Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-24


Since my last, Saturday l3h our city has been in
one ferment owing to the conduct of five or six
Of the Banks You will remember that we have
sixteen monsters the throne, each anxious and
striving to attain and keep the mastery. Tker inter-
ess are SO coHtrarous, that nothing unite them.
When the first six declared suspension the ohe held
GU. in the hope that something would turn up by
which they could ascend the throne. Each chung to
such desire with the grasp of drowning man.
Poor ignorant fnanciers!
The rush upon them on Saturday frightened some
out of their wits and others into compliance with the
the only measure that could save them. The Ex-
change and Improvement Banks refused paying any
thing after they had been open abont thirty minutes.
In the morning before bank hours the State Bank
determined not to pay at ALL The Citizens at the
head of which is a second Bddle - Forstall-
continued all day to pay It's circulation, but refused
to shell out its dspostes The Gas Light and Canal
were in company. The Consolidated Association,
Union, and Commercial would pay nothing but SIS
aad los. Royal street was scene of confusion
all day. On Sunday people had time TO talk about
matters and reflect. The market people, cofee-house
keepers, &C., would not touch note of any kind.
On yesterday the Bank thermometer stood thus at
three eclock:-Orleans Louisiana, City, Atchafalaya,
Mechanics & Traders, and Carotoa suspended by
defamation Canal, State, Improvement and Con-
solidated suspended by compulson Commercial
Union and Merchants Q. S. Agency paying SIS and
los. Citizens and Gas Light redeeming all their
C rculaion. Not one pay deposites in coin. The idea
is still entertained by of the wise to
tinue redeeming SIS and los to furnish change and
make them circulate while the effect is papably the
very contrary. Nine Of the Banks have signed a
petition to the Governor to call meeting of the Lee
gslature. He loiH do The object is FOR all the
Banks lay their condition before the supreme pow
OF the State and induce it to grant the liberty Of
suspension for IL months, -as in the manner of Par
lament with power to issue to certain amounts bills
of small denominations. The public mind is evi.
IDENTIFY IN favor.
| Meantime Sugar has advanced one per cent and
Cotton IS inquired for You must not suppose this
advance is real-lt is only an effort to meet the de-
preciaed value of our medium. In day or tive this
| will be more evident
The weather for day two back and this morn
ing is SO cool that cloth clothing is all the go.
The Salem from Havre, the 9th Of April arrived
yesterday. She only brought papers to the 4th
which we had by the N. Y. Packe, believe, Cotton
however, was falling.
New ORLEANS May l5.-MoNEY CHANoEas We
have been credibly informed that the presidents or
cashiers Of some of the city banks were seated in the
market place Yesterday, and Sunday morning, with
bills of their respective banks as fast they were
presented TO them. How gracious how charitable
Why did they not pay on demand at their counters
on Saturday? These publicans should get an eoict
passed in their favor by the Legislature and have stalls
built for them at the upper end of the meat market
Verify they are NOT offensive to the passers by and
they shalt hare their reaoard-Irue American.
THE BANKS. Voluntary Suspend banks-Louisi.
ana, City, Carrofton, Mechanics and Traders Atch-
afalaya and Orleans
ment, Exchange, Canal, Union Commercial, Conso-
| lidated.
Circulation paying bapks-Gas Light Merchants
and Citizens.
None Of the above pay their deposites in specie
Some of the second class affect redeem their tens
and fves. The effect is only to keep the community
| in state Of excitement.
| MONEY MAHKETL-CIrY, May l5.-All our banks
have virtually suspended specie payments. II s to
be regretted that they did net do 1t in concert in order
that the greatest good should have flowed rem the
act As it is, the division of opinion distracts
| their councils that signazed their month
| ago. We have now an incontrovcrble proof OF the
impocy of increasing banking institutions in the
| same community. They cannot and will not exist
as equals More than one ambitious archangel exists
among oar body Of sixteen. The evil is however in
cdent to the operation and nature Of the banking sys
tem rather than flowing Of the mnistraton Of the
II
unite the interests OF oil any point and hence
union Of sentiment is out of the question. Look at
Mobile. Her three banks acted in concert, and the
benefit Of their suspension has already begun to be
| felt in that city.-Ibid
MONTE, May l6.-The Express Mail came through
duly this morning with New York dates of the 10Th,
and Philadelphia Of the llth.
They bring the important intelligence, 10 details oil
which give up our whole dispOsable space, OF the
suspension of specie payments by the banks of New
| York and Philadelphia and Baltimore The Brooklyn
banks have also suspended.
We have received fro,n Tuscaloosa authentic in
formation, that the Governor has decided to convoke
the Legislature for extra session TO be held on the
| second Monday of June next, which will be the 18th.
This decision was und subtcdly hsstened by the in
| tegence which reached Tuscaloosa, on the 18th
insiant-the day after the Governor got thereof the
| suspension of specie payments in the Montgomery
Branch of the State Bank. The further intelligence
which has since reached there, of the suspension OF
| the three Banks here, will confirm any who nigh,
have doubted Of the proprety O. this decissn.- Com
Register.
SAvANsAH, May l9.-MEETrso OF rms Basxs.-
The banks Of our city held meetings. this morping
which the proceedings Of psblc meeting of the citi-
zens and merchants Of Savannah, recommending n
temporary suspension ofspecie pay mcns by The bank
ing institutions Of this city were considered, and we
understand that there has been the foil wing ext res
sion OF opinion and determination.