Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-05

"wednesday, Oct. ~ o r. M
The fall season slowly drawing close In almost every
branch Of business this feature becoming visible In the
stock market sales have been light specie
TONS fall Of or more has been ubiedto Things appear
TO be moving ON very quietly under the action Of Congress-
and in anticipation Of the policy Of the legislature
The October statement of the banks in this state be ex
pected in few days Ever since suspension the good
banks have been gradually contracting their leans and dis
counts IN order TO be prepared early day. for the es'o
ration OF specie payments We learn that the the
bank. for the last month, will show great curamen
as tor some OF the preceding months This may probably arise
from the necessity oans during what may be termed
the principal Of business
In the city banks have been mostly doing business
the country bank paper About 81 of this description
of funds have been laying dposie which the country
banks by arrangements agreed pay cent By
this peculiar operation OF the Suspension Law, and the
rangemen gives birth the city banks actually receive 10
per for the they loan. Take exampleThe
Tradesmans Bank bound by the Suspension law to take
ali Safety Fund notes OF debts due
Thy its customers recees such according to the act
BY another arrangement agreed after the stop law
passed. the Trademarks bank entitled ehargehe country
banks Tor their balances per interest beginning at
the expiration of stated periods OF to 25 days. The country
banks finding difficult redeem these balances by funds in
New York, are perfectly willing pay the interest OF
the Trademarks bank retains these balances but in
stead Of dscounng its paper the borrower in the city
receives country funds for his discounts after deducug the
interest
emen IL will the Tradesmehs Bank IS IL
the receipt per for the baence Of the country
banks hand and also of per tor the loans makes OF
the same funds to its customers. Now the question IS
whether and practices under the
law violation of the principles and enacmentsof
the Usury Law, well known that the circulation of the
city banks have been curaed in proportion than the
country banks and evident that this curamen the best
bank paper and expansion OF the has grown out ct the
suspension law and its ridiculous provisions.
gage Law BY this unjust the mortgagers have
y generally refused to the half yearly interest on their
received Many feel the bad effects OF such
Of all honesty and right by the last legislature The
law from the Legislature by the efforts
of real estate spec ulaors who felt unwilling submit to
derate prices for their bubble specuaton But the eg
ature could law affecting mortgages in partial
way had to make its ust pe,ens ola general charac-
thus throwing innocent persons entirely into
hands Of those who borrowed their By the
mogagelaw if mortgager refuses pay interest," the mort
agee holder of the mortgage has remedy at all for
couple of He debarred by the existing law from
compelling his morgager to interest regularly to fore
close the mortgage 1t highly probable that in orSer to a
hold upon their specuIatsns
the Of 100000 ihereabouts private property
loaned mortgage the Of S5 100000 has been az
fected in the Ingenious way we have described
On hand therefore beginning TO realize these
evils caused by the CT the great bubble legislature
ofsS7 which past in week nearly half dozen stop laws
each unconstitutional and unjust than The other
At Washington, taking and extraordinary
The action Congress gradually settling down
great bank and an-bank movement Mr.. Calhoun,
Tuesday made his great speech on the subeasuy scheme
His amendment that the Government after the
st JAM 1885, BE made the bills Of specie paying banks
after Jam 1882 oneha in such bills after LIST jan ls4o one
fourth; after LIST Ian 1884, all in specie bills
the January s4o government shall pay its debts
in the same money az the same periods esgnated This
ndmen acr speech from Mr. Webster passed by "A tc
23-quite close shaving.