Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-24
M O N K Y M A II X E r.


value, produces great disturbance affairs OF life The
vaue paper money unchangedat 10 TO IL cent
dscoun ON city bills There large quantity Oh paper
oHey OF distant southern and states coming into mar
ket but is negotiable very high raesvaryng from 20 to
~ per cent The OF Charleston D. " al per
cent discount from legal specie andard-Mobie and New
Orleans Y to % per These are very heavy rates. but
better than senetne ago. when such bank paper
could not be negotiated at any price, It's the hrs germ Of
domestic exchange SYSTEM under the present and
becomes and active these rates will fall point
greater moderation Illinois State bank paper equally
low-probably IS per cent discount, the bills
north states
The Ohio Trust Company have specie pay
ments resumption former high cha
racer financial woa Wedoubt whether the .aper Of
any will equal the value specie In this city,
bills discount OF u per cent This
sn greater depreciation than by the crcum
redeemabe bank paper issued by solvent bank,
reduced in value precisely what will cost to recover its
nominal value in law Take $1,000 Of the Merchants bank
What would cost to bring action law against that nsi
tuition and recover by legal process including interest. Pro-
badly sum not equal per discount $1,000 seve
raadvuals were to collect amounts Of city bank bills II
per cent discount and then compel them pay them specie
10y process OF law the operation would yield least
If not
The value and nature of bank paper is precisely similar
to that OF bill of exchange Bills ofexcange worth what
they bear their face deducting interest me charges
and probability of payment bank bills exactly
what they bear their face dedactng the expenses legal
recovery.
The confusion Of the standard OF vaueis not real confusion
IT. mere popular deluon, easily corrected and easily adj
Jued 1t only requires the public mind TO fix upon the legal
COIN and to consider other currency approaching
more or less according the discount from its face
On the LIST Of July State redeems portion 9ebthe
State Five Per Cents for 1857" How will the Comptroller
this to the owners The Canal funds held by broken
banks scattered all the state These banks refuse pay
these eposes specie What then be done! Tne holders
OF the Five Per will not believe take any other mo-
fh1ncn t.nts hnt,I1
will consider not worth its specie
in Wall STREET.-THE per discount all events the State
VIII lose, ON s00o000 about SI2oOoo by the bad manage
saent and explosion of the Safe Funs system We do
believe they the specie and the holders will pre-
perry enough refuse other currency but the market
discount.
These the first fruits of the famous Safety bubble.
Before the present party power wind up all concerns
is probable that equal five millions will
be absolutely lost to the people of this by this
Safety Fund system.
few days ago. the creditors of Hicks Lawrence Co. held
meeting in Pearl We learn than after full nvesgs-
ton OF their affairs their will probably pay fifty
the dollar; although Think that before the close they will
realize far less The of large proportion of the
chants who fell between the 18th of March and the 10th May
exhibit much worse condition. Many will not pay
the doar-others less During the January
February the imports into this city larger than for the
period in 1885, This fact denied the tmc although
stated by contradiction the bockheaas Journal Of
Commerce Yesterday the Journal acknowledges the fact
large portion OF these imports disposed auction and
commercial paper taken for it Now il that three
fourt of the commercial very bad Our large
sserere have suffered very severely and il is no
wonder of them should lose their temper they
lose their msney Yet shrewd con-
siderable fortunes will be made by these very failures The
peculiar state OF the law herethe process of assignments
other operations into the power Of any man. disposed
TO fail in evulion and make money by it In about year
we shall know who these fortunate fellows
GENERAL MARKETS.
NEw York, June g. P.M-Trade generally the past week
has been rather inactive The large sale reported yeser
day. the only transaction Of consequence
the week Cotton has been quiet Flour has improved price,
but few sales The advance owing the non
arrival OF any quantity into the city, Tobacco has mac
tive through the week The past the rowsies
that has occurred in this city for the last years Pearl Pine
and the other principal business Streets entirely deserted a.
regards trade.
Granwe remark sales Of $500 bushels Russia small grain
wheat S5 1900 bushels Trieste 81 IS and 5000 bps
prime Roock at si7 few sales Of rye place at soc ooc;
Of yellow Delaware AT l0S OF northern yellow do al
lo6c yellow jersey lo4 sales southern oats Al
Soc Our market has been better supplied corn the past
week.
Flour and Mca-we notice further change in -four Our
present quotations $3.50 1915 Tor western and New
York Inspected $40 for unexpected 81 25 $50
Very little southern In the market and very few sales Rye
selling in small lots at $3.50 G75 and meal s475a
ceipts Of hour at present very light
Copper-We have sale Of about 1900 lbs old cop
cash 23c j. asked for the quantity and 22i oercd
fered months credit but holders unwilling sell only
for cash.
Coa-we have nothing further to remark since our last
Our quotations for Liverpool are 50 a950
sa-Some sales Of Liverpool Ashten's take place,
prices TRANSFERRED to Us
O-A sale Of gallons foreign nsecd took place yeser.
day TIC cash the last previous sale made
asked wanted credit about s. pipes Esgsb
price, months.
Whskey-Sales the past week 20 hds and 362
sic. Thedenand has rather fallen of the last few days
Cotton-Sales forthe week ending today about
loo bales, principally for shipment prices from lie
principal sales made 81 i0lc. BY auction today
bales good New Orleans sold at SIC. cash.
Cohee-There has been fair business doing in this marke,
the past week We remark sales OF 1900 bags Lagura
lso bags RIO at auctioH at a. &c. cash.
Nce-Thc market has been very scanly supplied. Prices
are without any change from sales are confined TO
small lots.
Tobaccc-saes Of 100 bales middlng Cuba I3gc bales
&C. a 'cI eases do io l2 bales fair do At sc
aseoccuedthe past week Also, few lots 81 Domingo
prices not tsnspred to Very little Kentucky in market
there y some enquiry Tor Il.
sigars-The inquiry Tor tox snya, con,on.. a Az,
stock lat dunmshingsacs have been made nj an advance
q &C. fhe bansac'ons comprise 100 boxes New Orleans at
a. 100 boxes wme Cuba Il o2c 900 do At &C. cash. also
l5ohoxes brown ~ y ac by auction 4so ,oave lnsn
sugar at l2l ai2lc. cash.
Freights-we continue our hast rate.-ba, very lue i Offer
ing 70 Liverpool or IIayrc.
Auction saes-l3 hhdssuga al ~ SCI hall mines brandy
at SOC; quarter casks sherry wine s2c; 10 ar easL white
81 Lucar 32c ar. casks malaga do a. an an