Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-22
VOLUME III.
From the Weekly Herald, OF May wi
News of the Week.


The mast week has teemed with events unparalleled
in the annals of eur country. The wave OF revoiuoI
has been rolling on. Bankruptcy-ior ,he in'scaeu
suspensions are nothing ess-has spread rom Malie
10 New Orleans. With very few exceptions, every
great monied institution has adopted the SUSPENSION
measure which necessity or policy demanded-but
which can never be Jusuneo
Fiat justitia, ruat coslum.
The news from Great Britain throughout the week
has been of the character as OF the last. Money
scarcer than eyer-merchants falllng-trade declin-
ing-an almost total suspension Of manufactures and
general distress IS experienced there as wen as mere
fhe sympathy between America and England is so
intimate, that blow upon the commercial interests
of one is felt by both alike.
The legislature of the state has passed law au-
thorizing suspension OF specie payments TOT one
year. but at the same time imposing such restraints
and regulations upon the banks awaiting themselves
of the act that it doubtful if the city banks gene
rally submit TO it. and in they do, the consttu
tionality of the law is questioned.
In the mean time all is suspense; A large amount
of paper currency worse if possible, than that FUR
nished by the banks, has been set at1oa to meet the
great demand for small change. Ere long, we ex-
pect to hear of suspensions and failures among hese
self-nadc coiners of a better currency anu 'eH Oh
prosecutions for swndling and procuring money by
false pretences
In consequence of the depreciation OF paper money,
several articles of produce have risen to higher no.
minal value than they before sustaned The prices
of necessary articles will show the relative value OF
paper money This has always been the case. All
the legislative enactmens in the world will not make
paper currency equal to the wants OF the communl-
ty, that is unsupported by solid basis Every cent
paid in discounts every loss of time and money, IN
consequence of the present state of things is direct
evidence and consequence OF this great fraud COM
mitted by tbs banks Apon the community.
The executive and treasury departments, like the
New York legislature have yielded to the dictates of
stern necessity and finding themselves utterly unable
to pay their own debts-even the French indemnity,
in specie have desisted in requiring it of others Con-
sequently treasury bonds are to remain in statu que
paving per cent. interest until the next session of
Congress- which assemblies on the first Monday Of
September Until then, but little can be foreseen as
to the ultimate effects Of the present state of affairs
No foreign news of importance, except from Eng
land Bustamente has taken the reins of govern
ment in Mexico-wth which power we have had
quasi war, and one Of our National vessels has de-
stroyed the principal part of their navy. Poor Mexi
co-distractcd by internal divisions, maintaining an
unequal warfare with new nation once her rebel
lious province-and surrounded by powerful foes
and what is more, with all her rich mines of gold and
silver bankrupt. She is in bad pickle as the
banks in Wall street, that have suspended specie pay
ments wi tn money in their vaults.
The Florida war is ended at last after costing we
the people, only Sc 100000. Oceola has come in and
says he has had fighting enough, and is perfectly
willing to emigrate to the West. When we can say
the same, we may go West too-prshdps