Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-20
MOBILE, March 10th, 1888.

The agents of the United States Bank and shippers under
sss as
the bill ofladng and draft the censgnee be
oneonh they give the money on an sppovea endorsed enc
note We recy satisfied that the banks lose
yaua.o. Of the cotton and every other We only
The Of specie payments by the New
York banks il the best legislation that for the
many them up Good exchange difficult to be had
the inland exchanges has been widened by
the unnatural action Of the United States Bank and the Fer
southern banks, in the great ceon market OF the South. To-
wards the close OF as inland exchange gradually
tending the point of equalization by the natural operations
Of trade. In May and June last exchange England
freely sold 100 This great disturbance corrected
brought favor Of New York. by the natural operation the
foreign trade No banls moned institutions had any effect
in equazng it, placing where stands The inland
exchange on the south and west If had been left the
ations trade would produced like result
DONE The United States Bank, by leaving the
raj channel Of its business and launching into the speculative
trade became the of system of business
and led into its wake half OF the banks the southern and
south Investors states.
In pursuing this strange, and unprecedented policy
the United States Bank may have objects in vew-ls
control the market, and thus obtain like control
the foreign exchsRge2d produce, by leading The
southern banks along with it, the very arrangement
see in order furnish argument against the capaby Of
those very banks regulate the exchanges.
Whatever may be the motive the time past when the
commercial world to be deceived by the mysteries
eal operations The issue of these bank operations cotton
is be The fall in the prices Of this staple already
experienced in Europe, will give great blow these banks
and them from recovering their ground soon
they would do In few weeks the Bank Convention viii
meet here and suppose the of policy pursued
and adopted by the United States Bank and associates viii
be put forward as The best argument against the
views of the New York Banks At all events it is now
evident that New York and New ENGLAND present. at this
moment, state of currency and exchanges quite different
from those Of Philadelphia and its redeemabe tributaries OF
the south Most truly does Mobile letter the
resumption of specie payments the New York Banks as
the best legislation the subject" These different sys
TENS sf currency aud exchange
II Mr. Bdds does take he may carry paper sy,
little too far for his credit In Europe We still isger in
the belief hswever that he preparing the world
with magnificent place him In The
OF all other haanciers Such movement ust be produ
eed on the principles Of specie payments never viii he
triunphsnt
Stocks today very fat general business begins "a
revive.
We hear that extraordinary forgery has Jus, been dse
vered in Wall street. IL In the shape OF letter OF credit
OF $4,000 on bank In Augusta, Georgia The bearer as,a
$Seco on H. and on check for IS 900 got money He va
Mres'edon Sunday Ia Phadelphia and all money rscoy
| cred except $500 spent In folly.
We also learn that extensive gang oreers have
discovered whs had made preparations 10 issue large
quantities OF bank checks ard certificates Of deposiss
on the southern, southwestern and wetera banks Th,,
Is species OF commercial currency which has cam. ;,.
use during the aaye Large quantities OF these ana
certificates have been n circulation Atlantic cities dur,n,
the last winter The sprisg has brough, additions. .ro,,
These cheeks issued for various sums varying from s2oe 10
1000 each We but the forged che,ls
and certihcates may now be 10 circulation Take cure
Sales mt the Stock Exchange