Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-28
MOHEY MARK EFT.
Sunday, August 1J--6 p. NJ.
ne course Of he 49,.


-" The course OF true love
never did run smooth"
nn morning our financial were thrown great
uon ~ he accounts from Utica describing sudden
OF Henry Seymour, Of the State Canal Commissioners
state mat this catastrophe has been caused by
intense men'1 agitation growing OF present deranged
state OF the banks, currency, and State finances
Mr. Seymour the late President of the Farmers Loan
Company Whenthe late batch charters were passed
by the Legislature this Company advanced its bonds in large
amounts to set several basks in the their legs The
Onesa bank boro sum- Of these secprties
Other bann the adopted like course of action The
Oneida bank also lost by robbery SOo part of which h,s
recovered, but there private statement curr.n in
Wall street, that many Of the Albany Utica other western
banks the of greater explosion with
the finances of the State than any we have yet The
gradual approach the catastrophe has driven of the Ca
nal Commissioner upon sudden estiny.
tits well known that 20 days before the suspension Of
specie payments in this city, the Albany and western
were absolutely stand could redeem their
any shape form. Thomas W. Ocott the chief nancer OF
Albany was then writing his private correspondents here,
asking why the devil don't your banks suspend 20 banks
oa al last su pend, and the uspensonaw passed TWAS
supposed inns measure would give the Safety Fund banks of
the west relief BY hook or y crook the western 6oan
cers brought our city banks policy receiving their
paper par and deposit for indefinite time, paying
per cent interest," In pursuance country
safety fund paper has been accommodating the rate nearly
Sooo per month, till at this has probably reach
ed nearly "a 100000 in balances in Wall street
NOW happens that this accumulation much distracted
from our own merchants IN order merely benefit the -four
Spectators and others The safety fund system
at Albany and the For time past great excite
ment has existed in hostility such policy The merchants
Of this city, demand Of the banks change other
weare just entering upon period when the following pay
ments are gradually coming to maturity
Suspended Custom House bonds S5ooOoeO
All other paper, IA00oo0o
Aggregate, sso,oOo,ooo
To meet these payments have the fall busnt which may
Payments of old debts due New York. s,sSo,SoS
Alother sources. 100000
Aggregate, s22,soo0oo
thus showing deficiency u either receive
aid from The banks-a further from the
or become bankrupts at once.
In consequence OF this things the Wall banks
are beginning to call in their country balances demand
the redemption OF the country paper their hands, This call
produces very aatura sensation among the country safety
fund banks which, by the Developments appear
have been extending far they could How the conflict
viii terminate knows but very that the
policy sour banks here in sustaining the safety confede
racy and in upholdng the credit Of the finances
of crushing the still existing interests Of
this city, +" pay ing too dear for the whistle"
Why don't the merchants meet and remsnstrate!
While the safety fund nancers last gasp and
about pulling down the credit of the ruins the Uni
ted States Bank Of appears be- getting on very
smoothly and comfortably Yet rather suspect that the
show of health repoe and mness out by Mr. Bidde ia
as aacous as that by the safety fund system Governor R
writing letters and creating political excitement but he
makes not the slightest inquiry condition OF the banks
ofthat state Why so! Why mysterieus Statements are
in circulation Wall which represent the PHILADELPHIA
United States Bank and the OF that ST in bad con-
dilor Among the securities which United States Bank
has discounted, estimated the following
Sonington Rail Road Stock, &IOOOOoO
p rsI,s%i III Hud sa $4,000. scSsSs
Other Fancy Stocks, 2oSSsoO
Suspended Paper. lO,OoOvOO
Aggre gate, $lf8O0,o0a
We learn also that the Of ania paws of lis d
dends entirely in paper money by which holders of its
stock lose 10 ~ per making yearly the whole
debt nearly q occasoned the suspension of
specie payments Philadelphia, which hitherto escaped is
also beginning feel the effect present current of
events.
The great cry congress for relief principally spr ncs from
the United States Bank clique of Pennsy the Safety
Fund clique Albany The commerce. currency and trade of
New York city, like that OF New Orleans positively in bet
condition than that Of any other he country With
the exception Of suspended and bonds.
better able any city throughout the
country We gradually returning safe system cur.
failing business contracting discounts collecting debts and
putting things train defy congress any legislature to
disturb Us hereafter.
Therefore happy the fellows who between the 7h
March the h May, they and get on their
their debts and preserving punctuaty which is
serious Injury Change Arthur Tsppan has already
paid instruments 10 per EACH to his creditors and
ua enough to break the right time doing snug
Ixvxr x,fo the -.