Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-02

Sunday, April Lee r. II.
TIE crisis In The ressnpoa Of specie payments ana re-
form In Ne currency rapidly approaching AT the eIee M
the week. the Memorial Petition which we alluded on
Tuesday last praying the Legislature the sapeusi.n
Law, take action such . measure had re-
ceived aage nuber OF signatures and ready be sent
10 Albany committee understand, has already started
with il for Albany.
The developements which made few days ago, the
and negstsons fthe Banksof this and these
Of Philadelphia in every material poat This
gsaon has been pending between the New York and Phia
depha sank for the OF preparing some middle
ground of action to the assembling of the Bank
Convention. II also currently stated Wall tia is
soD for the like purpose through New York the other
week from Philadelphia Boston, having such negota
ton in view. Mr. Copperthwaite Of the Unite States Bank.
and Mr. Lewis ofthe Gard Bank both here few days
ago. as we have already stated and have strong for
believing that the Bank Convention and the pton Of
specie payments were the business which they convsrsed
with our inaneiers
As have already our account of the movements
last week the Philadelphia Banks decline join New
York banks In the act resumption early the month Of
May The reasons mentioned in their written reply the
Bank Circular OF the Sd ui enforced and enlarged in
Internal conversations among the parties aegociang On
farther reflection, ia probable particularly
the action OF Congress has heen partially developed
SnbTreaury Bill that the Philadelphia banks might agree TO
resume on the LIST Of October
the LIST of January provided the Bamsre Boston, New
York and other banks would all delay The
reasons are thesehe commencement of business is
Believed TO be the most fitting time for ge-
neral resumption. The 10Th Of May which the New
York banks are compelled by law forfeit
charters contrary the natural of that
time the spring and the crops of
y all TO market The month of May considered there
fore, unfit Tor the commencement Of specie
ment which, among all fnancers with
general expansion Of discounts and circulation In the month
of October the great cotton market of begins From
that period the tide ofcommercia cosdesce geaeray rises
the wants of trade the of the
banks begin to move. From October up January il is
therefore, deemed the natural period for general re-
sumption than the month OF May, June, or July
Under these rational views has pending negotiation
been conducted between the New York Philadelphia
banksand from such has ar present movement
here resulting in petition not Of The banks but Of the
camille interest," for short proong
The shape which this may take is difficult tell The banks,
Though they undoubtedly it in notion do wish ap-
pear in it. 1t is proposed however, in certain quarters
give the Governor discretionary power prolong the su
pension law for limited PERIOD in order meet proper
ground the result of the Bank Convention On 18th inst
this body meets In this cyon the 10Th inst the legislature
stands adjourned Five be sucientte develope
the vewsof the Bank Conventon time allow the ega
ure to act previous to their adjournment proposition
give the limited discretionary power is therefore
deemed the plan of meeting the difficulty
Such arsthe views feelings and agitaed in
our money circles daily The interest in these matters in
creasng the Bank Convention approaches indspensa
bic for the credit of all American securities and state in
Europe that middle ground compromise should be
adopted by the banks Of all the Atlantic Cities leaving the
balances between these points and their debtors be
lied each with its circle hos
ty Of the Philadelphia banks early resumption may
have been nt to produce some compromise
have descbeduch certainly begins be the secret Of The
conflict between Philadelphia and NewYork That the south
ern and western banks will all be able the Aanc the
time have doubt very much Our accounts
to the 14,h ut from New Orleans state of that
have
arrangement among themselves. They meet with difficulty
however Ia the character Of the commercial paper offered
The other southern banks have been acting policy
for time We do believe that southern banks can
resume for long time buthe
larry those of Ohio Illinois, and Indiana ready as soon AZ
shall be the Atlantic. As proof part of this We an
the following valuable Indiana Banks of
hc 18th Tebruarynrnhed by authority In tba,
slate, and received by mail at this Office Friday last:
STATEMENT OF THE STATE BANK INpAsA-2ah of FEB