Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-04-12
TIE PRESSURE IN THE NEW YORK
MONEY MARKET.

TIE PRESSURE IN THE NEW YORK
MONEY MARKET.
The following letter was written bv Mr..
Biddle, in reply to a letter from the Chairman
of large meetir of the most eminent mer-
chants and others -
.Nepc York, 29th March, 1887.
JouS A. STEVENS, Esq. Chairman:
Sir-I had this day the honor OF receiving
Your communication Of the 2Sth inst. accom-
panied by the signatures of many highly res
pcctable citizens of New York, requesting the
ntcrposition of the Bank of the United States,
to assist in removing the existing cmbarrass-
ment OF the commercial community. The
Board of Directors, on learning from COM
mittce of Your fellow citizens, the existence OF
these difficulties, directed me to visit n. YORK
for the purpose of fascertaining the nature, and
the most effectual mode by which the Bank
could be useful All the suggestions for that
purpose contained in your letter, will accord
ngIy be presented to the Board of Directors,
from whom they will receive the most res
pectful and early attention.
In the mean time what my own obscrva-
ton suggests as the cause of these troubles,
is that recent events in the south and Europe,
have, in concurrence with reasons of an earl
icr date. produced paralysis Of private Gre
dit which dcranges the whole system of our
foreign and domestic exchanges. For this the
appropriate remedy seems to be, to substitute
for the private credit of individuals the more
known and established credit of the bank, un-
til public confidence IN private stability, has
time to revive. TO the foreign exchanges |
would apply that restorative by issuing the en-
gagements of the bank, payable in London,
Paris and Amsterdam, to be remltted IN lieu
Of p::yate bills. These will be ready for
the next packet, and they will enable the
country to make without injury, an early pro-
vision for the adjustment of foreign exchanges
by the natural operation Of renting lts pro.
duce and its coin. A similar operation shall
recommend to the Board in respect to the do
mestic exchanges, by an enlarged and immedl-
ate purchase of bills of exchange on the dis
tant sections Of the Union.
These are the two measures which seem
to be the best adapted for the present emer-
gency. They are proposed with the slncerest
desire that they may be useful, and with
clear conviction, that, aided by the spirit and
intelligence which belong to this community,
they will carry it triumphantly through its
present temporary difficulties. The surest
ground of confidence for others is confidence
ourselves; and have seen this community
bear I'D against calamities which would have
broken the spirit of less free and generous
people. have known them surmount oosta.
cles far more alarming than any now before
us.-nor will permit myself to doubt that this
city VIII preserve its high character before the
world. bv an; temporary sacrifices which may
bn NECESSARY to sustain It's credit and lis
tame.
With great respect. yours, &c:
n. BfDDLE.
President ofthe Bank otthe i. States
From tie Correspondence Of tie National iHtei'
lgencer.
New YORK, MARCH 80.
The agitation. the panic, may call 1t, OF this
CITY Yesterday, even after wrote you, no pen
can properly describe. A meeting OF mer-
chants was called in the evening, which was
attended by the most respectable and power
full business men of this city. Groups of mer-
chants continued in Wall street until 3 o'clock
in the evening, at which hour this street so
thronged by DAY, is usually quite deserted at
night. :,
The letter of Mr.. Biddle, with the good feel,
inc pervading it, gives great satisfaction to all
parties here. It is humiliating that the great
CITY of New York should be compelled to go
a becrinc to Philadelphia; but the favor is
conferred with such grace that the humllla-
ton is forgotten :.
The usurv question is now much discussed
in this city. The boarding of money, gives
great offence at this time, but nevertheless al
most all the bankers, and very many OF the
merchants, wish a repeal fall the usury laws.
The feeling at Albany is entirely changed.
The disposition there now is to fix the strong
est penalties upon usury.
9hree o'clock-The banks have discounted
with great liberality to-day; but the demand
for money is also very great. There is
much better feeling than there was yesterday.
HALF PAST THREE O'CLOCK
ResrA of the Meeting.
Ata meeting of delegates Of banks of the
city of New York, held on Both Of March,
1887
It was unanimously resolved that the SAID
banks, according to the wishes OF the com
mittee of Merchants, and impressed Wlth 1ne
necul;ar eyiqenccs Of the moment, will forth-
With increase their discounts, in the aggregate
70 the extent of ONE MILLION FIVE HUN
DRIED THOUSAND DOLLARS.
ALBERT GALLATlN, Chairman.
JOHN FLEMING, Secretary. =,
The Manhattan Bank agrees to issue NIL
lion of bonds payable in London, and another
million here.
The Girard Bank, of Philadelphia, agrees
to issue one hundred thousand pounds sterling
in bonds, payable in London.
TThe Bank of America has made an ar
rangement with the Morris Canal Company to
issue a million Of dollars of the bonds OF that
payable in LONDON at asrsst ten taes
ner cent. per annum These bonds will be
indorsed and guaranteed by the Bank Of Anne
rica. .,
NJ The Bank of America will also draw