Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-07
M u N X Y M A IL X n II.
Tuesday. March q. q p. M


The movement In favor of revival of confidence accele
rates and gathers force every hour Today
generally rose varying from per cent, and embracing
all Sorts Transactions in produce and merchandise
fair TO open with renewed activity in few days. The wealth
er is now and bamy and the spring may
aweek, the Hudson will be opened and food Of river
walls pour INTO the city full of interior pruduce
In this state of things with atteng prospect before
them the msrcb antsparcuarly the large dealers, ship
and otheras satisfied with the already
taken toward: resumption by the banks reqution
circulation Change today calling upon the chants
to assemble in public meeting the class secretly did
In Boston, and call upon the banks accelerate their
meRts.
An immediate resumption and an immediate expansion are
considered Identical The banks1 the-wh0 have is
sued small bills redeemabe specie may be said have
resumed de jue-but bare naked resumption, unaccompa
MED with expansion considered extremely bad policy
and ghy censurale the present stage of the Spe-
Gle freely sold u to per cent, and
son deposits of specie have been made in the banks Yet
the banks hang back and ae reluctance expand their
leans In consequence Of this the merchants
becoming very urgent for Immediate resumption pub
lcly announced and aiming the OF the
system, towards the fun revival of conf.
dence.
In furherance OF this position il stated specie
circulation Of the banks were, the LIST instant equal
amounts On the 18th u ii asceraned to stand thus
Circulation, S2842lS5
In addition this singular position, the are now act
ing under general arrangement its stock
specie so that the whele s. the
May The following the various Of supply
Sales Of the Canal stocks in Europe, SI,6Ooe0O
Purchases of Bills OF Exchange 100000
Last Insalnent of the French indemnity, s5e,0os
Aggregate Increase of specie by May 10th, SSo5oee0
With this prospect for the next 60 days argued that the
banks ought at specie payments and to
Increase their loans for go and days paper meet the
wants nj the spring trade.
This certainly very forcibe view ought to be mpe-
ative the banks there obstacle way Thi.
obstacle exists in the position and purposes the United State.
Bank. The action Of the government present condition
rather favorable resumption otherwise arising
from the fact that they this trading on borrow
ed capital and tanfo urtberng and extending the ere
dit SYSTEM" while they vocierang about hard money
The great difficulty is with Mr. Bdde. II seems that the
Pennsylvania Senate has rejected Resumption bill and
thus, action Of the banks OF entirely le in the
power Of the Great Financier Now well known Thar be
enterains opposite opinion the ssunpoa specie
payments Ia that encouraged and entertained in this CITY
When the Bank Committee waited him during the course of
month Philadelphia he very precise and candid in
declaring il to be his opinion that the Mem YorL bank, could
and maintain that position, than to wears,
He doubted whether the Custom House not in less than
60 days after the resumption away every of their
specie order pay the extended bonds or the dute,
cruiRg from fresh importations.
This certainly is plausible objection, may involve our
banks in struggle 10 maintain their position II the mer
chants however resolved upon banks 10 resume
Immediately they support them in their course per fac
nsfa and thus in conflict with Mr. Bdae and his
confederacy No doubt exist of the ample ability al this
moment OF the Philadelphia banks resume specie payments
The Boston banks also strengthening position and
the following the returns of the Baltimore banks for Janu