Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-07-19
MORNING HER Id.
THURSDAY. JULY 10, 1883.
Mr.. Bemnett's Letters.


annexed letter. we have received, and shall pro-
badly commence publishing it next Monday.
LETTER No. XIV.
LoSpss, June g. 1888.
must still continue, day after day, TO give my en-
thusasic supporters in the United States correct and
accurate sketches or analyses of the great money
market here, because know that although we are
both rel gieus and sentimental, we are also very
scientific in the matter of the purse. Nor will forget
my farest readers am collecting ideas and sketches
for their amusement every day. Nothing yet in the
shape Of woman, net even the Queen herself can
erase from nay memory the beauty and gracefnlness
of the ladies Of the western Cline Nothing here sur
passes them in those nameess graces, which they SO
much possess. There may be more grandeur and
style, but not more grace and beauty.
But avast there! as the mariner says. The great
conversation here ameng nonied men is the position
Of Mr. Riddle-hs future poiicy-and the action OF
Congress on the recent message OF the President So
far regards American securities there 10 pause
They are anxious the ultimate effect the other
side of the export of geld under the guarantee of the
Barings. 1t is singular that Mr.. Biddle on Change
here, much controversy, surnsc, and guess
as he does in Wall street. What a great man he
nns be 10 keep the people of two continents in hot
water! In relation 10 he specie which, by the last
accounts, sent from New York to Philadelphia
il generally supposed here that Bddle has entirely
outwtted the Barngs-that the agents of the latter in
New York were glad to get rid of large amount at
any terms and that the Bank of England has been
generated by the Bank of the United States Is
ii SO is il net so? AT all events the idea is now
entertained here that Mr. Bidde will not resume fully
in the United States ill the most expanded bank in
ihe South be able to do So Now these banks cannot
all get ready in less than or three years. or with
out the sale of fresh bonds here. If So Mr. Biddle
will undoubtedly maintain his present position as
long as he chooses-prebably I'LL Mr.. Van Buren, has
been ousted from power.
There is great division of opinion on the policy of
OR government. Some think loan will be created
others that reissue of Treasury notes will be adopt
ed In this country, the government has generally
in circulation as money or floating securities an
amount equal to f25, &c., 900 or sl25 O00 oe0 in Ex-
eheqser bills. This large mass of paper is so much
10 be added to the circulation of the country. If
loan should be determined by Congress- it is appre.
hended that it will be negotiated acre, and will per-
tants effect the value of the Excheqaer bills offering
rs it will better investment.
From the manufacturing districts there is nothing
new. Things remain in the same position as by the
last dccounts. nuHPnlles ana DluOlc OF LlVcrD0O,
the agents Of the Bank, now supposed to have
nearly 00 600 bales of cotton hand As e the ul-
innate character Of this speculation, there is great
difference Of opinion. My own impression is, that il
will end very profably for the Emitted States Bank
The varieus movements originating here 10 give a
fresh impulse 10 the American trade, will for time
affect prices and values faverably. Since 1888 only
cotton, silk and wool have been slightly deprecated
he he NJ
water-the establishment Of steam lines, which will
affect the currency Of both countries equal to $1,000
900 of fresh specie from the mines, by the regularity
of intercourse, will all give great stimulus to trade
particularly in the United States. From the new ap-
plicstsn of steam, am satisfied that the same CAPT.
sal in specie will form the basis of one third more
trade than have seen in past years. This idea is
very important, and might be enlarged upon inde-
fnitey.
But Notwithstanding the great increase of trade
which is expected in the five or ten years there
is an impression that il riU be attended ih Ersd-
anal decrease q prices both for raw and manufac-
fured materials. Some entertain a different opinion
here, but not, think, on sufficient data. Every new
element of trade either seam capital, or better sys-
TENS creates competition and reduces the cost of pro-
auction. Hence, though general trade may flourish,
values will fall and individuals lose, though nations
and communities gain in the aggregate.
The currency and commerce Of this country are in
a singular position. Every day they are getting into
closer union with us, and in a short period New
York will have greater influence the money mar
ket of London than all the world besides As yet
there has no exchange market New York ever
been established here. For SEINE time past there has
been great deal of talk on this pont-but no action
Before year shall have expired have doubt but
bills on New Yerk will be sold here as readily as
bills on London are sold in Wall street.
have been collecting vast quantity Of private
and official information relative 10 the banks and cur
reney Of England. We have never understood that
subject in the United States. mean the rise, nature,
and working here either various banks. Mr.. Cam
breleng has uttered "an infinite deal of nothing
about the Scottish banks 1 shall set him right be-
fore leave this land.
This great overgrown city is gay as ever. Indeed
the crowds Of rank and beauty increase as the day of
the coronation approaches. The pretty little Queer
held levee yesterday at St James Palace general
ly called the old Palace. AT every avenue, crowds of
soldiers and police were on duty 10 keep the way
clear The whole length Of Pail Mall was full of car.
rages.
have long description 10 give of fashionable 90
cefv here particularly for the be nef, nj bos. !; NJ