Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-31
JOhn q. Aasns ON Banking.
New YoRx. Aug. 29

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New Yonx, Aug 18th.
Nh BxNNsrr 10 informed, that the Boston block
head" of whom he speaks 80 contemptueusly IN ths
Mornings Herald, as the author of a book on Bank-
ing, John Quincy Adams late President of the Uni
ted States. Perhaps Mr.. Bennett has not read the
book very carefully for if he will pardon the liberty
he is apt in the confidence he feels in his own opln-
ons not TO allow sufficient weight or to pay sufia-
Gent attention, to the opinions of others-even OF
those who, perhaps, have enjoyed opportunities OF
own.
REMARKs.-The knowledge that the brochure was
written by John O. Adams, does not alter our opin-
ion of the book although may modify the language
in speaking Of the author. This work purports to be
History of Banking" and it is a very good one, so
far it is compilation and brief abstract from past
histories, but whenever the author leaves the beaten
track of former histories and treads on virgin soil,
he shows himself shockingy ignorant oft the true prn-
ciples of Political economy--as we'll as the symptoms
indicated in the summer and fall Of 1886. While John
Quincy Adams thus assuring his readers that the
condition Of commercial affairs was solid and sub
stantap'-while Nicholas Biddle was proving that
there Overriding Mr. Van Buren,
was holding similar opinion of the soundness of
our state banking, and commercial system, was
throwing out in my Wall street reports, the following
things
real estate are in extraordinary prospect
ola change appears on the edge Of the horizon Weare
tell where we are high the mar
ket win public and Money hsai hss
country by 200 millions than ever there were before Prov.
This state Of things unnatural II last long, The
foreign mportations immense this The
which she principal foreign
but ea 70 a are that his viii
of the great nce of cotton in ndesan and up
| the Mediterranean.
SEPTEMBER 4. lss7-The crisis is approaching Aperfect
panic prevailed Wall street yesterday Every stock or the
per day. There general rush at the board
and clear The quantity of business done WAS
walk morning. and in spite of the efforts few stocks
ao way is the adequately
the of the panic few OF the large dealers led
w.s the sls s,rees '
that the e Ne
Van Buren, developed in by aconguiy sfdea
ter state great moned questionable repeal ofhe existing u
cars involves wed il the next lie o e
cause perfect CONSERVATION in the whole money market
staples, in every hins are coming 10 rapid crisis
Every ten years there general EXPLOSION n baskn cur
Let US all prepare for the worst;
an s Se be " G
but shall In real estate there but little doing
Value
mated 2 wss IA MILLIONS Isse
| any additional value on unproductve real estate
Months ago predicted the state OF things which is
taking place under daily notice No paid at
tention Spectators would take in view They cried
who for Benefits damned onsense!-" what
does he know than des' We will tell these nfdes
that know odd sight, than they do ever will
do We speculaewe deal in nothing but newspapers
We merely look calmly cooly honestly Independently
We and come cool and
JUDGED conclusion these facts Wall street is mere
problem In finance, which daily solve for amuse
the edcation the public. Begone We unbeeves
in the Heradout Of sight Satan old rascal take
them to your bosom.
In few days shall take up the subject, and show
the world, by further extracts from Wall Street
Reports, that the Herald was the only newspaper in
1885 or 36, which understood the condition Of the
country, philosophical on the money market with
| any degree of accuracy.
~ The National Gazette of Philadelphia has
stolen march upon us, and published an original
message of Mr.. Van Buren,. 1t is very flat concern
however The only real original messages are those
OF one Andrew Jackson