Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-21
~ . N u Y NJ a - X n y.
TsNA.-

Friday, April Sos p. NJ.
The feeling Of confidence rises higher and AlvL. p.
adjournment Of the legislature the passage Of -. 60
bank Law, the creation Of 81 5o of canal
va large masses Of pecieths approach Of spee;. nav
are some OF the elements Of recovery In spite a. -
loss the to the banks OF power to ISM
post notes. ~"S
Foreign exchange for the packet to sail
tVh closed at 1885, with endaney rise This an
advance OF to Il per cent In ten days Exchange Eng
and ismere inquired ater-and the probability that
70 par In few weeks or NJ least months The United
oes agency asks 08but buyers yet that prce-al-
though Mr. biddle has ample funds in Europe
One OF the great objects Mr. Bdde accumuang funds
Is TO seize the return of the tide and perform
Tue trade the same operation he did last the
COTTON Al the last dates. his bank had of funds in
onaoh and by May he may reach Oo0 deductng the
$0o00o which he is importing for his own use here In
me' inc foreign trade must improve The country
pare goods-and orders will sooa uns er the action Of the
oask ana he new bank law, begin to Europe As
soon asihs takes place. there will be demand for foreign
change Mr. Blddle will then into the market wiki his
large masses Of foreign funds sell exchange here at his
own prices With the proceeds thereof he will be ready in
10 turn ato the southern Market and thus
prepare his grand circle of operations
In the me good deal rou is GRATED IN him
by his post notes In Boston, Ia al suits If moi nunc
TONS on his effects there resorted some instances
he has ged for his post bonds by esb
in Others he stands suits probable however that he will
terminate all these annoyances by eauazng exchange be-
tween Philadelphia and New York. resuming specie nav
ments and moving pass with banks which will be.
gin expansions the moment they begin resumption.
The specie market completely glutted Today the Cla
dator was announced from Liverpool with aggregate
amount OF $2O0,OoO-"and tomorrow" We are actu-
ally threatened with Of specie panic The banks are
frightened at and know what Large quantities.
the basks on deposit have been
cane compels them to cura their discounts This
lutte fact arises from the profound financial wis.am OF
Wall street. According to the arrangement of last year the
DEBTOR banks he banL
The debtors refuse specie because the NAV draw
the deposits on their cheeks or them into ercuaon
ana then getting into the creditor banks the Indebted
Of the Debtors and thus Interest to be paid
the creditor banks The creditor like refuse
specie for fear might change them debtor banks
The simple remedy for this awful financial laundering would
be expansion Of cireul aon-an increase Of oans-and
regular settlement Of their balances weekly The banks
each other a cent instead of oaning the
interest at s and pc. cent. Wise men of Gotham!
Our banks stupidity managed Unless they change
their policy and that the ocofoco banking system
will conssn them to the tomb of the Capulets
There little alteration in the inland exchanges Accounts
from Mobile state that aneeraon is visible there In
New Orleans, things begin to look better.
The great topic Of the day In Wall street, General
Bank Law The loss of the relief law considered
ef little moment among nancers The organic of
currency under the Bank Law, will remedy every evil
BY this law we learn, in addition wba Yesterday
that banking associations under allowed 10 issue small
or large bills from 81 to SOoo-to deposits on interest
or no-and to deal foreign and inland exchanges to the ex
tent OF their
The il examined the more this locofoco banku~
system appears TO be surprise upon the conmunity
fair business was done in stocks today and they are gene
rally firm in their prices although u Bark has de- olined
per cent; Farmers rust Sales of DEL Hudson were
made al advance of per cent closed at
prices; Hariaem advanced II; MIR per cent Sales OF
SPECIE Mexican dollars per per cent Treasury notes
par The defeat the relief bill had some effect in re
tardsg operations today.