Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-12

M o N h Y Nj A IL x Il IT,
Monday, june "a.

Much sensibiy and yet exist in Wall street Fail,
still take place. and stocks fall The suspension of srece
secretly urged upon the banks for purpose of
shielding from casualty all those behind the curan, is
doubtful whether the will succeed The banks
in the face ofa strong of public Indignation dare
expand their issues venture upon rredeemable paper
currency Public sentiment time of peace and prosperity,
VIII never tolerate paper Every day the conduct Of
the banks them TO suspend
ting more unpopular
On Saturday reported that several large agents and
spectators, connected with the government had given
II was also stated after the arrival of mail that the
stock and exchange house of Bddle Philadelphia had
dissolved coparnerhp preparatory final closing of
the
Inspte OF the generadulness
which have already taken place there large
men connected with the foreign trade which have yet to feel
the rebound from EnglaRd The private
counts from across the water thing but encouraging
On strict examination OF this branch OF subject we
persuaded that the Bank of England will permit
suspend specie paymennor will the large domestic
England be permitted get arrangement situation
OF the banks in this and that OF the Bank of England
are not parallel. In Engan their bank great money
agent OF the engaged operations
connected with the national debt exchequer bills loans and
taxes Its connection with foreign only partial
probably not oneourth oneth its liabilities are OF that
descripon The managers OF the bank also in like
ton Now the situation of the this country is aoga
ther different Our banking institutions entirely CONNER.
ciai-partcuary in this city, few of them connec.
Ton win the government but that connection instead of
ing benefit disadvantage The managers of our banks
therefore, when they apprehend any reyuon personal 20
themselves adoy ntepee between them and
misfortune As particular favor and gentle kindness they
get the banks to break themselves bankruptcy
they then procure the sanction Of the Legislature the
der the pompous name of the public good
The position othe Bank England and the banks here are
therefore, entirely dssmar From this difference Of motives
interests and connections persuaded Of
England vi" sooner crush the whole American trade than per-
INIT her own ability TO redeem her specie
moment doubted And that necessary
let the East India trade perdion likewise suspension
OF payment, by the Bank Of England would the signal for
political CONFUSION The people in that country not YET
so tamed-so broken downso uggied-so deceived as the
people this country by politicians the press ucs
conduct as our banks have pepeated would not be tolerated
IN the most despotic country Europe No small ,go~
spectators would be permitted violate first principles Of
he constuon merely to make the banks break aud save
e from he consequences Of their rapacity and folly
For these reasons persuaded the Bank of England
wan mol for one moment suspend specie payments for hs,
very reason viii make the reaction upon this CITY the more
intense ana more severe For month weeks 10 come
we snail ne receiving news by arrival and arr,
WIZ be more gloomy than the other the general opinon
now thar the whole American trade in England win explode
except the Browns and the Barngs Both these boues are
known to ne as npregnable the of England They
nave been aaotns business proper prncipes-and in m
day OF trouble that will be their safeguard At the last
as OF dstrust and dsced began spread around London
ana 70 cause great excitement In quarters That
we believe was only the beginning Of the revusone first
germ OF the general crush We shall end-to III
hna The middle ofJuy beginning August
AT that period the disease in this country have been height
edby the general decay adehe reduction the revenue
the forced payments OF the surplus
enbarranens oour whoeiDerna trade There probably
throughout the country S2ooo0000o OF engagements which the
suspension Of specie protect One hal
will most likely be realized The losses TO the bank
win be immense AT fair calculation may be stated Tim,
onehirdf onehaf Of the banking capital OF the nation il
destroyed BY the time that Congress meets September
party VIII he convinced that National Bank Of 20 or
sioo 900 he only remedy for these accumulated ey