Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-08-17

The two great evils which have the active Of this
great arrangement Of the exchanges the indebtedness Of
nearly all points New York. and the depreciation Of the
rency all south and west Of compared with the
New Ysrk standard These evils about to be remeded
and the greatest difficulties in the way of large fall bu
ness the derange exchanges will be removed The
rs cae which the Indebtedness in favor Of New York.
will be cancelled earlier this than almost be-
Already has the crop appeared in the southern mar
ke At New Orleans the 9th instant SIX bales were re.
ceived and sold from 2 Is cents to northern
The staple such promise well for the coming crsp in
that quarter This receipt is % day. earlier than any that
reached last year. Tive bags of Georgia cotton have
also reached market.
But .hor time therefore, elapse before the balance Of
trade in favor Of New York will be largely reduced and If the
proceeds OF the crop applied to the redemption OF their
outstanding paper the state Of financial Affairs will be rapidly
improved Blu, IL the recommendations Of the great "hodsg
be the rule Of action much difficulty and dis
The great Of southern post notes. stocks
bills pa kinds would have been much reduced had
not bank, Of section instead Of applying the proceeds
their crop the redemption Of their fsstng paper made IT
fresh purchases Of cotton and fresh issues OF hoa
ing paper This policy led to depreciation in southern paper
90 an extent which, FAR from leaving them prokt ON the
crop towards exngushng the cid debt has rather ineress
cd il.
The banks have sustained os, in the fall in price,
which the stock now hand IN Liverpool likely to sustain
The banks Dealers backed by banks generally advanced at
Abe r 10 per pound while the present sieck VIII
the best not bring 10 cents The difference VIII stand
rs The amount hand Liverpool, according 10
eur last dates, 10000 bales.
100000 bales, 900 lbs, at ise, $2s aso GOO
loc, lsSaooOo
Los. 100000
The loss on erchane. paper will be much larger
Than this This less 10, however, very ihe when
with The immense los. the planters and consumers
=. H. = &.alfn
produce OF other states. which caused by the redundant
attendant upon the immense cotton advances oil the
banks The whole southern people have contracted an i'm
bank debt for which their sottos answerabe, we
Che proceeds did yield them in supplies within
per OF the amount for which their held Tor the
that those supplies furnished from New York and
other where currency css inflated, and therefore
much valuable that which the ouhcrner offers IN
payment The people Of the south to have discover
ed this fact banks Of that ectiod rapidly reducing
the eireulaon nearly to the New York standard.
tn. roey az m, southern banks should be contraction and
for Wong time 10 come New York and the eastern
states do not owe mere than they pay they realise
their assets When however, heavy debtor like the ssu'i
and west goods after season. and when thu
crop Is ready for market attempts to hold and pay thu
northern creditor in post notes. and that without prospect
fnal settlement srd in the time the foreign creditor
Che New York importer csmcripg for his pay u iu m
for banks 10 force settlements by all means IN their power
This they done BY steadily contracting and keeping NJ
circulation specie standard as possible The CEN
plants fghness the money market from every quarter
south the evidence that the cure about 10
effected by curament every point until the currency Of
whole Usion uniform. Our position val then
goods unfsrm and large crop coming natura
20 Market and the proceeds applied to is legitimate par
poses nothing will he wanting but regular system Of se'ln
balances promptly and oen preserve the uniformity Of III
currency prven, the expansions Of speculative hank
The Cincinnati bank. rgdy pursuing the policy Of d
sapdipg prsmpt settlements The immediate consequence is
depreciation in Ohio country bank paper Of per cent
The result fpesevcred in, will be uniform and healthy
sscy The process renders that Eve per
per month has been given money COED
natl The elsmes. Of prosperity are rapidly reorgani'i'
themselves.
SALES at the Htock Exchange.
so Bask IOob3 IS do 1854 % do lost ~ do 1894 %
~ do IOsl.s0- 100 Bank of 40 do oel25 Un,
1A25 phcnix Bk o9b67 Dry Dock w " Us state
1868 Del uds 6sl do 6sinv, ~ Do 0sblo 100 do ~
% do 50 10 ssssc do 60 50 do $3.50 90 do o. 10 do
-