Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-22
MOHEY n ARK ut.
~ Mnmdav. NAV a.

theb eoin OF i
es TO west south, has suspended specie
In the space eight days. and less all the BANKS
without any apparent cooperation, have given up the gho
II is remarkable in this extraordinary movement u'a
while Wednesday, the 10th Of May, the New forA nsAs
suspended, that Friday OF the same week. "sou
any actual knowledge each others movements the Dahks
New Orleans adopted similar policy They appeared 70 nave
reached simultaneous peness roenness a. one aa e
same point of THIS fact indicates preeo"ee ana
yreparaton mnd-a point winch we shah eA
anime hereafter
At the present momen the principal questions are
poson-where we!-what course WIN hiSss aAe'-
what is to done!v
A. New yoh the head quarters of the money market of
che the will give general direction to
whole machine throughout the Union How DO we stand
here this day. all the banks OF this city ana state start on
the new system that almost every bank has come
into the measure and the presidents OF the National
Manhattan stand the directors OF those establishments will
compe surrender individual wishes in order TO offer OBJ
aces to the general Since the year 1877 the whole
banking system OF the United States has been
founded acted specie basis BY of conduct
the part congessof the executiveof the state govern
ments-of banks-an of the mercantile and trading
uny credit has been, during the last fsw inflated till
Il exploded, and in heap of ruins far and WIDE
The specie onet has from paper and
mercantile community their toering
efce a new principle entirey-on paper the repre-
sentative of property, at high prices.
present situation of things in this city divides itself into
brancheshe system adopted by the
genra system of created by the
safety fund suspension lawand the mortgage law applicable
mortgages real estate The general feature of
all expedens identical being merely extension Of
between creditor and debtor posponemen of debts
future day. by the arbitrary eaactments Of the Legislature
or the government,
And First the Treasury Circular in relation the sub
lie duties imports, clumsy convance to postpone debts
due the government until Congress shall meet in september
On the general of commercial affairs and will
have deep influence. The whole amount of duties
due the government and which may operate amount
cordng the best estimate, abon 81 for the whole
couny-probably e250oOOe Of the accrung in New
York postponment fthat amount till September viii pro-
duce slight among Importers, bat that is all We pre-
that all imports hereafter to be made will under the
casa pecePaying system. Throughout the
there win be great Earring between the government and the
merchants, but, usual il will words words
Some few merchants may comply law, and
pay duties specie This Operations would equivalent
additional to sper cent the Of duties paid
There plenty Of specie to be to duties WITH pre-
MUM is paid fori.
The Second great present state Of affairs is the
Mortgage Law, by which the foreclosures mortgages on
real postponed for Is months giving holder
right of redemption for PERIOD addition to the usual
time allowed by the old law. This law by
legislature solicitation of these who have deeply
engaged operations II works TO
length time. The property engagements
which this system operates very extensive. is however
entirely confined New York BY examination the
cord Office that the of mortg ages
this city, during the years 1886 and 49, twenty millions of
mortgages the period the First Ward
The effect of the mortgage law will be- preserve
high prices Of property the lower part OF the city,
time will also have a similar effect immense
unproducve lots in Brooklyn and this island The present
owners conuncsn with the suspension bank managers may
only keep old prices but should surprised
advance attempted these prices Their object
get rid OF their engagements fast possible before the
general crash the paper system shall place
of ~ months. Men and animals will do any thing get
their heads of troublesome noeses.
Taird princpel element the system the
suspension law authorized by the legislature adopted
the The law, and generally
eva-s- i.rs ea6nhg sysser
throughout country the position gene
exposios ofaais their aggregate loans of
doars-their specie The
loan banks based commercial pape-tat pa is
the representative Of goods and and at the
high prices Without suspension ofspec payments
these goods would have fallen, many have fallen per cent
half Of the assets Of the banks would have therefore
less than months The suspension OF specie
payments and the fresh emission paper money with which
debts be paid viii tend keeu up prices that
have fallen those TO their former
Flour real estate goods Of all kinds will proba
bly, former rates, less, two months
speculative business viii unquestonaby s,r;ng
up, under he paper system Tbs public will probably
completely bewdereda this fresh MANN
viii no, las, long the lat Already symptoms 81
beginning be vse Stocks during ths
Last week regularly Wall street Saturday they
stood very mah beyond what they opened beginning
the week Flour slightly and other indicate
the symptoms.
the intelligent and portion Of the
community upon all these hing-,he building up Of pa
per sysc-as only the "commencement Of the end" The
ready money and short credit eople keep coo believing that
less than the whole paper system will either make
general and final explosion, that the hanks by their fresh
expansions Which there check that OF law will
blow up, after the other ai leave nothing behind but
smoke ruin and bad air Many believe banks never
specie payments and others that nothing can re-
currency but tie action Congress eerfan that
every banking in,uton halt the governments ono
third the mercantile commonly bankrupt The general
government solvent and OF debt Usited
Bank Congress alone power
ed6ce OF the ruins Now what will
Congress dos It's FRS, purpose to where the
plus en- Amer they ascertain how much
remains, then Vet them ask what shall with it,
II highly probable that of4oocc 900 Of surplus revenue
only 100000 will be receivable in moneyn actual
gold and silver. Yet this basis quite sufficient which
create system OF finance and commercial
change credit and confidence by
fishing National Bank specie paying from the jump In
addition to which tariff commercial
code and general bankrup, law release the ufou
our new structure -chd materials
GENERAL MARKETS
Nrw YoRs, May 9o-we have no material change to notice
the aspect the business city trade