Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-20

the friends of this institution oppose Congress-
any organization Of the currency unless be renewal of the
old charter In Philadelphia the public prints and public wri
in favor OF the bank anxious TO shew that nothing
country from its present disastrous position but
renewal ote old IT, States Bank managed by Mr. Bid
die writer called Examiner whose real name is CoNDY
RACQUET is pouring column after column, having this ob
ject in view He endeavors show that bank cannot
be organised with prospect of compelling the array OF
sta te banks to specie payments
In point OF view, Mr. Racquet right We do not be-
eve possible for recharte renewal of our old
bring the 600 banks back specie payments The
sumpono specie payments thing utterly hopeless by one
half net twohr of all the state banks in the Union Their
suspension has from different than that OF
former of the kind Their position, sovency sodity
and prospects, all different and disastrous
Let go into analysis
The loans of all the state banks amount probably, five
hundred millions dollars What these loans based upon
Bills notes of debtors What the and bills
founded on On real cotton government bonds goods
commodities old prices, which have invariably receded
80 per since the revuon beganbedes accomno-
dation notes, fancy stocks and other bubbles.
The these 600 banks therefore, probably one half
OF them, utterly worthless.
large portion of the banks specie pay
under any of commercial financial affairs
Another thing will place this matter in strong point of view
During the years 1885 and S. the sales opubc lands amounted
to forty-eight millions This immense generally
produced by speculation connected with the and
the banks These purchases made in virtue
oans the banks persons without capital In adj
don this probably lots have been laid out large cities
aud fancy erected and sold TO the amount of fifty mil
lions nore-making ALL one hundred millions great por
of which borrowedo of the banks These government
and other lands enough supply the demand for twenty
years come
Nor can land specu qudae their debts the
traders among the foreign merchants and importers do
AT this moment very export has sprung up in
New York We sending goods and colonial pro-
duce in addition cotton and specie In pay Of
foreign debt Cotton always
sell markets of the world for something and thus foreign
overtrading and regulate ITSELF The cverading
government agents public lands be correct
ed by such operation The land spectators fail to their
banks. The banks compelled TO take pro-
perry but sell il is impossible series OF years Why!
Because the OF government lands, still In the MARKET
at cheaper prices, Is enormous.
BY this the whole operations of the last years
the sale public lands lots cities viii turn out
deporabe bubbe and only ruin the original purchasers,
but ruin all the government banks besides destroying and eva
porang the surplus The original vaue, or capital
the Of these operations long since exhausted in
high living expensive wines and general extravaganza No
thing reains but papespeculators paperor bank paper
idle therefore, friends of the u Bank to argue
National Bank compel the several stale
banks specie payments The renewal OF tie u s.
Bank would have less effect from the fact that rs condition
not wboesome-tha large proportion Of It's assets in
paper those very banha its losses by the bond
post operations immenseand that even Ms very
beyond FIVE months beginning 10 be ques
onabe BY OF Pens vana the suspension OF
Gle payments puts power ofany individual TO compel the
governor doors and forfeit its charter in less than
five month and but such Is
progress The Philadelphia papers recently reported
suit growing small transaction. This learn
was the basis on which forfeiture intended he procured
speak thus because opposed to Mr. Bidde
I'VE have higher opinion OF his financial skill than Of any
other man line, hut his publications and
during the last ycsrpaculary the Inst yesrn-
dicaes be has, the least made fatally wrong est
guess the real condition Of the country he had
followed advice given him by the Herald In 1885, and '96 be
bank might avoided and ayeted the catastrophe
which is YET yawning over him
But while think that National Bank would not be
able compel the banks specie payments, mel
Their do we believe the United States Bank could new
National Bank would however, do what other bank could
it would form centre, around which all the healthy eIe-
nen of commerce. domestic and foreign, would cluster The
banks their system Of business never recover and
the they OF extenccthe sooner they are crush
ed the better Ifthey be permitted to proceed expanding
issues acetously called relieving the comnunitys
they will destroy all health AMI strength yet remaining
the land They win end the agas in France did, the
paper money revolution hectic expansions fresh specu
laons more extravaganza and ultimate beggay and ruin,
financially politically and morally In this state By the sisgs
operation OF the clause the Suspension
Law the prevented fron pandinghey
tracing We will give example. The wes,chester Bank
in April last had se0eoeo crcuaionnow about Geo.
0eo In this city the conrstons taking place. The
effect OF will be depess trade terribly boa
may save Of the banks England required years 70
return specie payments after they began curtsl-fom
1916 TO 1922 rcumpon specie payments uss be prece
ded by long and protracted pressure possibly Of an or "n
years other the banks expanding IN every
form Such and such mean 70 rcsune
their purpose is to cheat, and nothing else
GENERAL MARKETS.
NEw Yopg June 10Th, r. M.-Trade has oeen sAeesseev
heavy today Auction sales have been eney given
M Nearly every description merchandise very quiet
with the single exception OF Flour which has improved since
Fair sales were made OF Western al $780, and Of
Neu yorl n.,eced a, $50 s7s and unnspectes, att
so Nothing doing in Southern Also some sae OF VhesA
,ahe n,ace !. from M 10 Is, and Rye at soc 10 rc.
Aueon pose Pioe Apple Cheese At &C. io bags
wheat, DAMAGED ., CSC 20 bags do at 1850 s7c 100 bags
do. 1890. Terms cash - .
do Ashes
cv,.,,sror June is, r. N.-Coton-Tbe sales have bora
i ies 70, oass "a y IA lis IL IS "a s4 s IL
"a m's154 "a, ~ a. n a. liz and u at cents In
I Cotops bales Of low quality Sea Island, a. 20, and q
demand rs steady particularly ior good I'D
ose qualities Of Upland Ricerhe ssIes amount 70 No
"a GIG; I.i q H. and IS ~ So There good demand
onob ce-One Cargo $40 bushels brought 80 cents Flour
TIE demand good and stock light $50 barrels Baltimore
Howard street brought &i n IL and 200 barrels prices so
uanspired
AUGUSTA June 49, r. -Coon-The sales during the ps~
vepk bales, prices ranging roms
ocen's, which we give az present qnotsuons.