Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-23
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NJ o n Il Y M A IL X Il II.
Friday, june 23.

Continued inaction is the general money
and stock markets United keeps firm and rising
the rail roads similarbut he bank fiat and
spd The current rates ofpaper meney Wall street, mea-
sured by legal standard coin, are as follows:
Safety Fund IS IS sss1s pss dollar o
In,ed sIases b paRer money! 80 80 to 50 DO do
The depreciation paper has moderated within the last few
days. Probably this arises for spe-
cie which always takes place after the sailing of foreign
packets deal Of confusion pervade the public mind
IN consequence ofconsdeng the paper dollar
dollar CON- the standard in value the difficulty in ma
king purchases in the markets-and all the
tracts, arise from this circumstance.
In another part of paper have explained this point
at length and suggested the only practicable remedy-which
sa return 10 the legal standard value and the giving pa
money the worth value fetch in the bullion offices
in Wallstreet.
On the l efJuly the Usury Law goes into operation
II this confusion between the paper and metallic standard be
not understood and recfed before that me that law will
cause great rreguary and vtate many Let
give an exampe-A buys for per interest.
II he deducts from that the interest," and the discount
tween paper and specie he will be receiving IS
per cent annum, for the loan of his capital advanced All
notes are legally payable in specie but by the confusion
IDEAS sui prevalent there order regularity in its
ton The government, the banks, and community
equally aoa and will continue to be unless they consider
the coin OF the mint the standard pay
paper money at its rates
This the mode confidence or regularity to COM
mercial operations
Anew order has been received by the House. direct
ing that the duties goods in bond paid for not sold
to pay the duties The Wall prints particularly the fool
ISL Express, wants to raise camor this point
the government act contrary law There statue
any other course Of action adopted, they would
latng their oaths OF Office the operations op-
pressve that caused by the unauthorized
are yearly Congress.
We learn that the loang cfthe surplus revenue now going
on, under the management Of Commissioner singaa,
predicament The borrowers only securities
draft on the Treasury Of the Saea species OF paper
money that sot negotiable Several OF have
offered these drafts the Treasurer to the banks in
Wall street These banks invariably refuse them any
Itappears that this great loan will miserable
bubble and worse thar nothing Thehodes of such drafts viii
be compelled Albany and there Safety notes
al IL cent discount from the legal dard of value We
learn however, that the borrowers have made demands the
Comptroller for specie in payment OF these drafts This the
Comptroller has been unable comply with, procure
from the deposit banks On the other hand the depose banks
refuse the surplus their custody SPECIE and thus the
loan cfone millions OF surplus will TO be
the greatest farce the world These Trea
already adscoun OF Is per
distribution takes place in july should be surprised
them selling 90 per discount
Now all this confusion arises from considering paper money!
which Is nomnaly expressed in dollars be equal coin
This never can be the ard the Even be-
fore the suspension of specie payments intelligent
hevcd the banks could redeem their promises in The
idea however entertained till II practically tested
and found 10 be scientific le Paper money nothing, was
nothing viii be nothing, but the representative OF property
like other bill Of exchange recoverable BY process law
Yet may have value species Of domestic currency
nothing else.
long letter addressed by General Hamilton Of South
lima, Mr. Bdde, has attracted good deal Of attention.
General A. has correctly attributed the evils under which
country suffering, TO oyertadng and oyebankngto the
long proracted hostility Of the Government the
states Bank lie proposes Of restoring specie pay
ments Bank Philadelphia in August and the
limited Ran
for the resumption. General Hamion's letter beautiful
heory-efcient in fact The banks every day getting
further from restoration Of specie payments are not
without hopes that business viii revive long, a
different OF principles in the currency any we have
been habuaed In this city are germs ol
business yet stirring.