Morning herald., 1837-06-27


Tuesday, June az.
The movements In money market and
veosng themselves Stock operations daily dwnding,
and specie assuming all the excitement of Wall street The
brokers are rapidly leaving the stock market for the bullion
Happears the of sarans who in the
wear 1886 49, the famous inventors of" conerng"
evspg similar operations In specie and bullion There
said n, be combinations among the brokers control
the specie markeo raise before the foreign packets sa
and depse Immediately AFTER thus buying low prices and
selling at high.
We doubt the the ncpen Of such
scheme are in progress
The Board OF brokers instrument in the hands Oh
individuals who regulate movements just as they please
Bat among the brokers Of the board the same schemes
be adopted with equal and thus keep up CON
fear and excitement respecting the legal value oil paper
money At the banks like guilty cuprts STAND idy
by and neose check these fluctuations IN the paper and
specie values
the managers the banks In Wa street mean TO act ke
public they ought to step forward and
fix the value their paper money by announcing an ago to
guate B fluctuations II their business TO check the bullion
brokers and 70 the who manage the
Board of Brokers' woud really appear If the banks had
become mere swinders by their of
tion In the Hon. John Quincy Adams patriot
speaks thus OF the morality of the
suspension OF specie The violation prin
cipe committed by bank in supendng specie payments
my estimation, inferior to that OF fraudulent bankruptcy
in individual The right of any Legislature authorize
suspension questionable and the repeal Of laws
pessy enforce the n6men contracts at the very
when they have been broken, mockery all
raj principle, and a scandal to human legislation"
Every of would seem to taken under
the impression that they to specie pay
During the last war; public was entirely in the
hands OF the banks These institutions purchased up Treasury
at 10 30 discount After war; these notes
were tunSed at their value. BY this operation the
cleared n to tueny millions ofoars This profit constituted
the for the resumption of specie payments 1877 Now
the entirely reversed Instead of government owing
the banks The banks owe the general and governments
probably 80 millions of dollars In a condition the banks
never will be able the specie pay
meats unless they swinde the community of sum su
cient enable them do without mpairing the value of
their stocks few fluctuations in specie may take place now
and then but the gradual and general depreciation of bank
paper will be certain the the seasons Some
OF the city banks curai and great
will let any extent.
We ears that in the banks this city there already about
Sl2ooDoo OF deposites Of the Safety Fund Banks
These banks by arrangements preparing redeem
each sthers notes as follows:-
lst. Banks on the Hudson River to Waterford, days
% Banks in Schenectady, Herkmsr and Utica 10 days
CO. Madison, Rome, syracuse, sslins Auburn, water Water.
Lewis Jefferson. Ssxsao Wayne, Lycns Yates . a'y'
s cSesns a1S wsao Rooms vo,son Is days
s ogdensSurg chaauque Essex and Clinton IS days
After the expiration of certain the city holding
depoe the paper country can charge an inter-
est Of six The city banks therefore their ad
vantage to curta their paper and their
IN country Safety Fund paper.
From hisfeature in the suspension law probable
city banks will become place Of deposit Safety
Fund country banks.
The condition into which the country is thrown by the
PENSIONS begettng all kinds of theories and visionary schemes
Several paper bubbles called exchange snks beginning
appear All such paper issued by pecuators and
intended only to cheat the public Besides such
tary to law and ought be owned down and discounen
aaced.
The nancier Of the "Courer Enquirer" have joined issue
on several points respecting the revulson General am
ton of South Carolina That sapcn Journalist makes the as
seron that increase obankng capital does
circulation Now happens that the fact any
common tabl of statistics for the last years will
Before public journalist begins positions
sanctioned by experience fact and philosophy should learn
the alphabet Of the subject which he write
have, however, this nare writer, holy adherence for
all figures in discussions Of this kiRdand indeed
tAas declaration
the ridiculous aeurdes in finance which distinguish the
OF that sinking