Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-01

terestng account grand on the mar. that
"e' "Nno'as biddle. Various discussions ensued
Bank by way OF preliminary we will recur 70 few na.t
events Mr. bidse in exchange for his bonds and most
himself OF such paper have placed ,be deps
site banks at bis feet had the revuon been Dis
appointed in this great plan, he found himself AT the bou
suspension with q 500 900 Of specie in nj; ,,
VOOo0oO OF circulation Not being able to realise ,hs $50
That he had taken he forced shut his doors Ev.r;
ne mas beeA busy il redeeming his circulation t II - 49,
"hin SoOO00O0 Reference here had the new noas .
70 The Old ones he is not obliged redeem them D,rn ~
same ue this master spirit has been increasing his snec
OASIS li ne has got 50 While other 6nanca
nave peeh 'aikng he has been acting On the first Of Julv
.nen MS circulation stands in proportion his specie as Is
" e past ten days. warm discussions have had in the
sancum at Philadelphia relative to the resnmpop of src
payments The mercantile directors opposed to L. while
number OF those having immediate interest in trade
ei are loudly IN favor of the scheme. II proposed
70 resume about the first of August This grand coup Retat
'e MN 70 claim the deposte which by lao must be
ge 10 the specie paying nearest 10 the Mace Of eotion
WIN DC remembered that the 10th August If Mr. Biddle
e'u'4e ue government of Pennsylvania can abrogate
~, ,. :! virtue OF provision in the Look at the
SUBJECT IN winch ever light you may il is reduced to almost
certainty that the United States Bank win nav, r.; .,, ~
first of August - i ~ w
WINE such important movements TRANSPORTING in our Sic
'ef c our own State taking the lead sustaining its
honor and credit athome and abroad Mr. Fagg the Conn
troer who is hard money man and opposed n ali H.
OF has issued circular calling upon our banks FIR
" cent npoh the canal fund in specie-he by lnv being
70 pay the interest of the State in the legal ma
ney OF the country The effect of this order will be- To
the demand for specie The banks forced TO 90 into the
market and their notes will depreciate-tat is spece will -;
crease In price, Now what justice there in this state
inc oaAs m1s pay this demando them specie while tbev
'euSe the holders OF their bills. By OF the odous
suspension law, the poor compelled to put m with their
deprecated paper when the government can insist o;
or us claim What anomaly say the least of III ne
,e Sate enjoying immunte that par, is re-
ur ragg has only done his duty deserves the
thaHks OF all just men for his zeal the public service
The State ofNew York leading the wav in The ,,ra., $500
OF commercial faith, shall all the other States 6oIo
our example Indiana and Illinois already
ne sase course OF conduct Pennsylvania will do the
The debts OF all the States are estimated AT s6o ooo
o ana the interest being calculated per cent we have The
sum OF 3o06O0o TO pay ansuay The quarterly lon,ao
. sum- IN specie will cause coin appreciate rapdv
FMS very appreciation will banks less able to re-
sumo day that they put Off they will removed
the farther from so desirable goal.
The moral of the ,eople of the United States Il
against an rredeenabe paper currency the course of
the United States Bank positive exhibit of the strength
and power OF that tone On the resumption of specie pay
ments by Mr. Bdde the prudeHty correctly
banks throughout the Union will suite Immediately
bnt another effect will More four hundred of the
institutions that have 50 long preyed the industry Of the
country, VIII close their doors and wind up. They will find
mat the business OF the land will continuing in
operaon and the prospect of the future joined the sad ex
perience of the past will determine them to settle mn md r
render their charters.
again. Mr. Van Burea will We placed most wkwar pre-
caent ny the success OF Mr. Bddes operations The gov
eminent will be compelled give the eposites 10 its hated
val ishe grandest and conception that ever
emnnaed from the mind Of any Mr. Bdde resume
and by zo his institution becomes Deposte Bank at Pha
depha The moral effect of this will be greater
than any event that has characterized cheqere history
for the past ten years
Taken in connection with the predominant feeling favor
Of the legal currency gold aud silver equivalent the
movements OF Mr. Bdde will place him head OF
M that great and good in this country. From every part
the Union continual manifestations of the community 10 yvce
90
the determination UAted States Bank the
Of the country will more speedily
than any could have anticipated.
Stocks quite brisk U. 8 Bank upo lli The tendency
Of u g. B. stock upwards evidently owing Ike projected
resumption of coin by that institution Specie in fair
demand
GENERAL MARKETS.
ID