Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-12
- ON = y ~ A H x EFT.

mercantile circles. This arises from the rr.dp., d..
~ 'he we OF relative to the currency In
Inc Giebe received yesterday the following private
Of very receat date from General Jackson which clearly
dcates the purposes ofhe party power II caused
sensation and inquiry as Known
the u The aad De esas s hse u
i and other papers that the democracy uniting upsn
kinds and collect the revenues ds6urse IT, by their
banks Tss svsn .na
reduced to the real Of the Government payable gold
in gold and silver viii Civ. undertaking metallic
rsr w S sa s
community will be left manage their exchanges and all
the whole democracy Of the whole Union viii unite in adopt
ing these and the democracy Of numbers will
paper credit SYSTEM upon which they present rely to rule
hope no Treasury will be issued. The Treasury
as upon actual deposits are CONSTITUTIONAL and do not par
depreciation by The merchants and banks, and and
M ps s sss s %
upon deposits and from The conduct Of banks and
which they have attempted to disgrace and 10 its
,sf home and abroad s.he great working class
rom inc '.aSi ~ o S%ckso%
At this moment the governmental mainly depending sup
port dshonored checks upon depete
banks 1t calculated that during the last six weeks 81 100000
In duties have been paid in these checks The they
are made available is somewhat peculiar. creditor of the
government receives check for $50 000 deposte bank
This refused to be paid in specie II protested The
er OF the draft then takes w all and sells for
81 premium. The broker who purchases carries
it to the Collectors Office depostes the
ace and then draws checks against it in such he
find customers varying from $50 $780, The buy
these checks deposited dshonored per cent
thus saving the difference in specie.
The ultimate redemption Of this currency upon the SOL
vency of the deposes which the drafts drawn By the
time that congress the circulation may
several Millions ard there much likelihood that the WHOLE
greater part will forever retain the old well
the old character, OF unavailable funds
In imitation of the government associations do grrs
and individuals without MEANS are issuing in all directions
their paper currency There three Exchange Com
panes In and about Wall street. putting forth rredeem-
able paper in great in the shape Of checks
on deposits in Canadasome checks banks elsewhere
and some redeemabe in safety fund bills grog turtle soup
theatre tickets
All the cuencies by individuals
clearly and positively illegal Many of them conceived
in fraud and will end in insolvency. public do not
ware, they will become ultimately losers by such
schemes.
There has been great conversation about the Brock
Ign Bank Cannot friend Of truth and honesty give
srpose in figures! We have statement particu
larty and figures In banking affairs poetry figures
every thng-fgures of speech for the onefgures of ahme
tic for the other.
The Water Commissioner taking hint good part have
stirred and advertised $5OooOo payable
half the SOh instant the other the 18th Of
Der next There difficulty procuring The
large amounts ofunds lying idle will naturally seek such good
investment will the Commissioners take the cash in paper
at its nominal par! Or viii they receive only its bull
lion value! In the loans required by Illinois, learn that
paper money, its nominal par received for legal par
BY this the brokers who performed the operation will
make 10 per cent alone in the exchange by RENTING 10
Europe.
We do believe the Water Commissioners are auhsr-
d to receive paper money for the oan except its specie
value.
The operations in bullion still continue At New Orleans
100000 received by the last arrivals Small
are also daily arriving here from s. America and the w. Indies
In the foreign export market there little doing The agents
of the United States Bank still in the market purchasing
the specie at current rates These purchases intended
undoubtedly for foreign exporaiien; for appears that
at all The Manhattan Bank freely pays specie
notes when demanded We may say positively there
fore, that the Manhattan Company has specie pay
ments II has however, little circulation aoat The issue
OF dishonored Treasury drafts have great tendency to
keep down the price Of specie.
The great talk Of the day is however, the expert
men to be made by the government very nationally DESERT
bed In the letter OF Gen. Jackson Francis Blair ESQ.,
loh!I That will give rise 10 great connection, among
The various interests throughout the country
doubt As soon such scheme goes into operation Il re-
duces at once the whole foreign trade large portion
H. to direct specie standard Of value effects on
state banks and currency will be singular and power
n II Is the last experiment of the great Tnancer Of the
Hermitage and will probably wind up the democratic par
W before is fully carried through We shall enough
Of winding up by and by.
Our accounts from Liverpool little later Bank and
fancy stocks England maintain themselves stiy The erea
bulk OF railroads and banks In the principal cities
are hg-some 90 So lOo above par par
ticularly the railroads.
Genci n M arkets.