The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-03-18

Henrques OF the indoor partners, Is sau 10 nave
brought into the 100000 and Messrs osephs
100000, several years ago. The first gentlemen is
from the West Indies, and the latter, two brothers,
from Richmond from which they renewed, ten
years ago, with s60,000-earned by honest indus
try
Since the unwse and foolish conflict between the
Government and the United States Bank, which end
cd in defeat to both parties, the Josephs have gra-
duay extended their foreign and domestic exchange
business TO its present limits. 1t i, believed that their
liabilities in this city, in paper now out, amount to
81 $50 600, and in Philadelphia at least 81 5000 OO-
The recent return of protested paper from the mer-
chants Of Alabama and Mississippi, has affected Their
means heavily They were great buyers and sellers
offoregn exchange, and the bulk of their paper here
is believed to be in the hands of the three and five per
cent month men, whom few will pity. For several
months past their paper has been selling readily IN
the street at 3 TO per cent month.
Their connectons-boh at home and abroad-are
very extensive. The house of Lizard and Co., in
London and Paris will be deeply involved. II is not
supposed that the Rothschilds will be mach touched,
for il is now believed from many facts that they only
drew that house for the amount Of funds previous
ly placed in their hands.
The effect of this suspension will be terrible All
those merchants connected with the southern and
southwestern trade are more or less involved The
evil at this moment cannot be calculated. 1t is the
failure ola sing house ofa single rm-it the crash
of system of domestic and foreign exchanges which
was forced on the country by the demolition of the
United States Bank The Morris Canal Company
arc deeply involved in exchange operations--that
concern having already lost large sums by secret de-
folo ,ha
companies projects innumerable for improve
ments buildngs-and what not. 1t is the crash of a
system. Like their our banking house. a system of
business has been building up, in consequence of the
folly ofgovernment, on such principle in commerce
as Havilands was in architecture. II was to be fire.
proof-no wood-all stone and brick-bright and
beautiful within and without gold and silver sys-
tem-and resting the certificates of such great
as the fnanciers Of Washington One
night however, the arches gave way-the building
fell to the ground-and the public gaped and
dered next morning, while they gazed on the ruin.
Yet there is no evil without portion of good. The
reaction has come. We have always predicted that
our present system of high prices, high interest," de-
ranged currency, was unnatural and unstable. The
general crush of lSls-l9, was partly prodaced by
change in our system of currency-a change from d
deprecated to a specie paying Prices were low
every thing distrusful. The revulsion of 1925 was
produced by spaculatons in cottoA-the general gut
of the markets and scarcity Of money The revulsion
of 1897 is different from any that has preceded it,
We are and have been in highest prosperity prices
rising interest rising every one madder than
another, making fortunes and getting rich. We have
been little boys with grandpapas pipe--blowng up
4 beautiful bubble, which floats for few minutes,
showing forth its varagated hues, and then bursts
into nohngness with amen,adon of sob y "ah!'
"ah!' "oh"
In the midst Of yearly accessions 10 our nominal
banking capital we without real capital. The de-
engagements and experiments in oar currency have
thrown every species of business out of the harness.
partial bankruptcy have always said was the only
madicinc-aud that cure, however bitter must sooner
or later, be swallowed. We look for more failures
more trouble general curlament of business, fall
~ prices-and diminution of the wages OF labor
The tide has now turned and nothing stop il. Let
those who have money keep it firmly in their pockets.
Cash is cash-moncyis money.
By Express Mail from New Orleans we have the
following additional gloomy intelligence from that
quarter The True American Of the 9th says:
"The failures continue. To-day Two more houses
went by the board. What the effect Is 10 be upon
stocks we cannot say but so far the general bu-
siness of the city is concerned we do not apprehend
any serious results Temporarily slight check has
been gwen 10 that brskness in business for which our
city has been 50 remarkable, but a few days will
bring all right again. Cotton Is al stand stll com.
paratvey speaking Nothing is recorded by the board
of brokers' Some few transactions have taken place
outdoors but they small and cannot be adduccd
as evidence Of the state Of the market. The general
feeling to hold oundor present circumstances, par
ticularly az the difficulties have taken place among
the great cotton factors"
Another paper Of the 9th, says:
as there any news stirringl.
"Nohng, that have heard Of"
"No more failures, eh?"
mo not absolu failures of any great account 10
day. but | am fearful that tomorrow will tell DIFF
ferent story. What have you seen or heardl
"Why, there whisperlngs-surmlses among
some Of the knowing ones that two or three of the
heaviest houses in the city, yet left standing, have
been terribly shaken 10 day-are tottenng-but
hope they will prove stable. If they fall, they will
bring numbers of smaller houses down with them
and there is no knowing where the thing viii stop.
Today will determine the destiny of New York
The excitement is great.
MARIA MoSK rs. JAMES WATSON WEBB.-Tho
patrons of pretty Maria Monk have commenced an
action for libel-sl2,000 damagcs-aganst James
Watson Webb, OF the Courier, for accusing the Revd.
Mr.. Slocum of having an improper connection with
Maria during her pilgrimage at the Dry Dock. SO,