Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-17

news from England BY the arriva-o the next after t
nexwe shall probably know depth breath Of the dis
aers in foreign commercial relations Al present opnisn
vary to an extraordinary decidedly az op-
ION that panic will be caused in Enganda on the bank
ahd consequent suspension OF specie payments before
news OF OF our suspension reach Them
this opinion referred revuon of 1925 which *
generally admitted have been less general deep ts
currents than the On that mere accident
saved the bank from suspension They happened discover
IN corner, bundle of small They were ssued-the
panic ceasedand the bank its specie from the CON
tnent in me 1t is feared that the present time no such
fortunate accident will turn up.
Such the opinions of only few thinkers in wall
street The great bulk are disposed believe
that the bank of England will permit itself to susend pe
ee payents-hat VIII crush both American and
East India trade than adopt course We are somewhat
disposed to lean towards this latter opinion although con-
less causes have been work. both here and England that
may lead to general catastrophe.
The uncertainty however in which foreign commerce
hangs causes great uneasene and perexy action of
our banks and general commerce. Among banking eta
ishments matters are daily getting and an
Immense amount ofdeposites they make money let
Out no new credits The SPECTATORS, traders
on the paper SYSTEM complain much state OF things
others again think is the best and emily policy the banks car
pursue One class Of banks cuaing holding back
TO very great exenohers standing still of their
neighbors The National bank the Bank America the Man
haitian and several others large banks By the
pension law they allowed per amounts after
acertsin time The banks which make loans would
wiling 10 expand dare not do for they get per
their discounts they per to the creditor banks
thus leaving only per cent 10 the ascounting bank
In this condition banking institutions placed The
suspension law beginning develope beauties 1t the
second stage of the Safety Law and worthy Of that
bubble and piece OF absurdy and wndng Marcy
and bis financial cabinet in framing law have given sam
pie OF legislative wisdom without parallel in the history Of
this state Long before the expiration OF the law will 50 en-
'ange The banks and the merchandise bcwder country
ana cyo destroy all order SYSTEM or regularity, as TO pro
suce worse state OF things than by leaving the banks their
merled fae That there manifest roguery bottom, the
silence Of the banks stupid bank be-
TO lead the public imagine. In other commercial towns
Boston, New Orleans Mobile and else the banks frankly
and voluntarily publish every thing is con-
ductedn silence and solitude impressions are produced
by this attitude the public mind Deep and danae s
picions that the banks utterly rotienthst tey dare
pose Their condonand that they cannot be ,onced for fear
reproducing excitement that would hu them merited
destruction.
We have the slightest mercy for the Wal street or The
Safety Fund Banks To their wicked pocy-o the conduct
OF the nancie in Wall street and Albany indebted
Tor the mad expansions OF 1855 and sor terrible
rous practices OF the last specuaons and
swnding transactions OF the pcrodand Cor tho whole
panic pressure and reyuson pesen, year Throuvout
the country the hostility OF the banks
rapidly increasing. This locofoco feciing--Do
bnd hatred 20 the system conducted with Inodesson Is 10
the Encouragement and the msmanagers- To the knav
and biockheas Who, under the preience senr able 10 mn
the currency and preserve exchanges nady csut
bued TO destroy the United States Bank deny the agency
OF Congress In the Virginia Legislature this feeling tese
oping Itself IN all directions thorough investigation has been
ordered into all the affairs Of the Virginia hanks particularly
into their correspondence connection with the Tr
| sury Department
In consequence of this state OF public feeling bank stock Of
every Kind daily depreciating Formerly Raii Roads anil
Trust stocks were termed the fancy brandso Thj, term a.
J~ofo y entirely changed. Tie Bank The spr
socls aud the Trust and Rail Roads the regular solids
Meantime, the end Of the world will not ceme If an The ba,L
should discouniing portion NAV IN time he saved
and resume specie paymenbUt large nood OF banks c.
toners and all will 20 perion OF the powerful
weapons 10 produce this result the system business
generating alovcr the country, proper pies
la this city, the nucleus OF this systeIr cash az .
credit systcn widening every day. These to are the me-,
WHO pet aid and ask aid They buy for ,.h
and short credits Each transaction settles and clo
ie-those credit are expressed notes ofanda specie
Of local currency exctsnEeand lodged in The ham, a.
collection by this class o dealers tanks are merely rsei -
places OF deposit This business starting up In every arre
commercial point In process, Of time when Compress. sh, a.
ganite the internal exchanges all pon yin he urtei
and be formed into general system condoctr on pr,rr
nercial principles When ,hat period approaches the who'll
race 81 long credit peope-paper money deaethe DEPEND
ants ON banks-and tie rotten banks themselves win BE- pushed
on the dock and thrust into the great tide Of oon 10 which
they are now rapidly tending. We will have fine times yer
''urr'' cr 'hc cash sJs,efni down with the basisi