Morning herald., 1839-09-26
Crisis in the M eney Market-<arcss
:. a.. au..,;- Ci.ic.-Mevememss Of specie
-Auo,her Bank su-pcnsioa-rhe Dev"

Another Bank su.Pcnsioa-Ihe no'"
let loose AT hast.
TIL. nress.r, in the Money Market has not been
40 great since the spring Of 1887 as II Is al this me-
ment II is even doubtful among many OF the WISE
&C Wan street whether the pressure now-the
.carcetv of f,noney-the difficulty of meeting honest
rayments are not greater and more numerous than
thew were in that year Of excitement, virtue folly,
v;.dom. and sd nonsense Every day in
Wall street the question is asked 'swho has failed
to-dayf" s'Nvhat house has gone 10 the devil this
uorninc?" ssWhose note laid over yesterday The
asury law precludes all negotiations in mercantile
PAPER except at seven per This only increases
the intensity Of the pressure.
Last evening we had intelligence Of the
character from Philadelphia and Baltimore. On
Monday, the New York banks drew upon the Phila-
sephia banks for $500 900, thereabouts in specie.
This has created great CONSERVATION in that city,
and by way Of retaliation, we expect TO see, in day
or two call upon city banks for S5OO0eo in
specie, to ge back 20 Philadelphia. During the last
fortnight 81 500 600 OF specie has gone to Eu
rope This has reduced the ability Of the banks
fall $4,000, 600, il not more. What the British
Queen will take out, and the packets steal, We kave
yet to learn At this moment, probably the specie
in New York and Philadelphia nearly little, if
not less, than it was in April, ISS7-while the
gagements continue as pressing, if not as large.
In these facts we the seeds Of some future cri
sis, If not a suspension Of specie payments by the
anks themselves. One Of tive things must take
place, and that in short time-either the banks
must suspend specie payments for limited period
say the middle Of November the beginning of De-
eember or the hants, traders and large portion
q business men must be broken to pieces.
BY way Of experiment, we are decidedly in favor
of bold suspension Of the banks for three months
precisely, until the cotton and crops come in
The cotton crop will be delayed BY fever, drought,
and Almighty God, probably one month later than it
has been done IN many years. This increases the
expediency Of the banks suspending specie pay
nents at once. As an individual we shall lose
eral large in sxpences now held deposit AT the
Chemical Bank, if there should be general saspen-
sion But for that we don't care straw. We want To
the experiment tried of another general bank
pension for specified period. There never
better opportunity for the banks to turn rogues twice
IN three brief years-and why should they hesitate
Every sne is estimated around the world according
70 the magnitude of his rascality-and the banks by
general suspension, may be able to make noise in
the world and get steam and reputation to last till
the day Of judgment They may lose their present
sharters-but what OF that! They reorganize
before the ten days have expired, under the provs
IONS Of the general bank law-and thus all their
property and assets.
In furtherance Of these views, informed /
that several large depositors have determined TO
draw their deposits In specie in order produce
the desired effect the miserable, weak, timid,
contem ptble bank directors The community IL
deed, cannot the banks-that is to say the loco
focos cannot the banks, because they have got
nothing run banks with but legs without brceches
IL rests entirely with the depositors. They can
make things easy in the money market in ten days,
by compelling the banks TO suspend at once, and be-
like rational creatures, perfectly qualified to
enter the state prison tomorrow.
Let there be alarm. l shall take not to
he more vrtuous than the present generation. /
shall if an excitement be got up today, draw out
all my deposits in the Chemical Bank in specie.
care nothing for John Mason and his splendid houses
carriages, horses, and ether trumpery. With money
my purse, can be great man as he; and, with
my present portion Of bravery and brain, would
not be worth a button If could not beat
Prime, Ward. King, Jaekass, Il Co nine days
cut Of ten. Come to the point at once, ye banks
of Wall street. Suspend specie payments, ease the
money market, and some Of our reasonable mer-
ohan,s-thcir pretty wives and charming daughters-
expenses only Sl50 600 per annun-from perdition.
Nicholas Badle thinks the banks will haveto suspend
again, and perchance, so does James Gordon Bennett;
and ia order to see the result Of this crisis, shall
sot 70 to Europe in the British Queen. We shall
main till next spring, either to pull down the
caly banks, TO build up a church, and save some
from damnaton.
10 The Star says this il mo time 20 talk of
n, - Deli Ia