Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-26

NC stasuon OF money somewhat snonalous.-
onsay generally quiet day-but today il is suieter thz
No' ripple appeared the surface Of stock
Aesnd tne bullion market silently sinks every dsy The
y4on isr the British sovereign e5s5 TO $50 in New
sy Dank paper This indicates fall OF 6 TO per een
hce ast week. The real par of exchange
New York and London 1925 4o-hus inc ~, x
he nominal rate OF exchange le9 the real rate
par This difference between nominal and real rates IF
exchange arsesron the value of the American silver dollar
a. taken ard valued at the English mint In the
gold coinage which nearly per cent nv Tbs lin
OF 1886, the real and nominal exchange differ 10 t
additional amount of the debasement Exchange with Eng
land however seldom according the gold yara
on In spite of the effort Of Congress give new language
to exchange and the old modes of
lnger in all commercial transactions.
Taking these elements that the course Of
exchange between London and New York. against latter
city, as follows
Price sss B soseyssr nomiT "a re- efer real
By this will appear exchange against New
York only S4a2t in the face Of suspension pe
Gle payments BY the banks The extraordinary fall of exchange
in the present circumstances OF the country puzzles
mercantile Tke decline are easy
of solution These causes be arrayed four distinct
and separate movements, conditions monetary affairs
And First Of the most important is
probable action Of the government several bills
the House of Representatives They may enumerated
thus
Repeal ofthe fourth nstalnen' ofthe Dstribu-
Extension Of the Commercial bonds 100000
Extension of the debts due by the banks 100000
Aggregate amount of relief S36,5OcOO0
that the gross of relief shape Of
further extensions and credits the COVER and the
merchants equal the capital of the United States Bank
indeed involves abstraction of which
proposed distributed the the states
have loaned their money generally politicians what they
received may be deemed spent quandepg folly
and what recalled much gained to commerce. The
recall oftle fourth instamentis clear gain
The second element In the movement, creating
dence proposed action efhe United Bank in is
900 of credits and the contemplated
agency in Londsn. This tends still fur
Their encourage the feeling Of confidence and as
goes, concurs with the action of the government
The third of the fall Of exchange the quantity Of Br
fish government bills about be thrown this MARKET
yet calculated that not 10000 sterling of bills
have into the reet-probasl ply E0ee0 ould be
raj estimate H. however proposed that 5O0OO0 will be
negotiated here during the few months These bills will
New Yerk papethat paper exchanged specie
specie Canada pay the debts of colonial
government there. If this operation upon us in
lump might advance the price of spece-and thus en-
able the Canada banks to resume specie payments But
they very sparngly and Canada is debt to New
York. sold do not absorb single of specie
present Even in future, managed ley the sale OF
the aeed disturb specie market an iota
fourth and last of the fall of exchanged the very
little demand for and the difficulty felt by importers
make any remitancesa ALL great portion Of foreign
ana further credits the
er side of the water.
foreign debt estimated still $50 org
probable per of The debt paid until
the crops MARKHAM operation requiring
months The quantities of specie England since
last has doubt been overated and msiaed By the
Treasury tables the Of specie imported between 3oh
September 1885, and 10Th September 1887 3 9a4-a fact
utterly unless there portion
egn beyond reach reuuon Of last oy src or-
has grouing Up the ry midst IF the emSa-anssfs
around
Taking oil these concurriSg In the result
extraordinary fall In foreign excasge now come 10 its
practical operation monetary concerns What is
prevent the banks from rcSumag specie pavul~us In
week, Their corrupt advocates street say that they
only waiting for the fall Of exchange. The here
why fulfil their pledges! But the truth is the banks
large portion ohem he said to have resumed spec pay
Confidence snsensibly coming back every avenue
| Of business.
At their official suspension the lh Of May banks had
been nonpecpaying banks towards Tor several
months The actual suspension took place early as January
when the government pets refused accept warrants of
the Treasury and begged ale tune. The resumption
Of specie payments by all solvent banks probably he
similar nosees movement When Mr.. Bdde, and his afni-
ated csrps find that he charter nor get the
deposits he will and expansions he did in is34
S. Specie payments viii be adopted silently we La on
y know that the thing has been dope all the disappear
Of the miserable rascsly, dsgracefu trasA called
| "a hn-plasters."
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