Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-23

WE'VE 70 wit Mechanics and Traders; Carroton
p pann . Ureans Iank Estate Bank .Louisiana
Drnn, Improvements Bank; Commercial Bank;
funion Bank; Exchange Bank; +Canal Bank; At
chaialaya Bank.
The. Citizens Bank, Merchants Bank, ConsoIida-
.eu nssoc a.on aug Gas Light Bank were the only
institutions that redeemed their notes in full
> The Banks marked with an astor;sL redaernad
their IS and $40 notes.
The Collector of the Custom House, J. w. Breed
love, ESQ., gives notice that he will receive the notes
of all the City Banks in payment of bonds Bee.
Project OF RELIEF--At the moment we were
about 10 pat our paper to press we were informed of
project suggested by the Committee of Finance Of
the LIST Municipality, which will be submitted and
discussed by tie Council and will doubtless receive
the appreciation OF all good citizens DESTROYS of allay-
ing The present melancholy crisis and restoring con-
hdence among that part Of the population who do not
see the expediency of the conservative measures
adopted by several OF our banking Institutions. The
proposition seems to US to be peculiarly adapted to
eVe the pubic ex.gences, particularly every other
pan appears to argue want of soidity moro appa-
rent than real and as we are compelled to rely upon
our orn resources entirely think offers the sa-
iest guarantee that can be desired and will contribute
greaty 70 relieve the banks from their responsibilities.
IL VIII also aerd currency that cannot depreciate,
ana 10, when VIII be more and more sought after
Inc proposition Is TO emit bills of various denomi-
nations from IS to $780, in the name of the LIST Num-
cpaty, redeemable at different periods bearing inter-
est, and secured by mortgage the property from
whicn the greatest revenues are derived, well by
antees which are equa to three times the amount Of
emission.
Notwithstanding the want of confidence which pre-
vailed on Saturday, and the run on all the banks one
Oh them 1.-THE lmprovements) showed balance Of
S|IOOO between the deposites and payments.-I6id
The Union and Commercial Banks, prior to their
determination to suspend specie payments wisely re-
solved upon continuing the redemptioa of their five
and ten dollar bills. This measure we regard as
highly prudent and commendable and believe that if
pursued by all the other institutions which have sus-
pended or are likely TO do so, would afford very gene
raj satisfaction, and be the means Of contributing in
an eminent degree to the general restoration of conf
dence IN the stability of the Banks.
The payment of notes of a less denomination than
ten dollars will put into local circulation about the
quantity of specie absolutely necessary for the minor
bat not less important transactions of the city, and
will moreover protect the poor and aboring classes
who generally hold small notes, from loss by any
depreciation in the value of their small but hard-earn
ed ptance. Though the weather. and middle elias.
specie payments tits totally otherwise with tho no.
nest and Industrious laborer who tolls necessarily
for the accumulation of small sun-the loss OF any
part of this small drives him once to greater
exertons to greater restrictions in his ordinary
comferts.- Conn., BMiietin.
MOBILE, May 1--we have received from Tuscs-
oosa, authentic information that the Governor has
decided to convoke the legislature for an extra ses-
SION, TO De held on the I'd Monday of June aext,
which will be the 18th.
This decision undoubtedly fastened by then-
telligence, which reached Tuscaloosa on the 18th inst
the day after the Governor got hereof the sus-
pension 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 might
have doubted Of the prNpreiy of this decision.
The southern part Of the state is unanimously in
favor Of the step already. TIE North has many dis
sentients but the daily growth Of accomplishing evils
IN the social and state systems will not fail TO recon
cle all to the wisdom Of immediate consultation on
the state OF the country! II is, now, not merely to
confer on the noo,ed questions of relief by state in
terpossn BY bonds or post notes, that the egisla-
ture are TO be brought together but to consider espe
cially the condition Of he stale banking system ho
common interest OF the state which in novel and
critical condition. The suspension of specie pay
mcnts, WI ch has already partially taken place and
must IN all probability become general demands the
earliest attention OF the state. The convertibity Of
paper into coin, which is, in theory and practice the
check upon over issues the preserver OF the integrity
OF the circulating medium, and consequently the
standard Of value has been Withdrawn from the pub
lIc Tor reasons which are acqlesced in by nearly the
whole community. This deplorable necessity leaves
the country in condition emsnding prompt nterfe-
| renee, TO check at once flood Of evils which the
| smallest ndiscretion may let loose upon as. I'm
checked issues OF Tredesmable paper will be curse
greater than any we have yet encountered Bank Di>
rectories rivals in business aud uncontrolled by the
customary laws Of trade, under specie paying sys-
tenn, may not safely be left a. liberty enlarge their
issues, thus Whaling the currency still more and dis
i "~PSaSSSsy saS uicusue Va NuiuS-N Vvf
| Herald.
| ADJ0cRNED Town MRErINo-It will be remen.
bered that an adjourned town meeting is TO be held in
Independence Square, ten o'clock this morning for
the purpose of hearing the report Of COMMITTEES an
pointed TO confer with the Banks We doubt not Il
will be well attended, and from what we have heard
upon the subject we feel confident that statement
will be submitted, cacslated satisfy all reasonable
minds as to the policy and proprety, nay the abso-
lutte necessity Of the pursued by those insiitu
tons We learn that the intercourse BET the two
Committees has been characterized by much ceurte
ny, and that every disposition has been shswn on the
part Of the Banks to furnish to oil proper in
| tcrrogatorcs. - Pennsylvania Inquirer.
| COMMON CoUscrL.--The Board of Aldermen me,
last evening, al o'clock. The Board Of Assistants
did not meet. The principal matters brought forward
in the Board of Aldermen, were as follows -
communication was received from C.. w. Law
renee, Esq, enclosing letter from the American
Minister, at the Court OF London, accompanied with
the statutes regulations &c. governing the Police Of
| that metropolis
A message from his honor the Mayor, contsn,no
an exposition Of the financial and other affairs OF e
city OF New York. The document is of considerable
length, and embraces views on our POLITICAL financial
and social systems. IL is to be printed and circulated
Two propositions, one for cleaning the streets Of
New York, the other for regulating the pavemsnts
thereof-Ordered TO be printed
Report OF the Finance Committee was received adj