Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-25
100000
100000
$4,000

The INDEPENDENTLY the Bank America-have COM
menced IN good earnest curta their discounts The Bank
OF New York and the Pho discount paper freely
The attention Of all the meeting of Congress, in
expectation OF relief from that quarter. thousand different
Meas exist as to the probable doings OF that body.
The resumption ospcce by the banks throughout
the country will occupy the first attention OF Congress The
method bring desirable object is now the alien
crossing theme Something stop the large expectations OF
specie every this Europe Some
thing redeem foreign and domestic exchanges from
the horrible plight they now in That something will only
be found in National Bank, upon the following PLAN
For Congress bank with capital of fifty nil
onlet Secretary othe Treasury
the amount OF twenty millions bearing interest at per cent
and redeemabe This transferred to the bank for
the same amount in its stack
When the government stock becomes Secretary
the Treasury would sell the bank stock in time to reeemt
This government stock can be RENTED Europe, which
will turn the balance of exchange favor This DONE
the further expectation Of specie is ectualy stopped
Now let look the beRets of this The foreign de-
mand for specie ceased Foreign exchanges are brought
down to their original value domestic exchanges will
come regulated importation of specie will continue
All TINS DONE and every solvent bank throughout the Union
can resume specie payments within sixty days.
From the many statements that reached us from the
north south and west great number of the appear
be in situation to resume specie payne the the
banks of the atlantic cities lead the de-
nand for specie is confined to this country
Should such bank be by session
gress this city be the head quarters such Institution
The west has already commenced peionng for it. The de-
ranged state of the country demands that the National
should be located in this city, Although Philadelphia has been
the seat OF that institution New York has been looked
the criterion money market-New York is the city
that circumstances point out for such an institution.
Ii 1t should please the powers Washington charter
bank the plan above mentioned the resumption specie
would be certain and speedy But whoutthe
creation of National bank if the State banks should make
their minds to be honest and gradually and steadily curta
their discounts the general resumption ofpecie payments will
not be distant
New Orleans has the noble example. Will the New York
banks be the last TO folow!
Exchange by the Liverpool and Havre packets closed
their usual high prices The taken exceedingly
small the for the best 10 81 per England
and 585 On France. a.a
The Exchange in market at the present time drawn by
small shipments. gene
rally preferred the bills of the large houses make their
business Only ew houses, however, have the hardood
remit anything but specie Foreign Exchanges at
par present prices for specie but they
higher kan the highest during all the pressure before
banks suspension Domestic Exchanges bad
The for distance continue high When the banks de-
their per cent they make 1t in time BY whch
determination take the advantage of the woul
state OF Exchanges fill their vaults coaking
btan charges under fegned length time required for col
ectisns.
trade fairly commenced and sncreasing every
day spirit pcrceivabe in the transactions Stran-
gers flock the city in large numbers daily Their principal
operations cash auction Sales thereby greatly
inurn The obbng merchants The Messrs Haggerys
succeeded getting large salesthe last
larger than has been knawn here for long time this
Of the year. Austen wlmerdng Co could make
they the whole Of the first Ward up
salethey did succeed As much in favor
business think the cash dry goods Sales for
son least The low price every description of
goods bring these sales induces strangers them,
ony those who buy time for obbers make the
most Of There j. redeemng quality about t-ey who
buy credit those who have paid up regularly through
the past severe times, and perfectly good
The wing from the charter Of the Louisiana
Sank OF New Orleans.
The said corporation shall not any time, suspend
payment money Of the United States Of
notes obligations Of moneys received
ieposte said bank And the said corporation shall any
refuse aforesaid the holder OF
uch note bill Obligation the entitled to
such aforesaid shall DE entitled
receive from the time Of such suspension
efua until the shall be fully paid, the of twelve
,er cenum per anaum.-Chafer, Sec H.
This bank accused Of redeemny large amount Of It's bills
specie for gentleman holding high rank in society," while
efused to redeem five dollar bill presented by ales inuen
ia person. such is the fact Ubiquitous proceeding
Fan scarcely be conceived Comment is unnecessary. The
banks from the suspension Of specie payments up
o the frat OF August decreased their circulation nearly
81 100000. and their loans Sl,7eocco.