Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-12-07
M o N r, Y Nj A Il K h II.
WED Dec. q. q p

business was done today but little
effect produced by the Message The power
full action on the money market seems to be
end appears that the whele issue Of Treasury notes
will not surpass 81 900 instead OF $4,000 600 auho
by Congress- already they coming rapidly in for
redemption. The mode of managing these issues clumsy
and iscenvenient We but the Treasury Depart
nent will get rid of them a possible.
other respects the public finances nearly in the
condition commercial affairs have BEEN On the LIST of next
month the government will possess nominal balance OF $3
1877 of ich only i98 available The subrsasury
scheme be adhered to-but in the present dapdated
Of the finances its practical effect will be feeble and
eress good evil The whole energies the govern
ment those energies capable of aiding the reaction OF CONNER
affairs, FILTERED away empty debates,
and laerly in feel BILE expedien,s.
The breach therefore, between the banks and the Treasury
will connue, ind all the bad effect that be produced by
that breach will be brought out Hereafter the banks and
camille Interests must look to their efforts alone
The President has curious anomalies in the
manag of the United States Bank which disclose
induced that weru
its consent to the restoration of specie payments On the lst of
October tho following items reveal the PECULIAR OF the
banks operations -
u. s.. BASx-Oc 1.
Uncanceled Of the cid Institution, Sz7.5sl s64
Of which are ia ercu aton SI7586l
Besides circulated by the agencies, l46a,6H
Making an Outstanding circulation OF old notes. ls646s7s
The President says that this circulation entirely contrary
TO law and that the holders of such have legal
dy depending entirely the integrity Of the State
Institution From these facts appears that Mr. Bdde by the
originality Of his genius has
snatchea grace beyond the reach OF art,
and acquired facilities credit the old
amount Of s7s and that he has in his hands
the kind equal Sit Thisi
Of the strangest financial exPedients but perhaps
illegal dshonorabe than the suspension ofspece payments
and the refusal day the time that
they saio, the ability ef Doing
On this expeden is very clearly, that ell the
operations OF Mr. Rdde darng the year have been
The OF his post and bonds redeemabe
Europe had this It's foundation The circulation
power OF the bank buy up and ship England
its engagements there Thecursments othe other
banks-the arrangement Of the fnaneesand the
general dissolution Of commercial confidence have
nishea Mr.. Bdde with opportunity perform
dexterous financial operations that engen-
dered BY this expedent he augnsnts the profits of the
banks, and furnishes himself with the keep up
his credit In Europe, specie payments 10 this
cousty. The great point fcuosiy why, with
In his power Mr. Biddle did agree with the New York
banks naming day for the early resumption specie pay
ments We presume the real is the determination
make another contest in Congrethe bank for recbarter
the government against IL.
whie these powers thus eonending,
New York banks with the aid Of the State credit may pre-
pare the spring business by early resump OF
specie payments.
Sales at thc Stock Exchange.
DECEMBER 6, u II.