Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-10
M NEY NJ KET.
Monday, April o, 6 p. VI.


Since the revulsion last spring Wall not been in
such of high financial as it exhibited TO-DAY
Developments OF the gra,es character from Washington Al
bany and Philadelphia have produced this everh state OF
things
Mr. Biddles let against resumption published this morn
ing created great sensation Among many OF our leading
fnancers its statements easensgs and opinions were
treated with the coolest and unqualified contempt II Is
very generally looked being merely an hnt
hmy defence of hisows cotton operations May 90 so far as
tossy that the United States Bank will end like Nepol~ons
power on the Continen-n general ~ rosion is cpr.p
y reported that sf its capital at $50 oeo eoo
arc locked up IN ms old branches In protested paper
other unavailable securesh only immediate m, ans beisr
the uncanceed and illegal old bank with
has conducted all his cotton operations.
On the whole, Mr. BNidles letter has fallen stiborn upon
Wall strickland his talents as fnancer seriously ques
Toned There however few tho support his vie VS. bu
they principally politicians who have nothing nj s,Le
those who have speeusions Our opinion is
that MT bddies policy and principles far wrong one
way as those OF oar hnancies the other New York
banks have curtaied too rapidly and rgcrousyr MD
die has expanded specialized and trusted too mucs q, co
gencies and potluch medium course steering betx.e,
BOTH would have been the right policy that course ON
BANKS WIN De encouraged to pursue by the development Off
new and extraordinary policy In the general
which will enable them resume and naptp;n ,hsi, ,,
the 10th or 10th Of month.
Let us explain.
On Saturday morning, Mr. J. D. Beers the highly r.spec,
BILE hnancier Of Wall street. received letter the a -;
Woodbury. Secretary Of the Treasury dated NJ w,s.;,
on the o,h which contained highly mporas deyropem.,,.
OF e views and Intentions Of the government affecting ,b
approaching resumption OF specie This letter
thN the government u hostile BANKING i,,.r.
that the banks would in Nav the Dep,r,m..,
extend to them all its power and influence In order IN .-.h
them Ia sustaa that honorable position sgairs Az o,,
ro" any quarter AS soon as the takes p,se. NJ
w. states that the notes Of the rcsumng banks would ~
esived for public dues the rs forrrerlv .na r.,
usual or sudden demand would be made for specie
sseh are the new views Of the government
~ meeting OF the Bank Committee, held on s,tuyd.v
evening this letter W" read by Mr. J. Palmer to tb. body
anu new feeling OF confidence generated gener,Iv
them 8 tn the future. "'0ss
lew days previous TO the appearance the secre,,rv,
letter. II seems that many OF fnancers had con.,
ne P'opne o. entering ino negotiation purchase nj
the proposed new ISSUE Of sI; Of Tr, aurv no,
sures had been taken begin this negotiation and AN
the full confidence Of fnaneier proceeded 10 wash
ingtos TO confer on the matter Contemporsneous with This
movement and perhaps caused by previous
the hgay important letter Of Mr. Woodbury. In Mr. Re.r
was received, and communicated have describes 70 M,
Bank Committee on Saturday evening. On sund.x N.
Bddes Kescrpt was reeeived-bst failed eptreIy IN ,r
duee any Effect on market mind. M opr
hnancers from The TACT that Woodbury. had mad.
advances ana pledged the whole force energy Of N,
vermesi N aid The resump,o by New YsrL b.,lsh.
entirely ouigenerslsg asd anticipating Mr. Biddle gre,,
movement
That the New York Banks aided ss they viii be- both bv
the General and State governnentby the Treasury a,
Washington and the whole power OF essa,nrs at Au,
ny-wll resume month and maina. their position b.r.
the shadow of doubt The aggregate cid from 10th
win be equal, loan s2oooefcs sscle,, in IN
rope by the credit fhs United that Of the Stat. ar
New YORK. In fact Mrvss Bures has been compelled h
The elections and the force pusc opinion tn cham.
his nitro financial pocysnd the resolution offered n, N,
Hsmer In the House Of Representatives the Letter nj NJ
Woodbury. Mr. Beers, together with other even,. ~.
evidesces Of this extraordinary and
We learn further that Mr. Woodbury. has eommpn,c.,a a..
sentiments the banks OF Baltimore Boston ana 80
cities.
We therefore, IL entirely new position ard 10 -.
Us,ed states Bsnk and It's associates not resup, .,
series OF explosions VIII be generated s,oog ~. -
banded and rredeemabe banks such as marked ,bs 49,.
1916, IT. Is and'ia IN our humble opinion Mr. Rid,s -
pst himself In the false peson,' not New YORK reh,
mar or this institution his and will ,h.,
mar or that bank both and who Il placed ip n. .
position'i 49,
neossquenes Of these and views. e,obare. an phi
aaephas now up TO fa4 discount on ps,,v az tho o
pents exchange checks are moi
nj ALL
The business al the Board today has been very epcour,s.
ing stocks ha'iag advanced considerably with the ercep
ton 81 United states Bank, which viii be perceived has
decnesa shade There Of the Phenix bspk
IT'S quoted At a. Farmers Trust advanced "a the
sales q Saturday Delaware Hudson advanced per cent
haraem per cent This favorable appearance Of The Stocks
acubed TO the expected Of Government Specie
s.lt At par s 50 days. Treasury Notes have declined
rer cent