Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-23

During the days. highly important secret mission
from of Phiad have been moving around
Wall like spies OF Jehua sent across Jordan TO
view The nakedness of the land Of Canaan Mr. Copper
thwae The very aencd Cashier OF the Uaited States Bark
and Mr Lewis Gard Bank both OF Philadelphia have
consulting conversng with fnancers
dersand relative the position and tendency OF IN and ex
changes Of money matters and OF the resumption oil specie
payments The particular points on which they have visited
u.s. have fully dvuIged but from the condition OF
the United States Bark and the approach Of the Bank Con
venon it very naturally inferred 10 be in relation 10 the
the rates OF discount on
Philadelphia and elsewhere soutb.
The is now rapidly approaching when will become
the Philadelphia banks assue some broad and
distinct policy calculated to assnulae TO that OF Boston and
New York take the consequences that VIII
affect their credit in Europe and the commercial world Ihe
petext of the ridiculous subeasury scheme and the action
ofa silly sufficient Justification that banks
in should longer delay To communicate what
portion of they can to inland exchanges The south
and south banks now indebted 10 the govern
about 0oe cannot resume or correct
he exchanges far they concersed tor years 10 come
Let them sink into the dsced and nfamy the foolish
tempted them from the path orec,ude but
solvent banks of those Philadelphia
Baltimore Charleston and New Orleans hould not continue
throw mpednens in The way of as wholesome currency
have, till the revolution now ia progress give US
new national bank.
Meanwhile the inland exchanges daily getting
To-day Philadelphia discount has increased to p and
23-os Baltimore 10 s. and on Richmond to per cent oa
parts in the SOUTH exchange dealers have ceased
purchasing entirely alleging reason the utter imposh
lily Of inducing those regions to make
for the balances At this moment the balances
held In every hand in Wall against the southern and
southwestern banks, from Philadelphia south, probably
s5eooo We know of several money agents preparing TO
set Caronas and Georgia. for the purpose of eeet
ing portions of these baancesorat all events
determined If no be discovered purchase
cotton get rid of their southern funds sacr
fee The feeling the mercantile circles against the United
States Bank the principal obstacle in the arrangement Of
the inland exchanges and balances therefore iacreassg
| every day.
Today the stock market quite calm Phenix Bank still
reached 90 The belief increases that
there will great in the legislature this question
IL will involve the legality OF the whole system Of foreign and
domestic exchange modelled and established by the late
nted Bank-ihat the system OF drawing and
redrawng raise money In the panic oil 1897 the United
States Bank ued in New York. absut 81 ono 600 in bonds
and most notes PAYABLE in London, city and ouof
city deueng exchange The purchasers OF these
notes and afterwards sold negotiated them al J. 2
and "A per cent Thiscase precisely analogous
the charges against the Phenx Bank and It's charter
is to annuled, therefore, will open question that w
| net be easily closed
Roth the Legislature and Congress busy doing nothing
Rofore the former body batch OF all OF bubbles to re-
uscae credit and We only simple repea
the Res,ranng the Usury and the Mortgage laws Lei
this be done and capital credit will regulate them
selves u gela change In Congress- and create national
bank.
Frem the east have nothing very important Tue Maine
hanks are rapidly withdraw ny their deposits from Boston,
pcv which will soon turn inland eIcha favor Of he
latter CITY, The process publication still going among
he Boston Banks The rumors In circulation against the Mar
he, Sank Of that city are conradeted The follow
| ing Is a statefnent;-