Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-06
~ q N - y - a AZ X EFT.
Thursdnv. Aur.I st n NJ

Intelligence received this morning In Wall street. that
al the recent mecng Of the Philadelphia Banks resolution
Passed declaring il nexpedient send allegation
he BANK convention about TO assemble here week. This
created considerable sensation quarters the
from Providence learn that Tuesday last the
Banks Of that city passed the following.-
the late convention in New York be- Ta,poa,es :" s,,apd
convention on the ith of April IL Moses
gentlemen were added the committee WIN. Jeakins, wn
R,"es n RAW M% saer w o Ra ,s Of
ton, New York and Philadelphia.
The refusal of the Phil pha Banks will likely epe
nten similsrsrm upon other institutions The south
ern and southwest, banks equally unpre pared for
sempton They may therefore, reciine meeting and
those of New England in the proposed Convention.
On the reception OF the intelligence from Philadelphia,
private meeting, learn. Immediately called Of
Bank Committee at which proposed to send deputa
ton to Phil uelphia this pre-
Tor Mr. Oae of these propositions
Offer TO receive all the bal due by Philadelphia
Yorkin post Eoes at six Rihr, twelve date. provided the
Philadelphia banks will come into Convention and
resume specie payments along with New York and New Es
gland. The issue is not yet known.
These become ofhe greatest importance
The New England and New York banks together with those
OF Ohio. Illinois, Indiana and perhaps Canada win form
conederacy conducted prnci p,shose of Phi
adepha The ssuth and southwest forming the
ae pac cai EN- CT of this separation Of financial
VI" soon devriope itself IN the Of exchange. The dis
count Philadelphia per c~nt-tha on Nachez so per
e~n These are th" estrem-s-and these will
course be increased rather than diminished
The position and policy OF banks cha,ged-
During the last three weeks, great efforts many negocia
IONS have been made proong the nsionbu all have
o~en unavailable II Is believed that legislature will
grant sn.ther days delay The banks resume in the
lace OF the iy Of Philadelphia per ia, n.ss For ma
ny months they bee able business In inland
exchange or in discounts but IL probable they my
turn their attention foreign exchange Assembly an
appsaton Is pending, requesting the legislature grant an
issue oi Sae Bonds, in order furnish In aid or
h1r position In May and suseq sentiy This may pass but
prolong Cation eaa.
In this state Of things considerable begins TO prevail
an'ong certain Interests In the MONTHS
tom House hns consider BILE cse ing the ,yrnt
O. Suspended bonds, aHj notice issued all bonds
remaining unpaid will Instantly he exccs. We
nigh rat-s % discount aand the scarcity
81 noaey they increase difficulty ocec ting some per-
sons sx9~e relief from Banking Law which las
psedtn third reading Assembly whether gram,
the requisite ref seems doubtful persons mar as
ecae for BANKING purposes By dsposng han Il OF the
State Comptroller halt IN State stocks bali In 200, mort
On this they aa eou al
amount IN rteem,be paper Very MONS are
esteruined af this law In Wall street One poiu
The Legislature t,ke away the charter o the Phenir
Mr. Deiafied can the capital In day r NO
oa the new law, an place rmer footing than under thu
old charey. .
rusr state ,hags going forward Mobile Orleans and
the towasup he Mississippi Banks ipanding their A. re-
decma'r issues every direction. In Mississippi ne la M
i jus ing into o,eran OF oco capital IN real estate
In tina, region monetary matters a fat rpeniny for ano,er
and tremendous xplosien
Uated States shares feltaiay,,her stocks aa,isssry
Sales nj the stock Exchange.