Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-22

Il p.
The conflict ofhe edeemabe ana rrsdeemssie systems In
monetary affairs getting interesting every day w.
cry fresh event In commerce. in currency the money mar
het seems 10 psake ofa srsng cosrns In there IN
he doing but what there IS appears 10 be declining Pbe
NIX Bank has again fallen to This has surprised many. Il
arises We behave from the efforts making among clique
operate on Legislature against lis confidently
circulated that the wing party in the Assembly will the
nser Of the rhenix the evidence gven crafty
ne Board Of Trade please dry goods interest ard present
"oc's SfnfenfG ssr the Iecofocos II also said the
WING Assembly do the ate will eb-
out agree tche measure and proceed carry the
acpe 10 every bank in Wall street. the same
pre- icament rs the Yhenix.
1T these views be cnrr.r, So. -, 90. -. -
between the whgsof the Assembly and the demo-
crazy Of me Senate 10 destroy the banking systeuppai
poo stepose obstacles 70 the return
Of better tises = - 'N'-''
HSasngusr fact too that the very o, bs ara ,o,ass+
in cond. mining the Phenz ark are ,. in
iand anu ock banks now before Assembly s evident
nat grea aea OF disturbance and agitation to the n,onev
market viii grow out Of the Phenx Bank inves,ie
Another singular fact developed todav In
the particulars Of which will be found under apoh. h
seller, in announcing the terms took the -
practice between paynentsmade in New York and
those made in Philadelphia md southern For sales pav,ha
ON OF New York, they have required The difference of er
csHge TO be added at the time of liquidation company
of $50 persons only TOOK exeeptors,o ter ns b
walking away.
This fact already Indicates line of demarcaon w. for
he nrst une beginning to be drawn in practice between
irreoeemsbe system of Philadelphia and redeemabe sys-
tenn Of New York; In the this new feature is
daily evolving itself in ms rked manner.
Foreign exchange, from other causes, rs tending down
wardss'il more in favor of this country. Today British
government bills ~ the 100000 for
penditues Canada their appearance in Wall street,
in readiness for The From other causes
foreign exchange be depressed les rot less before
much lime eapse In London and Liverpool capital to the
amount of $4,000 oC6 learn, the process organza
10 yv,th Nav yorL
other points this continent. This organization will be
founded entirely the specie standard of value which
ard banks will reach before be fully carried opera.
ton
In the foreign exchanges therefore; action OF
the United States Bark and The southern and
banks viii be entirely parayzsd and defeated by union of
Boston, REV FORK Liverpool Lordos Havre, in system
OF exchange currences managed legitimate
principles of trade In this view Of the csrency
Europe and America the Bank of England will become the
centre OF the specie paying system and the United Stairs
Bank Of Philadelphia the the paper or ire
deemabe systemihat is il Mr. sdde has no intention
Of rrsuming specie the time thar the New
York banks adopt the measure
The distance and dearcaon between two systems
will gradually widen with increased action Of the nro
cling To-day the discount southern bills has there
FORE increased On Georgia. exchange to day. is quoted
10 per cent dcounos Mobile, l6 per Mississippi
per &c We give these specimen of the seprec;
alton daring the week The State legislation or the
south has been entirely defeated by influence OF their
adopted under the auspices Of the United States Their
well their checks certificates in crcua
ton the Atlantic seabsard decreasing every day. with
the progress The spring adeand
depreciation also increases The whole inland
In the hands OF brekershe since the
Phenix Bank investigate have nearly ceased 10 draw or
mede with it The brokers' finding that southern banks
will redeem, but discount Of course ern
dua,e their rates the contingency.
Such remarkable and state Of
els fairs in this city and country
The action OF our legislature is feebea is bro
reedhere is real reaiedy but b.I
organi-ed ah the gorerncnf on spos
principles that would place branches al large vommer-
point OF the south and and reduce unnatural
aon Of the rredeemabe order destroy II
Netting indie this clearly than startling
made whers of the OF state banks
From New Orleans have received the Legislative report Of
Gas Bank and gaseous never placed
before world Take following extracts as sampler
Your committee sso find in the offering boos that
the following bills were taken on the 4h March, 1857 the
president aad cashier sisses-
Hermann, Briggs Co. at % days on J. L.
Joseph, and endorsed BY $. Hermann & Son, .s,soo
100000
ESQ sso sterling $4,000 were returned mo-
tested. the bank having neither rd credit England
to protec, them
own shares Light cosp,ay Ssss r o. us
81 That lie iosas made 70 the Dessnre alone OF ID. Gas
Light and Banking Company. exceed the capital paid in
Ts'' Mr. s O. ~. ire
tution which he either directly indirectly t.t@r.
erd when but The cashier asd himself present
9Th What these exchange operations the mos,
part ofbi fosnded real trasacfons uum on ne
fund.- but drice ye,ord TO- money and af
Of AT greet sacrifice.
Thstihe whole these hb havng been returned pro-
pned by ihe bark nearly whole Gifts estips
capital has been s6sorbed rifao@ security for
kursepenf.
gin OF 500 shares Of the stock Of this bank IN
Mr. j. H. Caldwell made IN violation charter and
cuipsbe disregard the interest OF the slockhode
This management Is equal TO any thing that he Boston
Banks in their highest day Of speculation, presented
Sales at the Stock Exchange.
"WEDNESDAY, March 2i-i2M
u B,rk mana N N Amer gel Oh
5 Rank of Ame. lea is 10 Merchants Elk Co 6sl
ITO Pbeaix 102a le0 - Paterson 10
nc Butcher Drovers los $50 Ros Prov I'll s7l
i5o Del a. Hud ISL e5 Bost asd wor (scrip) 81
loo Farmers II l0t IS Stonirgton 3.a ASA
IT'S Am l. 4 T. eSaes4 80 Long Island 81
= Ohin l. TT 80 Bonbloons Patriot 1875
sburr Treas notsSs nc lOl