Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-04

MOnB MARKET.
sunday, September 3. p. II.
vement IN favor Of resumption OF specie payments
me New York banks has thrown the whole array Of these
u.o"s n'e TWO hostile camps Amsag one se headed by
leading banks In this city there determination to resume
~ posspe-and to effect this purpose they curtsing
fsctms sheir business forthwith, till they shall be ena
NEE 70 effect their oScl Among other banks led by
We Philadelphia u s. Bank there is resoute determinations
70 dcountenance all attempts resumption until Congress
me next crops enable them facilitate such operation
IN pursuance Of the New York policy find that the bank
q Washington has joined in the specie paying The
following Is an extract from correspondents
- WAsHINcTeN, Sept LIST, 1887.
which viii compel he other local banks o ss District p5s
70 follow suit or forfeit their charters The
and BY them ~ of Is t hGtss
- Z any monsys received by them deposit,
SIHsa, q failure 70 pay y such currency the holder
the the per cent Der snnum from the &
OF demand, until fully paid And moreover made lawful
Whether win Be possible for the banks 70 i'm.
sced Il a. swhwsa but i they do not viii Be
the issue Of the w ss the
knows whom now in circulation Issued ~ Uea
pie and others deal of risk ana troube
In opposition 70 this policy find the Baltimore banks as
ar as known joining the non-spece paying movements ORR
g'nang in Philadelphia. In the baltimore American Of last
Saturday, find following Al tce which we are assured
expresses the opinion of the banks of that cily-
pc course OF reasoning which the NJ York committee
and and which sG my humble
Tvs out q single proposition, which taken for granted
exert every effort adopt every measure within their
Wncn may promote and accelerate result and
ess a
to sr on ss a ann
% au 20 not by any means grant posuIae their PROPOSE
lot r .ne Banks pursue in order attain this desirable
There must Of necessity be very large cursoet Of dis
counts SO that the Banks may able 70 avail themselves Of
ssf = sssr while their liabilities for circulation deposits &c
ne ancty bsne inmind, the justly observe that
psynents unless Banks are IA aconden to con-
nue specie payments universally throughout the country
Bat msnt Of bank facilities necessarily yroduces great
oven ass ssoss Il me
.as AMI the question naturally arises the internal
ment be necessary provided the foreign debt were
paid err think not for there is engaged in trade
debt and the sangune DO not expect TO receive
while p of on e day q e sf
crop and 1855 The settlement q our forege
soudbs mustbe prepared home for such an
% and most such preparation
gagged Ia trade, and the most disastrous anks
the committee should within which specie payments
should be resumed aud any number Of banks being in
should Obliged WOULD he
MOST assuredy destruction opublc confidence sdae
s ssG q spess not for Of or for sale
able such things again to sus-
penson-not having with them the sympaihes the csmmu-
all probable that all the banks Of the State New York
you'd be ready FOR such an event at that period
the Csnniee will hardly be ready the affirmative.
We the declaration othe Committee that the difference
that
only reason why specie payments shoul4 be resumed
egn debt which discovered they have
not been pleased TO inform The for specie during
The rate Of exchange London which 2sdMay
hat S AM dca a hs ss %
er 20 millions Of doars-snce which period there have
about a5soso bales of Cotton worth perhaps Gig 100000
sTS oSseco IKE scSsSSS
Say twenty millions OF dollars This is certainly coz
indication reduction OF foreign exchange as
will prevent the export OF the precious metals, justify
%a1eS O specie payments" AZ 50 carly a'y as the 10th
Optics sharp il needs ween,
To see what is not 10 be
The truth that specie payments ought not TO be resumed
and be sustained rn exports will enable the
and the whole Of the country shall be reduced 10 Inc
smallest possible compass This humby sppreh nd,
crop Of 1853 and 1855 shall hse oeen ary brought 70
10 the mean time The policy Of banks and merchants should
viii be sse enongh TO agitae the question when and how
IL gentlemen, agitation III question at this time were
productive OF evil effects IL might be suffered occupy the
snce But By no means 8 harmless a ~snd appear
,he s1 IT'S aesSe % 20 %
counts and thereby prevent the merchan. Of the cities from
receiving the small remitances he might otherwise have
looked for; and discussion will only the
sumption to he longer delayed-Bah. .ap,cr.
The reasoning, well the figures Of this article
,irey Msch said Of foreign debt What
it, BY the best statements IL only soeO00co
Of this $40 dueto the American merchsntbankers
who failed last sring The debts due them
Of unconditional allegiance The exports of specie
produce since the LIST Of January equal leas, sooooo
thus
Produce, S42ooooo0
Specie 100000