Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-22

Thursday, Sept. 21--6 r. M.
highly important Circular from Treasury Department.
received asevera of the banks this morning. stating the
probability the bill suthorising Sl200oOOo Of
Treasury drafts bearing per cent interest," would
gress, and asking in should what the banks
would enter into negotiation to make advances on them 70
the government payable New York We have the
Circular but from knowledge OF the Secretary, might pro-
badly read thus: sM
TREASURY DEPARTMENT, ish Sept
You may remember that when cur late excel
lent President who has filed the OF his Go
and placed your safe keeping that yon pro-
es The asd pomps q ye sr
Oft repeated but Iwere to talk Of your conac. ~ the Ian
Cd Ike damned cheats and hat instead Of giving
currency you have only robbed me treasury OF
public money you have shaved The merchants speak still
The n q e f eaea G
offence that the Eternal you deserve nothing but tar ea
Your suspension Of specie payments is he would say,
damned farce made merely 70 answer the Of Biddle
aad especially the Treasury
s,, war; the senate has passed bill auhorsng an issue Of
S2OoOoso Treasury notes. bearing per
] Also s % ueIs o oa s
the Administrations will probably support H. With this pros,
81 institutions on what terms would negotiate these
so ali as an D for
in want OF money and must have IT, You are want OF
resume specie payments and s issue Of notes ought do it,
During the last war; the banks suspended and by shaving
aoea to We give you now another smart chance To
enough remaining to do the job and cheat neat
ly again.
Yours, &C., LEVI WOODBURY..
Although this may not exact copy the Circular
correct script of the mind and temper Of the department
On receiving this letter. several Of the banks held consuta
ton yesterday morning naacers disposed
of per these differed
and thought that 80 per would be quite enough.
Various and conflicting opinions prevailed throughout the
morning the reply that would be proper make the
Treasury Department BY those that deemed per
sufficient offer it argued that demand would be made
for pay duties. The law posiponing the
chants bonds would reduce the OF cash duties in the
cosaiag half year rhe-probaby about 100000 The
only which Treasury could be appropriated,
would be that foreign exchange investment OF capital
culaon also handed round shelving that the present
Of specie they worth than IS cent at
the most
Up to the close of the hour of business yesterday we did not
any banks had agreed distinct pro-
position the Department II probable that they
the subject today and satisfactory
ciusion
NV, word say this question. The resump-
OF specie payments the banks Of New York. Baltimore
and Philadelphia in the year 1877 chiefly produced by
the assistance Of Treasury has indeed been supposed
late U.S. Bank caused that but instead
Ing in such resumption its creation bar the
The s. Bank required basis specie commence
upon that year That caused pressure upon the
banks and vibration the foreign exchanges against the
country.
The purchases which had made by
notes the real eementsn the
in those days These notes. Fictitious causes were at at
great depreciaon-and this depreciation heightened by
che hostile the Boston banks acted towards
banks of the middle during the whole war; the same
policy which the L. s. Bank has done the New York
bsnA, since the removal Of the depostes in 1884
Ta~tc nurf s.a
conceived the idea OF breaking the banks OF New York.
der change in the policy OF the government
Uned States bank has done charter At that
period all the foreign imports through This
threw all The balances in favor Of Boston In consequence
thereof banks rood the Attn January
.Specs C,yc,Lof,on