Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-29
M o NRY M A IL X e r.
MOmAn W. Ma "

former It's generally calculated ha the saiue
of property couny, about thirty times the amount Of
currency BY ratio the currency and property in the Uni
ted States would stand thus
Aggregate of gold and silver 80,O00,0Oo
Do ofpaper at the suspension, l2o,OooOoo
Value of the whole property Of the nation ssOooOoOoOo
OF the currency particular reduces
the value the whole exchpngeabe property by similar
ratio All the property of the country valued in the cur
rency and hat by accident any revolution should
destroyed half will The value OF property be reduced
half BY this process the dmnuon OF the aggregate cir
.cuasn would reduce the aggregate property
TO and prices so On the other hand AN
increase of the currency would similar effect in anop-
poste direction Anincrease OF currency to SioOooooo would
double nominal value Of the aggregate property and IN
crease prices 100 per cent
These calculations however, based currency entirely
III SPECIE mixed currency the paper part OF which
convertible specie demand But this state OF things does
not The of the banking system has
convuon divorced the specie from the paper cur
rency and produced standards of value two currences
two great of actonand rival elements each
tending for the mastery in the avenues OF trade
Yhe suspension specie payments has therefore, instead
OF restoring repsse the action Of commerce. only increased
its tumultuous and agtang momentum All that portion oil
business specie, is gradually drawing of from the
comminslng and urauuary elements Of the SYSTEM
and reconsrucng itself solid and permanent basis On
contrary great of which has heretofore
creas-over paper suesand extravagant
pansions getting into and verse position The ag-
taton conflicts and negotiations between the city and
couatry bankbetween the merchants and the Government
between banks generally and the public that hold their
paperbeween the American and the foreign merchants are
only incidents natural the credit paper system
when repudated and off by the specie basis Men only
accustomed the paper system asonshed that neither
Suspension Lawnor the Goyernment-nor the banks
public meetings will return confidence to tie public How
ignorant the principles of commerce and banking
the Government is endeavoring to restore
specie payments while the State Government managed by
SPECTATORS trying prevent such conssnmaton Under
lsnud for
been extended for months many merchants find
purchase the specie at once and pay their
dua appears that ordinary amounts OF duties, the
additional expenses incurred eongation OF time
equal the premium specie For three months
the Government and all its revenues will be entirely afoa
about e6 900 in the public Treasury
besides the SsOOo0O Of the surplus to be distributed to the
States half the LIST July and half the 1 October During
the three months the Government will hardly collect
enough of duties its current expenses Besides IS pro-
babe that States will throw the market their several
receive in the shape OF Treasury drafts
be paid the Treasury banks in specie These drafts will be
bought up and converted into species OF currency with
which pay duties BY this operation the Government ex
cep receives in small change through the first Office
will be unable carry operations to its authorized
expenditures
Again. throughout whole country, the evils OF
banded paper currency will and throw things
eonuson All kinds OF speculation viii be INDUCED for
brief
In this state expressed that the Of
very awkward and dangerous position At the
suspension specie payments their DISCOUNTS based capital
and circulation, very much diminished from former
titles AT this Of the the large dealers require
dgious loans from the banks which carry their opera
tions and bring their produce by the canals to market The
division between the interest the city and that the
banks throw the latter back upon their will
likely produce These
inevitable in struggle between specie and paper currency
The city banks that their policy specie
do he
ruined by the suspension law, prouse paper
money by the safety fund The country
being utterly rotten, without basis sody lean entirely
the city banks for the carry through
mer In this they will be deceived.
We do not, therefore, believe II possible
deemabe paper currency from terrible depreciation for
three months Mr. Van Buren, Governor Marcy, all me
safety fund people will be crushed with the system long
before November The whole expanded credit system the
country resting broken banks will in less tisn one
year go to wreck, and system, founded short
credts-snug profs-limited means-great economy-and
specie basis will gradually rise and in rising into
istence and power the corrupt ruins The paper Milo
naic and the paper politicians gone May
serpen, go with them and welcome!
GENERAL MARKETS
NEw YoRx, May a. r. M.-we have material alteration
TO notice in market generally. Flour the decline
again. Cotton remains firm last quotations. The
ther today has been fine for door operations but has
been improved much by merchans in fact they do not
feel inclined TO do business present The principal part
OF them are snxiousy awaiting the that money affairs win
next take The few goods that disposed Of bought for
immediate consumption.
rour-The only change have notice l. In Western
Few sales took place at Ses 81 which shows slight decline
The other brands remain the last quo,edno sales Of
any importance. Today sale Of 500 barrels took
place, and went Oh at sa A, cash.
Iosacco-Ssles today Of GO bales good quality Cuba AT 81
~ c. and about 30 bales 81 Domingo at Ga lac The KEN
lucky offered last week was oppea-only . bales Sold
m'hogany-oo logs Mansanla, received per brig Mentor
were offered, and q II, limos
auction saes-l ceroon Caracas indigo at S2 60 days. III
mus Pofto Rcosugar nj 81 81 30 bags St. Domingo coffee
"otc 100 Havana scgars ioa bales almonds at 81; 10
packages tea at ~ c. 10 boxes oil 30 % hhd Now
sugar at vi 10000 bushels Russia wheat coua at
Nv 81 30 sacks do. Mt 81 500 bags rye ut "a CT 1000
de- AZ 81 1890 10 do. II G, tons orre coal at
ps o. rroduce-75o barrels -four, and go do ashes
,r.,t, oEaEASs NAY Dtl-Flour-I firm, much " the
sran ocacco markets. dull although sales have
Were os 49, ~ hhis at " &c. Sales OF Cotton yesterday
zt7la8 os" "' "aspreS' anu 100 w" '''-'"'
TEAnnh s, NAV 22d-Coton-The same dulness continues
po>s ronp =. .ooa market noticed report. We
r,, ,e oorcct state Of the market and continue
We have heard OF no transactions in Sea
psn. :. "snng doing In Rice, but for city nae Corn
aIsshs ~ sre,ghts-To Liverpool Cotton per 10. ID
STATE IT,, WAY 2sth-Cotion continues in the sae duh