Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-02

Tn ursaay, March 1, @

N ~ ~ n y NJ n N N &c II.
Thursday, March 1, 9 p. M
The elements motion We verify believe that The
reashed-snd that this day hence
forth money and business win new and
departure. The small bill has become banks
are deep spring business is in full
the openir of the rivers be hsndand general
hsogh slow, Of the commercial edfce
ensus.
On Wednesday evening the Banks had meeting, and after
long and Interesting consultation, they nearly TO the
solution publish Manifesto in few days, calculated
aay exctemest give encouraging aspect Of their
future movements
At this meeting question of immediate resumption
propounded and debated atengh conceded by that
tne banks Of New York. both the oregH and
exchanges could resume specie payments, and be-
W gradual expansion meet the wants OF trade
me Only obstacle in taking this step position in which
ey STAND TO the adjourned Bank Convention which meet
mere month 10 courtesy and henor New York banks
leei themselves bound take step resumption
that convention shall have met decided either one way
or the other, what policy NAV pursue When il does
meet and when shall begin its deliberations doubt great
difference ofoPnion will exist is possible that il NAV
agan adjourn without final decided action But should
1t do So the New York banks will themselves released
from nil farther ties and will then their measures wk
reference alone to their position homer and views
The u Bank, and large portion efhe interest,"
throughout the country opposed resumption from.
the belief very honestly entertained that measure will be
unavailable without the favorable ton of the General Gov
ernmen either il the shape of National Bank
der receive the public dues paper the Custom
House. On this point banks and large portion the
commercial interest entertain decidedly deren, opinions,
these opinions banks expaia and illustrate in their
manifesto now preparing for publication.
On another highly important point of ocy banks
agreed Ueder the understanding pton be
delayed longer than May the banks intend begin from this
msnth forward expand their issues increase their
leans The Phenx Bank begun today pay its and
TO increase Its loans This will of
only move with the indispens the spring
trade but ITS effects. however moderate will felt the
recovery of confidence spirits and good feeling in every de-
partment OF business According statement the DO
son Of the City Banks stood thns:-
City BANKs-Ftb 1888.
Discounted bills and notes. s27 ss3sse
Other loans, 5,153,55l
specie, 262S,o7l
Due couRry banks and corporations, 632S775
From these items will be that large amount of the
bank business has been done country paper Our
banks WILL therefore, issue their paper and it highly
probable that several Of the will make arrangements for an
immediate issue Of small bills, permed by the law
passedin Albany IL is true, these small bills redeem
able in specie but such the Situation currency and
the state of the public mind that our city banks
$20Oo0o0in twos and hrees, this week.
eve that $50 900 would be redemption month
to come The community will clutch tie money like famsh-
ed nen, and Immediately the wheels business agong
There is another meeting OF the Banks held tonight
and not impossible but they agree make mme.
date issue sfsma bills redeenablc in specie
ered by the legislature.
At 2o'clock today great stocks hypohecaedo
the Mechanics Bank took place the Exchange The fol-
lowing is the resut:-
asss Dry Dock Bank eso 7ci 1000, ss e Mechanics
as as Gs Rs Co. Mech
1874 81 S1r.'oS1 and schsnesady Rail So
500 Mis-; Ala d. Do and sAg Gov "''1 da
ss;S so. SS and i@ifF% PROXY R. Co.. 90 49,
is f:sS.. ss1s
80 81 New Hope and md. Della Bridge Co.. do.
20 Do; do, additienai stock, I.4t
81 6 oa"H % s G@s.' i 49,
,s 81 Glas srs ms R.r CeS 50 cash Bank
sic Hope ans Della sdss CO. Bank X lot - d.
g s sanls BAND and w hssDlis = Soc
100 90 Norwich and Boston r. Co. do.
% saraioga and Schenectady do. do.
The were, under s. eep cash al the Mechanics Rnl
over s5eoe ioper cah;he balance within thirty day,
with interest The sale considered se-so Stocks
rose today at the Boad-and sonngon 10
a couple Of bounds
from The south we have later accouns-ts the goth fran
New orleans In that great ed
er the Governor will sign the new bank Law and sbo,tau.
signed, whether the banks will accept lis provisions Ifth.
sank accept The new law its operations in DELAY
en I'll ls4o This result arises ITS cur oss nr.vjson
which permit the banks post notes for one 80
hree years oey orthree OF the New Orleans Banks
favorable TO this plan OF delaying specie pavmen, Tho
opposed to The law have ninety days reflect and ,ak.
decision IL IS considered hard law and quite bare az 70.
lief at least such relief they help in A.h
ma, Tennessee, and Mississippi.
From Mobile we learn that large quantities Of cotton arc
shipping to this port at freight New Orleans sne
Gle Is sill, arriving-at the last Slo,ss or more ,
received hhas, therefore. fallen per cent The .ur
rounding southwestern states pursue the no,
hence their bank paper sata depreciation Of 10 10 pe
cent in New Orleans, and 16 10 20 here.
Sales mt the Stock Exchange.
THURSDAY, March LIP NJ