Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-28
MO- Ely M A IL X f II.
wednesday, June rs.

We just of calm. The elements have been
long discomposed that they settling down. merely to get
breathing begin their abors dc Since yesterday
nothing great moment has ranspred The transactions
specie have been brisk specie merchants enough
found who will refuse to pay the customs in the
hard stuff Those who have rode the able
do, they conduct their dealings the metallic principle
They add the difference between specie Standard and
bills price their goods. This leads
result thai specie circular does 1t would
that every merchant would refuse take note except
its specie keeping the prices of their at their
value that caused by demand and supply There could
then mistake in the 1t this
later The banks have had the swing long enough it
their time TO lose
Large quantities Of the metals continually comigg
their hiding holes This circumstance prosf convncve that
The wholesome Of present tire
actually based upon specie and carried in refer
that standard In other words specie looked upon
The actual of the country and bank
preventative of property With this gain in position
hoped that the friends of the only standard
world will by any foolish step relinqush vantage
ground The banks, finding this the case, will
of self interest every exeon to resume ssece payments
till that object be gained
Meantime bank bills continually wane Those OF
New Orleans exchangeabe for specie
IL to Is per those of Mississippi Alabama to
% per The Charleston bills at about to n
cent All this difference caused by the balance
being against those points, the condi
ton Of mercantile for the banks
those quarters quite good If better
sequence Of the late law and the arrangements the
city and country banks How long this will extremely
doubtful for cannst reckon stability in system
is based the absolute value of specie by laws
of Congress-
Great noise and then made about small change yari.
opinions offered and every writer approach
the subject with all the confidence of Neckar The whole
difficulty appears the point whet bank
specie shall be considered the standard Of value the
accepted of value and bank be taken
paid their specie estimate, shall shnpas
Till that be done all the preaching oa the nancies
country will alter the paper How strange
il is! We find hundreds Of writers willing country
should be flooded with rredeemabe bank bills Of the denom
nation of five dollars and upwards and the very sight OF
small notes will their in such twitchiss
that would suppose they had st. vits dance The
Gates OF paper money should he consistent
Paper money payable demand in specie, no panic
however great affect But banks founded upon
this principle This fact known trading
munityand yet this community compaa that shin plas
tiers should be issued supply the place Of eor driven
circulation by the existence of banks e their true
foundations What absurdity five credit to sup
ply ofour let that credit be based upon
value upon COIN and upon the Of pro-
perry Small change win abound and only abound when we
begin trade upon specie foundation long adhere
the paper system, long win shin be destined to Of
end the OF the delicate nabobs used to the handling
TO hope that bank
will lose iota in the present
They will insist that their bills money specified va
specie only has risen With docwnc they
hope perpeuae their power The moral feeling of the
community will however, trust 20 far recy CON.
mcrcia atmosphere and render heau Before the present
crisis is over banks exist for the public and not
solely for the themselves every man the COM
munty regulate his business by the specie SCALE
deserve enrolled among the benectors OF his country
for the good that his example will effect