Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-09-09
N o. EY N a R X Il T.
Sunday. sept. SIS. II. N.


Their. wa. very little done il wall yesterday
rally A. the exchange The sales rather larger than
on the previous day, Improvement IN prices Bank Of
rose per cent Delaware and Hudson per cent
N Am T. B. per Canton per cent Harlem per
cent The bank Of steubene has been revived and will 60
iato operation in few daysGener stokey president and
O. Ballard Esq cashier The bal aided by large amount
Of eastern funds.
stated in western paper that the State Of Indiana has
lost near 81 by the failure o. the brokers in whose
hands were placed the bonds for negotiation.
There exist. in Wall great anxiety for the arrival Of
the Great Western in the hope that the she may fur
ui.h will create some feeling of cond among mcned
men, Among the merchants however, there sa growing feel
inc Of against the condnct Of the banks Of
t CITY, Il Is notorious fact that during the pas, two years,
when dull and the profits Of the mercantile
classes body have been small the dividend Of the banks
have very large Tb. has arisen from the system Of uu
AIRY and exron pracscd the capta 4 and certain banks
which taking advantage Of the absence OF controlling
power have made domestic exchanges medium Of specula-
ton by throwing all their into that line When the
notes Of r. ,ar merchants presented FOR discount fac
refused and the applicant referred to some orokeroy
whom shaved rate This state Fl
things led 20 that Investigation into the affairs Of the Phenis
which nearly caused forfeiture Of is charter. Since that
period the system ha been continued greater les
extent according the demand for money from the regular
dealers Busncs. has however, been limited. The crops &c
lat year comparatively small aud the brsnes growing
out of them, such created unusual demand fnr die
counts mercantile paper Yet the rate interest high
notwithstanding that the circulation % the baus April
la. was apparently uudimInhed Since then but little bust
ne has been done owing the unprotoas Of affairs in
Englad causing general fall IN the produce of the country
The curtament part &C the banks since April has
large, vet the last semi annual dividends fully equal
not superior 10 hoe any former years, being average
from 10 per per This could only have been
brought objects to which the bana
have applied their the purchase pos, notes
discount investments treasury notes, state
stocks below par, and cuang domestic eSchanges-al
Of which operations afforded opportunities Of investnent
advanageou that but little assistance could he spared the
reguar merchant Scsptst little shove that Witch the
institutions received from ether operations.
The knowledgeo these ets IDLY e,oaiug in the mer
camille community, feeling Of strong hostility against the
banks Tie eng not N, seseless vague denunc alton ~
Tie paper stem which arises om the misguided gnorsuc of
pcal paans bat settled conviction on the part or n
telieent mcrch that they made victims sa.,
the cupdy those designing men, by whom majority or
the banas arc controlled Unless the policy operation,
Of ne instoat undergo great radical change
this esau nay gsoS ucag tat the Who paper - tenn
As al prcsen' organised, will be exploded
The paper system Of England hs long been o,terng to Il.
foundation lii well known fact that he Bank of H. GLAND
In 1873 came YER, near being exhausted balloon and -
Gems quencs uspendiug specie payments prom eviinc. a.
duced before the House Comm in is3l appeared
the opinion many o nc abest and lie esps.
reucd directors n he bank that the sf such
event would Tia, time have involved the perm,nency
paper st ~ not q The government ITSELF How much mcre
such eyea lo be dreaded 10 the present state