Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-19
ID q N n Y m A II X E r..
Mend v Sent. e. a p M

U .
~ on"dIo tendency OF the money market undated.
Socks are nsngspecie ngtreasury drafts coming down
anu the general tone Of Wall getting better better
lsoseent Ia commercial affairs may be attributed
Tey % the course Of things Washington and the recent
elections to the eastward An issue treasury notes to the
amount OF with the decided approba
on OF every reasonable businesshe politicians on
pose ree The reunion of the with the de-
pose banks probably maturing fast az possible Tbe
gradual approximation specie and bank indicative Of
germ OF harmony in the financial political action Of he
country. Specie is down . l07- los
NO doubt exists that we possess The specie and in
produce reconstruct the foreign tLe country in
ihree months II all parties would, they do in England in
commercial matters harmonic and pc rmt political bos,i
Mites TO Interfere No journal has been independent OF
banks and bankers than has deeply
poced their secrets the has dragged their
hdaen errors more resolutey than have-yt we say
cheeuiy that would hail with greater pleasure the
restoration of credit and confidence and scientific
principles, than would done, ought TO Je
done.
While they endeavorng to restore public confidence by
he action OF the Washington strong
an" uecided symptoms Of principle creeping the
current future commercial Ever since the Uni
o States Dark was brought into ORDER the domestic
ges between the south NORTH were gradually absorbed
and monopozed by that institution This had grown with the
growth OF the country till in year 1882 the one
raons of that institution had the enormous of
~~soo'ooo ~ From this amount it uctpated during the
subsequent years. generally increasing till 1885, when in the
ten months between February November these
had decreased TO $50 The government hanks were
then this business and became competitors up to the
SION OF last May BY that fatal catastrophe the domestic ex
change operations of 1857 equal probably 10 $500 600 600
entirely broken up and deranged.
THIS singular and unprecedented disruption the cause of
more failures than any ether fatality whatever The CONNER
ia union al the north and southo his country Europe
equally disturbed and snapped in twain To the fiu
asunted unharmonious conduct OF the hanks
and the United States Bank was this awful caamiv
ABOUT This we can show concusivey-but no reasonable
man doubtst.
Inc execution OF the distribution run against all
ine currents OF trade and sufficient itself 10 produce
catastrophe This evil increased by action and reac
ton OF the various banks in hostility to each other
when things had reached their condition. Mr. Bdde
whose nancal talents are decidedly SUPERIOR though he has
made during the crisis, several serious bunders
brought TO bis aid IN its natural the of
commercial exchanges Of Europe-coTToN He bought cor
ton and RENTED that TO enable him his engagements
abroad Merchants in the north having funds in SOUTH
gave orders TO remit also cotton which could all COM
mand certain rate in the markets there The first Transaction
of this kind took place in Geor2ia and since the ouidaton
OF many old debts has been effected by similar operations
within the lastfew weeks, also observe that new spe
cies OF this business has started up this city, which NAV be
the germ of organization Of the domestic exchanges he
yond the reach Of banks standing on real
alone Several commission opened here for the
purpose OF making advances in part shipped 10
them merchant in the SOUTH instead selling his cotton as
heretofore in Mobile or New Orleans ships direct to New
York, an sends the bill of ladng draft by the same
mail 1.-THE cotton is quoted - cents the southern shipper
draws for cents The broker here takes the bill eadng to
insurance ocegets nsued-and accepts draft By
this operation the southern merchant put New
York. beyond the reach OF the TO- II per cent
now demanded by the banks.
This business only in its but he proper
y managed, and conducted business principles win
lay the foundation of entire system domestic ex-
chasge and make Neo York, than eer TIE qras ar e
's continent The banks United States Bank ncaded have
during the last ten years. managed the exchanges m they de-
sroyed hen.hey have killed the goose laid the golden
The baseless OF rahore 6 hs are called
Of drawing and redrawng without transaction as is ba
sis has been ohe that led the country rain Now
is the time introduce better and system and he who
has the courage be the pioneer well OF his cun
try.