Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-08-01
m . y II " M A KET.
Wcdnesdny. Iu,v Yr-6 D '

Aa' not oeeh equa 70 the supply and the rates have
aeA on from those current the last packet day The
mas been - % no cent? for prime bills sales have been
made however, at 81 per The United States Bank has
snered freely at 10 cent and given public notice of its
readiness TO draw in sums to suit purchasers Many bills have
as appeared in market drawn Citizens Bank of New
orleans On Reid, Irving Co., London Hoord Brancker
Co.. have also drawn feey-bs whole of business.
done has not been large In present of the sppv
and demand there but little prospect Of of nsc;.
except Tor speculative debts which L, be paid
in specie.
Money yet hard to be obtained fact which continues 10
dePres the stock market At board the Of
sales have slightly increased and prices generally fallen
OF with the exception sfDeaware Hudson and Vicksburp the
prices Of which have improved each
Of parchasesb by those short OF stock North Trust
Banking Company declined per United States Bank
per cent Bank OF Kentucky per Canton per cent:
New Jersey Rail Road per cent.
o. the 18th ut $1,000 in specie arrived at New o.
leans frsn Bordeaux France of discount and de-
post about to be established at Guayaqu, Republic Of
Ecuador, South Amerca The charter was obtained ky
citizen Of the United States The capital 100000 TO
issue bills in specie sight 10 twice the amour, o the
capitalize bill to be fless denomination than ten dollars
these bills to be taken IN the and held
legal tender The bank may demasd not more than uer
cent on It's loans and the charter continue ten and the
bank to receive the government depo..s
There appearances in ma rket which indicate
nnancia affairs have been SO long involved These dc.Ies
are reierable TO the inuscous measures taken 10 effect
covery IRON the disasters Of 1885, The great prsepe Of
tanning s' prodscn Il he country and absorbing the bank
capital Tor that purpose added to the speculation which has
encouraged has been the prime Of tie disorders Of the
currency Late events brought about by the culm ation Of
similar train Of events England no changed the posv
Of our banks and dear bought experience is now useful yud
In recognising our currency footing The currency
Of New England has been from the influence Of
specuaton nd under the constraat Of system of En-
changes cene'ng IN Boston, has remained and uniform
currency Of New York compar uniform mill
The growing pressure Of affairs in New led 10 the nee.,
siiy Of modification Of the system Of redemption becr, n
operation The CHEF evil from the sagnaton Of trade
caused BY the holding Of produce which required ,..n,
circulation larger than the Of the banks in the
city could sustain without Interval system Of xsbanc.
winch "ou'a reduce The amount thrown upon the city, The
eo"ns extracts IRON the report Of the safety com .i,tee
Will explain the present and relative position these bank. with
the associations uad the law or the State secu,,
Banks
NEw YoRK, July a2d 1870
s-On receiving from the Associated Banks of the Cit,
OF their Circular bearing date the 10th uItmo mo-
y'ng US OF their ntentios TO discontinue the ~
Western safety Fund Notes after the 27th instant: y
Tour committee were reque,ted by their Chairman 10 CON-
vens on The 10Th inst in this City, the purpose of adonn
such measures the emergei cy seemed 10 deuasd raus
ment has been rendered on.rou, upon ,h
Banks by an omission on the part Banks to
a. tl..
neishborhood When the Banks arranged 10 r.a,. ~ A:
Ciy their principal object promote the psblic Rood
and this motive strongly ioiueneed the New Y.rt
Banks IN entering into the srranrer emit 's
Fully believing that the mean, furnished h, H.. c,.,
Banks TO the New. York redemibg Banks are .J.oa. 90 ~
continued redemption oil times Of ali ,bs Rl sa ~.
be conhned TO such ONLY sha exist h
hsn~ lee' compelled to say that the OMISSION
WI" esch ouer ~ 80 oppressive To the stem of New.
York redemption, that longer be IN ,hon,
| hazard TO the system itself
The Committee have had 10 e.n,,d u - ,,r
no e es OF which was the fe,eh uneasy state Of IN,
d ana he Banks now engaged in the purchase OF
non o. the country paper after the 9th INST Yet the pr.,p
.edeemng Banks learning from yeur Committee M, issy
nag tailed IN ;I
other Banks for the continued prolocos az H. c,
Noes aud regarng their prompt redemption .. the only s,,
ans course Of equazsg and securing to The oaI
as snd reliable currency, and giving credit TO ,bs
'sn,a''os Of your Committee reference 10 The T
the reeep. at the redemption Office by reason az the
exchanges your Committee succeeded in making am rran
The Co@wiiiee canno, close this communication ;,..,
correcting an erroneous impression !, The nuIr i. ,..u
sank. are largely indebted M Cir, Ban, ar;..s
from their omsos to redeem their bill. als, ~ a.. go,
Dams, znder the arrangement which Was r,n.v.a j.; NJ
The red,eming Banks have un,.pee,cll, h..n ,.,.a
re- em larger amount of Counr, Mole. ia. . a.,,s,
ped by The parties whep renewed and h.,s
Comms are uo employ argsr amount o. capital Bot the
ais nov aware That the Country Datss have failed
70 seuecm their bills, when by terms Of the contract thew
had obligated themselves % t. do
in COMMITTEE have for the presen with
the Bank Of the State Of New York 10 receive r The North
s,a. ssh aud ru., aud Banking Company, the A.ae
]
800 which m'y be rcnes TO then fror their country cor
Free Bnk. time, say twenty Ave day. from the
"y Saturdays sealing which - less than half Of on,
Pc cent discount Yssr Comnittes have arranged vi Mr.
humphrey their Bank Messenger that he mar take from th,
ste Security Banks" their packages 20 the City Of New
rork aud receive In all packages that ~ beorr.
70 the Free Banks and leave the such poi.t. ~,
line 70 Buffalo the Free Banks ay designate 10 the Mes
senger.
WM VI. OLIVER
HENRY Dwfonr
5en !" Moss Moses cS %... b from the
HIRAM PRArr,
l.. jews.
The banks oi the western stats, Ohio Indiana Illinois
The produce Of which reaches New York by the lake Navigation
have been approaching the polio, by cuane their cir
culaion, aud getting clear Ear possible from prsue.
Peculations The currency OF all these state. will no o.b,
now 'oon become settled. The Pennsylvania banks are more
Immediately within tie influence the a. s. Bank an o.,i
ton, the assets Of which much concernea in m.
lave institutions Of the south south.we. 10 civ. n,
o. az immediate unilormit. stability Of currency,
The south TIE theatre u those stupt ndous oper.on, II
peculiar product Of that section which have shaken
up ne commerce ofiwo great countries Fron Inc -
ecae forth The policy u borrowing hold IN ever, ,..
FORM, nonresumpton " specie payu ens post note.
o. deros'ie, aud every of payment which n. -
o. 'pecuator eeud invent has btca unscrupulou.,v 80 =
operation ~ order e obtain seminal hth rate e. ,
abroad Following the example 81 the r. R.nl 800,
AZ