Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-17
M q N Il Y M A IL K Il Il.
Monday, Oct. 16, G p. M.


MONEY MAR EFT.
Monday, Oct. I6, 6 p. M.
The of the defeat Of the Sub Treasury scheme
has created great sensation in Wall II censi-
dered great and overwhelming victory pary-a piece
Of humbug by the other
For part, that its defeat amounts,
practically, pins value either party Since suspen-
sion Of specie payments by the banks the 10th May last
the Sub Treasury system in operation Who have
been the repositories of the beggay funds
since that peod The officers Of the CUSTOMS post
masters and disbursing agents Of irregular
fer SubTreasury scheme has been of
period Of time have specified. By the existing laws
President has almost the entire control of the revenue
empowered to withhold it from the banks till they resume
cash payments BY the law the government forbid
to receive money payment public Dues SPECIE
the notes Of specie paying banks The Sub Treasury
scheme merely the distinct of
practice whchha been existence for six months and which,
until the banks resume specie payments will be continued
condtionally
The about the victory obtained in the House.
sinks therefore the twaddle that
at the Five Points could rejoice about II opposition had
defeated the Treasury Note Bidefeaed the fourth
ment Postponemen Billiard after these defeats they
brought forward their of relief and carried
them too, then indeed they might claimed victory
worth talking about But in the face ofong every practical
tangible distinct point of mpo lance mooed by the ad
nstraon, to talk uumph and victory indicate boy
weakness, worthy the name Of common
midst of this feeling took start
arising however from the complexion OF generally
than from the distinct action of Congress. Yet there more
political than commercial activity the or Sc
yearom the time the late President began his nkerng
the currency commercial affairs of country have been
in agitation We hare Iped through panic of SIR
years. Any country but the patient and long suE
feng Yankees would have and through
organic revolution long since. At this moment, the
elements of panic and political agitation are commencing
conflict with the elements Of prosperity and returning
confidence All the bankrupu, spendtrs, SPECTATORS vi
sonarie shnpasterer are combining together prevent
the OF Congress from producing that suary
which they might do by giving them fair candid trial
Several Of the banks struck by he compunctous vsngs OF
conscience" have shown disposition paths of
honesty and specie payments In this city Albany six
banks redeem their five dollar notes. and two all their -
The following the list with their condition. at the last
returns the LIST Of September
YORK.
Ban. of Amsre. @ 4.s1ss e SIS R;ss
s.s hank ssss ssss ;sss
S::;sss ca. s: g.. :. S:, ;;
specie PAVING BANKS IN ALBANY.
c:na ssns Mechanics ssoo '3 s 's sss sss
Two three of those banks Tradesmsns Of York. and
the Canal in Albany pay all their issues Of IS upward
These and other banks united with action Of govern
and the harmonious feeling Of the solvent portion the
community, might be able begin movement calculated 10
lead general confidence solvent banking syse and
the ultimate recovery Of all our former prosperity
In ADDITION, we have the pleasure OF isng the
the condition Of the UNITED STATES BANK month Of
September t.
Nesr in crcprn. old Circulation. Spec,x
$6ol,<ss. s6175,sGi s3Sis9Ss
will be recoected that the old circulation OF tn bank n
redeemabe demand, the circulation Is So This
being the the United States bank may considered -
bavng resumed specie and learn that nsti-
tuition will accordingly pay specie from week forward
For further particulars refer valuable
dents letter in another column.
of the the nj
be the issue Of Treasury notes. but what we hear
fear that Secretary Woodbury. will take the advice OF
sound practical preferng the opinion Of ignorant
kitchen advisers Washington. The object govern
ment Ia these twools First pay public credi-
tor what due him. and secondly TO furnish currency
will pass such par for year For this purpose said
that the Treasury will 6rst issue abeut 100000
interest, and seud he found that they fall below par
future issues An per cent in
teres viii inevitably depress them to IS 96 at least
The objection that these notes redeemsbe In Los
yesterday connection with trade
stronger connected with emigration IF large
OF these reach Europe they will be bought
by emgraas coming the United States Receivable ashley
will be all debts due the they will form
emgrani OF transferring values from Europe
America SPECIE bank Of England notes.
bills OF exchange Again. Of their recevabity the cuou
house point which has been disputed No orders have yea
been there, directing the public officers them
in nav Of duties before the day OF redemption AT this me-
men. s7sccso vslue In foregn goods publs
stores waiting the action Of the compromising bill Ar
soon determine what to purus ON
the treasury notes, decided action will take place In com
mercisl Affairs Al present oafers