Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-18
nj . n f. Y VI A IL n EFT.
Wednesday. Jan. II. g II. M.


Some singular and extraordinary movements iRdicauve
some singular and extraordinary purposes eceny
veloped themselves in the exchanges bullion money
kes. lew days ago foreign exchange advanced from
othe United States Bank being buyer; I'd today we have
70 record rise IN the two Treasury well
in bullion, stocks Remaining rather hater than usual
Inc causes OF tnee Phenomena in the markets aceabe
to the contrary and conflicting of the banks of New
YORK ana Philadelphia respecting knoy question OF
resumption OF specie payments The New York and other
banks in favor of resumption ,hroup the
agency Of several bullion brokers' purchasing specie in anta.
patton Of that They uay bid Other and thus
without knowngt raise tar Of specie There no other
demand Tor specie but that created by the banks
competition is the almost sole of It's rise.
The rise of oregn exchange grows out of mixed
Mr. Biddle of Philadelphia usquestonabe of the
fnancier Of the age He smooth, liberal generous
tfc firm, and exceedingly plausible He is
assisted with the counse OF four individuals great
practical knowledge in business, who 90 nothing
rise till sunset but think and think and think for his. This
corps OF thinkers in addition TO his own high capacity makes
him match for all the other monied political interests
the country lie is also supported every point all
banks Their policy upior-not dtractoa
as in New York Taken, then in with the six
seven banks scattered throughout the country New
leans Mobile, Charlest Cincinnati which he sold his
branches and which in with him great
Jauson London Agency Mr. Bdde, wields distinct pow
capital Of 500 specie basis SI2 and
paper circulation OF 100000 embracing his notes both in
Eurape and Auerieathus making aggregate Of nearly
Of head cool is long With this immense capital WELD
ed single elementary power Mr. Bse 5slieres and con-
tdeny declares that no rssnmpt.n Of specie payments take
place IN this country till National Bank be established b.
Congress.
things positively and have the best oreasons
TO believe the fact
Under this he is beginning grand movement in
the foreign exchanges and has recently purchased probably
Sooo0oo and viii continue purchase giving in
exchange his old and notes. and poponng any acon on
10 But In
OF the apparent in the foreign trade there is a
strong probability that foreign exchange will gradually
tie OF the ensuing months ILL., 49, 49, ll6 In
portaons beginning already and preparations making
in England send this country several millions in
value during the approaching spring. We have some reason
belve that such the of Mr. Jaudons cemmu
ncatons his respected principals Philadelphia and that
his advces TO buy exchange in January sell in June By
the purchase Of exchat &c Mr. Biddle possess him
s Of complete control OF the foreign exchange market for
months In rider facilitate this magnificent opera
the resumption of specie payments will be delayed under
the huence Ct Philadelphia and Boston indefinite
period.
Butbesdes this policy Tie policy OF banks acting in con-
with Mr. Biddle country will be dlreetsd
discred all the banks recently connected with the govern
the remsva, of the deposlsust we have in
the late catastrophe 81 the sank OF Boston
There can be no doubt but majority of the recent govern
banks the agents ignorant and
specua,sr and the policy Mr. causes them 10 hnt
shop so much clear gain OF the bank
ing system.
1t ~l be therefore that Me- Bddes financial move
OF tie mos, magnificent description being ,ou.
what analogous to The physical disposition of mir. own
bright eyes," looking suce and bi,l
ly important financial and political when no one
dreams of such events While he avas msefof The
posture Of money Eatter TO grea system az
exchange and 10 Increase the profits o. his by the epe
tion he creating and widening the revolution Of npbc
opinion the complex question the currency Every dsv
converts making favorable ancaI princi,- ~
letters from Columbus, Ohio learn that the Assembly Of
that State has repealed the law 49, prohb The -.
Enlistment Of agency OF the IT, s. that state nv
decided vote OF So TO ST. The repeal expected
the Senate In a few days.
In this city Banks sarine mission 10 Mr.
Biddle to ask his specie payments He vir
smile at the simplicity OF the mission give them the 70 bv
with mis- bandes gances Yet ority or the hanls
ofPhiade,phia ADLER than oars Ia New yo,l
The following comparative statement will prove this act
PHILADELPHIA B,NEs-Nore,aber, 1857