Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-29
Nj o N K Y M A II X f. IT.
Thursdav Jr.ne

The spring business, small was closed, and the fall
business not begun Stocks yesterday little. In specie
operations there an extraordinary increased activity
have again to record further depreciation of rredeemab
bank paper This depreciation will probably increase before
the sailing of the packets At this we are in truly
remarkable position as respects the currency throughout this
country in come on with the prices and
staple articles OF produce The peculiar the value
Of different currences-in the pr;ces-and in
every operation in developing every
day.
In this city, bank paper 10 10 per cent under bullion
southern 20 under city paper making % 10
SO per discount specie paper payable in the
heD cities On the contrary other the hne
from Nashville round Mobile find that New York and
Philadelphia bank paper quoted 10 per
local paper currence Of these points, thus indicating
disruption of all exchange systems and the profits
be made, by those who first in such business The
exchange business between south and NORTH will realise to
20 per cent on the capital invested.
The genera! position Of the currencies in Liverpool New
York, and the SOUTH is also developing and equally
strange feature We informed, from the authentic
sources that specie actually beginning flow
York from Liverpool for the purpose Of being exchanged for
city bank bills at II per discountess hills again
vested In southern bills at another IL Is per morehe
amounts to Mobile and New Orleans and
cotton the low prices snguariy novel one
ration, of which to large under way
profit OF 20 to IS per will he made
ercnces Of the several currences without taking into cacula
ton the low price OF cotton AT this MONIES, there 10000
bales of nothing produce seeking
market In the southwestern ports.
The extraordinary OF things existsg in the com
mcreial world, both In Europe and Ar erica will produce
strange results before the finale We yet to hear
the effect that will produced suspension OF
specie In England when any conederacy
suspend resumption locked expected From
the middle Of the Last century, England has suffered pc
rodca and bank suspensions but believe
historical fact admitted caused by inyarabe laws
that banks after having lost public confidence Suspension
OF specie payments, seldom The Bank
England existed for period OF % years Ia OF suspen-
sion su with the government caused
that catastrophe and the connection that
PEELED and aided Il There been
commercial banks Europe resuung after
| suspension.
Taking this general fact Hto the element Of calculation We
expect terrible panic TO he produced American
rites among English holders II probable the news
which carries the specie
derae this panic among the few, but the many under
stand position and viii hardly believe that any backs
can
The effect OF such panic in this country by way OF rese
ion have therefore yet TO ascertain specie already
flowing Liverpool New York. for the purpose a
operating in the depreciation our rival oc con-
cern connection with the value Of cotton the same specu
lators Liverpool will purchase the American securities in
Tendon at their lowest prices and make the basis of sisr
operations
We should surprised therefore "a see vast sood. Of
American stocks, well English Lul;on returned 10
this country for these and purposes No doubt by
sku use OF capital in the present deranged things,
large sums Of money be made BY shrewd cscusors
The government publishes following lis, specie
paying banks"
Peoples Bank, at Bangor Maine
Waldo Bank, Belfast, do
Belfast Bank, do. do
Mequstcoek Bank, al Csmbder DO.
Lime Rock Bank, AT Tbornsxton do.
Connecfe VI River Bank, at Charleston New Hampshhe
Korkury Baak ut Rexbury, Massachusetts.
Yarmouth Bank, at Barnstable, do
City Bank, at New Haven, Connecticut
Breoklyn Bank, at Brooklyn, New York.
Benk of Rome Rome do.
Paterson Bank, Il Paterson, New JERSEY.
Franklin Bank, Washington Pennsylyanis.
Northwestern Bank Of Virginia, at Wheeling, Virginia