Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-02-03
MONEY MARKET

EAAu@ys ECOEWaIy -, y, IL
The revulson in the goes United States
Bank thares down lie average and all other
stocks proportion The nsacons very limited Two
per Treasury down Five per cents
1o generally believed that the inquiry for the per
will In the continued deprec iadn bank
and other stocks Five per cent Treasury notes will form fair
investment for capitalists Specie dull at 81 to4 There
demand for it. except by the Government and few
banks. The foreign export has long since ceased
curious anomaly monetary affairs that money should
be and specie inactive and dali The truth is our
paper by its scarcity getting specie.
The banks still continue their restrictive polcyat least the
relaxation yet slight be scarcely perceptible in
commercial Affairs
Tine great gsng that of altering the standard
o. value This is the natural effect of the action of the Go
vernmen since May last The passage of the subeasury
scheme which, however, it is believed pass would
hardly increase the action against the currency general
and curtamen Of in the nature of
revolution In the standard of value All commodities lose
their nominal value and bee deprecated proportion
the curaiment During the general adjustment gre uc-
tuaton must enue and those who during the period OF high
prices thought themselves rich will turn be poor The
curtameut in the circulation which has reached nearly 40
cent dmnuton, compared with that of spring. is
identical with revolution in prices n'vaues IN fortunes
habits down the moral elements the social system.
forced changen values always reduces suengnor
can be accomplished in brief period The former Pres-
dent began in 1929 the present President
ryng tout and require many reach the bottom
Wehave though great deal Of acute suffering before
we reach even period of reposein short "s surings Of
the country is iatoLrabL"
Foreign grain and bread continue arrive this
port Durngt month January following quantities
were entered;
London. L'psol Ant,v. Brem. Anss.dns Total.
Rye bags gss 1854 scs. i,7sa $40 as sG Sis
In addition there GIT bags Of rye Hamburger The
flour cons ned to the house Of Holford Backer
Co. Wall street, who enarging and widening
principally exchanges
trade This house is Of date its Capital resources
and connections in London and give high ee
vation
The continued importation of bread stus from Europe is
caused by the false and foolish made
this city and Baltimore by certain newspapers respecting the
of last That great eSes will be sustained by the
shippers there doubt But another evil is produced by
it. The import Of bread stats by any nation pro
much absractea from its specie currency. In country like
this foreign bread suhs paid for in specie balances
what The thing in the in labor IT. therefore we
imp bread s,us the of $5eooe six months
ultimately affects the paper circulation OF the country equal
to 100000 In the shape Of curtaments Last autumn the
-four dealers the seabcard prompted the publication the
of short creps merely TO further their OPP
eations has produced deeper effect than what they in
tended Under the deluson of short grain mpo ted,
specie is ,ent in payment and the basis OF circulation
diminished In this a.de the -four operators united in
the identical policy which marks the pursuing
it, mad subreasury scheme. Both operate
against the banks ano unite in producing curiamen
stagnaton and ruin The only good
additional impulse given the downward tendency of The
-four market The import Of foreign bread stu and the
ment Of the banks combine in depressing the prices of the
article And thus short sighted Spectators by ptng
deceive the public get deceived themselves
in the end Flour %. ee, and going down.
During the last month"; the imports of coffee into this market
have been Is, SIS bags.
We have received Bank Commissioners annual report
From this document CLEAN the following Of
facts