Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-26
MONEY MARKET.
Tuesday, June 1x-


have undergone little improvement in rates today :
the low RATES to which they have fallen tempted BUYERS
again to come into the market Bank Of
per cent Dry Dock Del Hudson Vicksburr BanL
Of Kentucky Mohawk Illinois declined per cent The
rate for money m continues high this and in Phladel
pbia equally In both cities the demand chiefly confined
to those concerned in the bols ring Of high prces-a class
whose desperate position prompts meet almost
demand of the capitalists order enable hold
on even Tor short period longer This occasions the continued
demand for of the year when regular trade
comparatively very dull and when fall in prices produce
has taken ace wi cA would have eased the market had
ing facilities and trade taken their natural course
The Wall street papers making desperate attempts
favor Of the SPECTATORS by esdeavorng prices and
excite feeling which will be calculated check the health
ana natural equalization Of prices and the value of
ties going forward Fer purpose the old story Of the
short CROP still harped upon revive the droop-
ing conscience ofthose holders whose crashing
uaon have blocked the circle commerce. and been the i'm
mediate cause OF that decrease consumption which has re-
acted upon the deficiency asd neurazed its effect upon the
prices There are however, many elements in which
must ere the expiration Of the summer cause still greater
Revision in the commercial world and
depression in prices These the results the borrowing
system which has been pursued both BY nsstens and the
government The period has arrived when the borrowed
must be paid nothing has been provided for the
emergency In the CT the months near 81 OOe
ooo or must be RENTED England payment Of
e interest ON state stocks at the time large
OF Southern post notes will fall DUE which be paid
so The government post treasury notes. the Of
80 ooo fall due in all July August To meet this vast
amount Oh indebtedness what has been provided We have
on hand large amount of duce of all descriptions but
Tor this there salehe markets hands are falling
Trade both at home and abroad agnan the
revenues Poportionaby decreased To what then nav
we trace the dncues with which surrounded1 Sim
ply TO the unnatural action of the shielding sysem the per-
apln L. ia
paeDt OF trade In the first period of which sue
ceeded the explosion Of 1887 fell to pon below IL;
real value and was dull at o7c This did lot arrive from the
asnation OF demand hut from the inability OF the planter, to
70 she scene oil activity The u s. Bank seized the
emergency and her capitsl enabled the cotto. 10 c
ward Faster than the trade required Holding at such time wa.
therefore highly necessary and healthy and caused cotton
70 Fe TO its proper value-0alc. That the value which in
season ofgeneral health strained trade whom -
OF aartees OF consumption regulated by the law Of de-
nand and Aaura supply will enable the panisr 10 realize.
af rroh AT these prices the Bank worked off its stock and
retired from the market At that period country was par
out debt an ample supply poduce Of
which Europe much in want AT the same mon.n, 49,.
were much IN want 81 the proceeds in the shape money or
merchandise. - =
'uch position true policy would dictate tba We bsns
our commodities. and have disposed Of them
at the highest market valve speedily possible The ae,
ny Of the exchange would have promoted healthy trade a.,
Df the
European capitalists. This policy however WA. u,eo,,,
not adopted The banks instead ofsuppyng dealers with the
means OF conducting their BUSINESS employed their rbol
sources purchasing directly and indirectly crop, Of the
so"n" not however, to send forward and the ,alse
but to hold, in order, BY 'a,iag artificial scarcity .
prices unnasray high The phenomenon therefore presented
itself ofvery high prices, white money th the trading ela.
worth Iai per cent per month The result va. an ,,.
sagDaiioa trade Willie all AZ 10 be seen arc
Titles Of held At rates and the a.,
mad no money wherewith to psrchase The abi,i,. r H.
banks, the merchants and the goveramest are dalv nnx
due and aceumuatng while crops remain up,od our
ships lying idle at our wharycs aud the nearly with
out arevenue.
In this state Of things, borrowing IN all shape, wa, re,orea
to, in order to continue the throat system OF holding tn
southern banks issued post sotes their northern
des-the north borrowed on stocks in England and the
government resorted to treasury notes to her
Means thus supplied have enabled SPECTATORS TO hold on at
prices high TO check and the business.
has passed leaving the stocks chiefly with rapidly fall
ling prices at the the borrowed money /; becom
ing due The worth must pay her south must nav
its pos, notesans the redeem her treasury
notes For this purpose much dependence plseed upon the
arising from the spring mporaons Here however
the holding peey has again been the evil BY alb
orbng the facilities othe banks The dealers have been una
bic conduct their business ordered but very f
goods That of the government has b,u
directly off, while the balances due the deposit. banks
amounting 81 300 opzrdzed Nv the sam.
ration The quantity Of treasury remaining 70 be issued
i, equivalent 10 the amount be accor,
TO estimates Of the committee Of Ways and Means. the rcsour
Of the will f, short IS 100000 pro,,anv
the sale Of the remaining bond Of the United State, Hank
mae amounting sassoooo We have therefore, nothing
to look forward TO but general explosion Of the whole class o
The bolstering borrowers may thea in reality conscience
and BY operating only with he proceeds Of suu.
crops will BE- enabled to live within save the
enormous tar for interest which than cquva.
lent Cor the exorbsn, rates demanded by Spectators
sale. M ihe stack Exckange.
100 Bk Of Commerce l0ciOo do l0is3O- Is River BIZ
$50 do $3.50 Dry Dock i0i 3ojs5o do l0llc-2Odo
Ooac-65 do eoic-50 do 10ib3o-2s do l0lIb60-sb Am
7ei5 Illinois s6ic-lO0 do s775 Del Hudson -ilc
rs do 7ic-ls0 DO 7l}i0-25 do loo do 7Itbo0-75 do
72h30i00 vickbug $4,000 do assi5-le do 4sc 9s m
81 Kentucky S. so Fire Ins Co lOos York do Ie9
9Th Ward de 75l-s0 dc To- 10 do 75jnwi0 Mohawk die
40 do 6lfl00 Patterson 81 b60l0e do eIbso-IoO Uarl,m
5lI-25 de- 5l125 do is3ol42 do 5lc-b0 80 bIls6oso
DO belnw-s0 DO 5.c-i0 II ssl-iOO do senw-los ,o
ningon % sis-c5 do 2skl025 do 2snw-35 do oslcIo
Canton ao.3O- as do I0s3.
MARRIED.
IN this city, last evening, by the Rev Mr. Coodssil Mr.
Icme. % tie Providence Morning Courier "a Mary eldest
= L.