Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-02
M q icy MI "a is * IL II.
Sunday, October L, q u. NJ

Exchange on England closed yesterday for the packets
winch are 10 SAIL tomorrow, slight advanceprobahly TO
per cent This grew out of increased demand for
mttances BRUSH goverDms bills ll6and the
best private bills l4i 0fte latter description some West
nda bis came INTO the market. endorsed by the colonial
bank OF the Island OF Jamaica They brought lIt 80
days The exchange France Germany principally
conducted in pcie-and it curious fact for
weeks few bills have been bought on the continent
The large houses have ceased some time since making pe
remtanc-s, and the business is principally confined
small houses but many in number
The Of confidence in the French German trade
awaya slower process than in the British and American
ra.e This arises from the COOL cautious commerce
generally pactised by the continental merchants II is a
guar fact that in sanguine temperament and speculative dis
position the AngoSaxon races either Of this the old cor
nen the most remarkable specimens in the history
human race To this singular poetic Imaginative deep,
tempatve disposition is 10 be ascrbcd the extraordinary
tensions and expansions in the banking systems in England
and the United States No other race for Americans and
brons are essentially the same people, reared such
saperstructurt of credit nothng-or nextonohing
specie basis the commercial classes both original
countries
The advance in foreign exchange has ccompaaed
by similar advance in the paper price specie II may now
be quoted at u to 5per cent in this cyn Philadelphia at
to 81 the difference being the difference of x hange The
demand for specie may be TO come from fol-
lowing places
Canada, in exchange for British Government Bills:
France and Germany, to purchase goods principaly
South America and the India trade.
The old system credits by which Tho So,
American and East India trading voyages
the last eight years. under the United States
Bank, large mercantile houses, completely brokeo
up Specie for this furpcse in active demand hills
being of little II is also the with tie French
and German foreign trade-ihus leaving The bill system al
entirely nthe hands OF the British American trade
In general busn' both foreign and domestic although the
symptoms sfecovery cded the process
ry slow The continual agitation without decision in Con-
gress, of course keep large portion q, orega
mesc trade in constant state OF fever This ful attitude Of
government has caused advance price of old
Treasury drafts protested shinpaster Tie confidence,
however that all the of relief will unatey pass
both houses is still unmpaed Wi the termination OF the
present session. which hope may take place week,
expect decided change in the temper
industrious and mercantile classes The divorce OF all
politics the desirable vet put On
the endar OF the present year.
undoubtedly recovering itself very rs
pdy. For several weeks past the city hiss teen filling up
and although cali II fall trade of 1857 equal
OF 1885, yet many doing very healthy
snug and profitable business.
of the peculiar the day the gene.
raj feeling Of disc and dislike among the
important classes OF importers obbers wholesale and retail
dealers against the auson SYSTEM present conducted
by the large houses These houses, in conjunction viii; the
prnciped con,uct banks, have during
built up OF monopoly xclrseness, contraction
expansion, ndorsng-n short general species OF mercantile
and tyranny which kave caused failures
bad spirit than perhaps Other single
msmalsg Of the banks only excepted F,sHse ys1r
1883 up spring OF 1897 this has beer
average sales each year have amounted sacoO
portioned thus
Tea and West India goods, fS.cte 200
British and French goods, 100000
Al others, 6,tC0eeO
Aggregate, sie,ocoOso
consequence Of the peculiar of the system
the ether dealers drawn giving lone credits that
turned out runous Uadcr the iaacious idea that
cheapnes. the chief ingredient Of the auction every
trader coming the city nyegled into That
ing speculation instead Of calmly buying good goods