which prevail satisfied that in less than month
active and unhealthy business will spring up on
the issues The New York city banks at present
curtang if thing but the country banks will let out in
less time The country safety fund paper will be premium
all the south and We should not be surprised ii 1t
for time to become the exchange medium betwe en-
the SOUTH southwest and New York city, All the country in
debt New York. in debt England BY law all
debts due New York city banks be paid safe
fusd bills If the southern and western merchants get
such paper then they their debts in New York
100000 of Auburn safety fund so New
Orleans buy and pay in New York paper New Or
leans merchants will be glad get such because will
remit New York and debts here All other
bank bills will be discount compared to New York
money.
From these views nearly certain that very active
business will spring up short time the paper system
Yet there great dread and alarm in city banks at the
prospects for the future Ne discounts making
per-though old debts extended to great extent
Failures have ceased until receive the next arrivals from
Europe.
We bad might be, but we are bad enough