Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-13
NJ o N E Y M A II X EFT.

The monetary and commercial received this
ing London 7h and Liverpool the sth nh,
highly favorable fore trade interests The rise and
apparent nnes the price Of cotton nfnse strength and
confidence here Yet the sudden scarcity oaoney in London
and the Of interest per cea just before the close Of
the latest accounts awaken some nqry and beget doubt
Various made explanatory the adverse
the London market and the favorable ac
lion of the Liverpool cotton market
The fall in The stock Of the Bank Of England and rise of IN
indicate change the policy Of that Institution When
coHple these with the continued specuauon OF the
public prints respecting the intentions OF Mr. Jaudon and he
Bank OF the United States, would really appear that eso
luton had been produced aongthe London capitalists 10 i'm
pede the reconstruction of American trade the new basis
has proceeded upon, since the revuson.
When look the whole movements OF the English
markets. comprehendng the MED well as the manu-
featuring districts struck with the phenomena of
and adverse indicating fden"e and
progression in prcesothers doubt cuaiment and retro
gressien One OF the principal of this things
undoubtedly the discovery by the Sank of England, that
great difficulty yet be .untered in realizing their
American and that of merchants traders,
and Others have began commercial operations with the United
States that present of the features which the
did, who have Quilted the during the Revision
1t very evident from the condition of the foreign exchanges
that capital and merchandise again finding their WY
the United States The old foreign houses not be able
avail themselves If the elements OF trade furnished by the pro-
duets OF this country bat set has risen into existence
who.are able bring their great
Tie packets of late have not hd much merchandise
pared with late years but the immense eSportions from this
side M necessarily bring something, either specie goods
to this cosntry
evident h-reore from the features aloped in the
London money maxe that the Bank of England has
mined check rapid reconstruction of the American
trade and that these efforts the rise in interest in London
and the fall OF bank stock, may be attributed.
remarkable coincidence that similar state of things
The mercantile interest may be divided
classs-he that cry hard times" scarcity Of mo-
ney"-"dam Il banks'-and the ose, who gently
along do judcious saving business nothing, but silently
laying differentiation OF good old school system in bust
and meney The large class of merchants and
spectators the osprng expansions and credits
of the last years. viii The economical, steady
snug old school necessary for in trade with
great deal OF acredab.s and such like pous excama
tons.
1t is remarkable that in every city, the of croak
and an-croakers exist they here The following
letter from Boston, taken from the New.
buryport Herald which illustrates what saying
very well:
Business city sexcessvey dull aRd what there
years past As se ascerained BUSINESS OF nearly
test toy shop fruit STALL has fallen off least 50 per
and IN mary instances more the same remark will APP
partakes of the depression Many OF the ho e bow
depression will temporary preciate value
esta any longer than The openng OF spring In
alteration in the bills. This done in
for the of nomnay keeping The until the
OF better tines but others Is for the purpose of obtaining
larger loans the properly. Some of the hanks and
lenders however shy tkat they refuse
real security for Than onehali its
value.
There many who confidently predict speedy return of
active and profitable business but be feared they
sang une in their antcipaons We had
past tn OF high prices and large profits
there truth in experien
content with period of low prices and small profits
There some truth in this descrption-bu tits
truth There anches OF aness liz Ct
veopement for whch money very These branch.
gradually growing upin England and the L. States
the equalization Of the exchanges far they TO- have
produced by the action OF the merchants and capitalists
engaged and indicated.
Today, exchange New Orleans quoted PEI
discounts Charleton TO la Mobile per Philadelphia
a. and Boston 2to2t Foreign exchange has yet open.
ed, the dem and has Increased and believed that will
-pen today ies2 lioi This slight rise
from expected remances that preparing he made
for the spring mportaons.
GA the WHOLE the say of judgment not come-nor is all
trade has dollar OF money disappeared,
although cannot lay their fingers on H.
The following the principle items tasen from
Banks District Of Columbia presented Congress
nv Secretary Woodbury.