Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-02-21
Tuesday. Feb


and long consultations among the leading fnancers OF Wall
relative the state of the foreign exchanges the ccnd
ton Of The currency and the policy OF an immediate resuEp
ton OF specie payments. There seng feeling in certain
quarters In favor OF resumption early dayata day CO.
emporaneous with the opening of the spring trade We be-
eve the Phenx Bank the National Manhattan, and The
Bank Of America less, in aver OF adopting
Immediately on this highly important qsesion.
reply has been received from Philadelphia positively de-
caing any union coorsratos in such movement prev-
Gus TO the Bank Convention which be held April
The Philadelphia and Baltimore banks and nancier have
ermned TO their mech through the spring tad'
under their expanded and system. Now
as this system all the facilities of bank credits
wards these Cities and wthdraws them from New York,
our w all street hnancier have nearly the deter
minateH quit their present position begin great
healing movement Of resumption of specie payments
paassn OF discounts at and the This highly
important subject under deliberations and should
be adopted it likely present. that will be- the effects
The spring trade and all the elements OF industry will
be most important and most desirable.
This disposition among fnancers has been produced
principally by the state OF the foreign exchanges BY the
several packets calculated that IN. principal banks
purchased foreign exchange equalto s8os 0OeOo
In seventy or ninety days. they realize this exchange In
specie In New York, and make hand'ome profit by ope.
ration. They will possess therefore, within reasonable pc
ed of me every Necessary material fory position
they inead to assume.
Blu, better s,i The natural influx of specie TO this coun
from every part Of the world great almost TO
cude the necessity OF requiring the Of the cotton bills
in specie from EHglar d. During the month"; probably
Of specie have been entered tie ports OF the
United States, and none going few days ago had
about at New OresRshere from Jamaica this week
nearly $40 Geo. besides various cher coming come
II probable, therefore the specie will be wanted
from England !,
Be this may banks fnanciers are in very nte
resting position, and single wrong step may resul, most
faayo spring trade. II time make STEP il is time
IN he i,,eda
Bank and many other banks have paying specie for
time Why not give system and form their
lated conduct! II would confidence In week-in
day. Specie today only "a to per premium and
most unsaleabe at that.
Inland exchange continues high ever-0 discount on
Mobile and New Orleans, in proportion on vicksburg
hatcher snd other cities One Of the principal the
high discount southern exchange is the of
southern bank certificates Of deposss aoa Al the north
Instead Of issuing checks the aorth Tho south
and south banks issue OF
able the order Of the depoor, endorsed by him
large of this description Of in ccuat ON M,
being like checks northern banks asbe a, once here
they meet depreciation equal the and trouble Of
transmitting them the banks Of issur In some
these certificates dated in August last been in crcu,
ZION up to February OF the The rise in the ds
count on southern therefore, miny produced by the
character Of the paper in circulation Bank are
specieso post varying from 100 days. hence the
depreciation.
The transactions in the stock market continue 10 be verv
limited United states Bank shares still declining Me
chancs Bank shares have risen 10 u per the
last three weeks This has the belief that n,
losses in the revuson, by the decline ny
4 will not be great first calculated
We iaermed by the Secretary Of the North
Fire Insurance Company that their loss by the burning
the Bswery Theatre will only be $4,000 and not 900
stated yesterday Nearly $1,000 Than we tho III,
them. The reported loss Of the Bowery Insurance is also
overratea That institution had risk the Theatre and
all their other risks will hardly reach $780, Quite trfe-
The Bowcry Insurance has been very fortunate during the
In the great fire. they lost $4,000 Tn the
their profits amounted s2ooooO and
The winding up OF the other companies was the making
them
4 sales ut the Stock Excbsuu.