Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-16
MONEY MARX EFT.

Saturday, Oct. ii, @ p. M.
The week has closed began-wih great inactivity and
languor stock market there little nothing doing
This probably arises from the issue OF Treasury Of
feng to capitalists better nducemen for investing surplus
funds than kind ostock Whatever be the cause
the stock market has been vapid in ten has
been during the last six weeks Few will sell at the present
low pricesand few will buy Those who compelled
10 into market to raise for the necessities OF life
the principal sellers The stop law affecting mortgages and
bank dividends, thus description of stocks he
forced off any price. Bank stocks raying ttlerai
roads quet-but the ances generally in miserable
dion.
the foreign exchange market opened and closed
under great languor reduction of price In the
early Of the day. private dealers held out for l6 but it
bruited abroad that of the banks
market, offering at decline. This caused fall to lis
l5i The Phenx Bank offered small parcel of bills
by bank in New Orleans lis, with additional security
of the Endorsement Of the Phenx They The
Bank OF America also offered small quantity drafts
don by Canada bank, Endorsement alone On the
whole the foreign exchange closed decline Of Il per
cent on the rates of the previous week.
It's very remarkable fact, that this decline in
change takes place the face of animated feeling
specie market The Washington Globe publishes the imports
specie for last week $500, and the exports e27OOO.
This real indication of the transactions in specie,
atths than the paying of s4 500 with $780, due by
tain fnancier to the United States Bank just accurate,
and matthew aca sample of the general integrity ovency
Of the customers of that institution.
specie Wall probably equal
daysOme $o0OOO at other
Not made without specie particular
y all round the great southern Horn and Good
Hope Formerly bills exchange on Lsndon drawn by the
u S. Bank, and Others the American London bank
ers the medium of transactions in the South Sea- South
American and East India trade The CONFUSION in
merca affairs broke up this system last May will
ortwo with all the talenof s. Jaudea and James g.
King in London former efficiency preci.
sion. Canada the southern states the west all look New
York the American specie market and consequence
thereof the transactions specie per week. proba-
bly, $500 oo0 instead of $4,000 Why therefore, will the
government paper Washington continue rdcu-
lous the world! 1t only tends destroy little
modcum Of reputation yet remaining with the worthy pres
dent and his excellent cabne-a modcum of talent and repu
taon, just sufficient TO be nest egg, nucleus for large
freshuppy very lamenaby required in that high quarter
These the only special Of the day-but the
general aspect OF the commercial world gloomy and aga
ting spite the relief passed Congress The
broken banks aad their bankrupt instruments beginning
the game Of agitation and hostility of Treasury
The Courier and Enquirer the cracked organ the
broken that these notes ought MOTTO be
cep exchange for bank paper par This view
by reference the fact that these being redeemabe
Washington, they will high Lsndon
therefore action medium OF foreign
change.
Intelligent fnancers have conceived very different view
OF the operation Of these being payable Washington
During the and year. the imports from England
into the United States will be much diminished that the ba
lance Of trade will be against England and in favor of this
country estimated that in six months with present
years crops, shall bring Europe indebted America
soon this point OF time Is reached, exchange will fall
and under and there will be struggle Europe get
in the United States for the purchase necessary for
the manufacturing establishments abroad The progress of
manufacturing establishments viii also accelerate
state Of things This view rendered almost from
very facts taking place before our eyes.
Such Of things being existence the u g. treasury
notes win become, in Europe most eli gbe modes
OF remittance to send here for the purchase Being
redeemable IN Washington leading point in this country,
wiony give higher value to them They WILL in that
don 81 the foreign trade take the place entirely OF specie
Their ISSUE beginning SOW will probably cover space OF sx
months, TO May nexfor II is be supposed that the Gov
eminent will issue them only they required for public
expenditures II one half Of the issue reach Europe, they win
not GENE into action, In the have described till
yember 1889 and time cotton CROP of the sas
year, will also be ready tor distribution.
Thus will be from these the objections
made by the Courier, against the negocaby OF these
In London fall entirely the ground Such objections
only originate technical nnd-a man Of rote-wi-
out the Intellect capable Of looking into future operations
OF examining the whole phenomena OF commerce. COM
pretending It's action and reaction, influences and
The idea that the broken banks prevent private capital
lists from buying up these equally pre- postercus
The news from England in another couran will be found
encouraging and dscoufaging-as much yes, as asor-
Ccttons down. but so the price OF money The Of
England has given notice Of dmnuon the rate OF inter-
estfrom A to to per for short commercial paper
Specie arivngin London from all parts world Dur
Ing the week previous the 18th Of September The following
quantities received -
Arrival cf Buisn IN Londo~ from 9Th 10 i5A Sept
FROM Lima A4oo Ooo
FROM Vera Cruz a5o'ooo
Frem New York, by tie Westminster. 2sO.We
- ei,e0e,Ooo
The bullion in the bank OF England supposed 10 h.
E6ooo sterling, being increase of nearly
E2ooooee sterling since January last Sooosooc by the
arrival shall have the averages Yet strange 10 tell
the Of the United States have specie paper
circulation than the aggregate banks Of England
Twoof the Albany banks, the Mechancs Farmers and
The Canal have resumed specie Very wego
Sales az the Stock ExChanxa.