Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-08-26
n q u y " N A ~ X = T..
Sunday. August SIS. =. m


Sunday, August 2S-o. =. M
The Stock quiet yesterday saAhs
in price very small Delaware Hudson inprsvsd pss cent
sonington declined per Harlem cent oues
and Schenectady per The general sondon OF inc
money market remains nearly the in this CITY, there no"
svsr an increasing difficulty inusgotang r
dePhia the banks have become still restrictive IN their
aad money increased Unted
States Bank post selling to per month
and difficult zegoateat Baltimore the market
also exceedingly tight aud becoming still more so United States
Bark post notes nominal at 1t cent The arrivals OF
specie that port during the last week to $3.50 25e
Of which from the South for Philadelphia account
and the balance from the West Indies.
Notice given by Secretary Of the Treasury that
the sixth nsanents Of the Nepotan Indemnify amounting
10 win be paid the applicants application
to the bank Of America New York after the 5h day
Of September next
The following sales Of lands to take place at the Offices
named and times advereaChcago, Ill., ID Of September;
Milwaukee, Wisconsin, 7h Of Octr; Gennessee Michigan,
10th Sept; Monroe ID Sept Burlington, Iowa. 2lst Of
Oct Gennessee, Michigan, I'd Of Sept
At St Louis, specie is at premium Of 81 per cent
The money market throughout the United States in very
restricted condition the present moment From all sides
the cry scarcity Of money and the high rate Of interest
echoed With whom is money scarce With those only
whose speculation and overang have disturbed the natural
bance of ade thrown the exchanges into disorder and
unreasonable period of the year, in want Of money
TO carry Il rosgh those specu lations.
At this Of the year. the circulation and leans OF the
banks the whole country in the regular course OF trade
their lowest points, and in the natural the stocks Of
produce all Sold proceeds applied to the payment ofhe
the discounted notes Of the merchants
up and the years business being settled demand 70
money sh.ud exist dealer should be ia his crcsm
and banks preparing their loans upon
the crops in the country.
The Western and Northern States usually the first to
expands the grain crops harvested before the cotton
and ready for market At this season there
for Banks Of the agricultural districts discount
ing the ner drover and traders who purchase
ofe farmers their produce making their notes payable IN the
Eastern cities; principally in New York The bills OF the
Bank they pay away the farmers the purchases that they
make The farmer to the the account which
has accumulated against him. The merchants return the
upon Bank exchange the east drawn against ths
miller takes the bills with sm to New York and
pays them the merchant Of whom he bis supplies who
herewith takes the ohs customer discounted for him
BY the Banks months previously. The country
purchases bill goods and the he gives
for the will be endorsed BY the merchant and discounted
by the City Banks-whlch in their turn begin to expand
This trade with the Eastern cities but much If
produce Western States goes down the Ohio, the
illinois, and the Mississippi, seeking the Southern pOr for
market By the time il reaches the Ssuths States, the
crs the horses bale ropes tobacco and other articles
of produce begin and the southern banks begin
expand A. the produce is slipped North direct to
Europe sterling exchange Northern funds placed at the
Of the Banks wherewhto neet the bills returned
spou them BY the Northern traders As Of the
chandze consumed in the Western States purchased in
New York. the bills of the Southern banks drawn New
York. against cotton available TO the pork and -four
dealers Of Ohio specie itself SO long, therefore, the cir
Gle Of trade keeps regular action and the farmers and plant
foreign goods than their produce will
pay for and they send the se Of their surplus for
ward business of the whole year would 60 smoothly
without the necessity Of transportation Of single dollar from
one point to another.
The aggregate circulation Of the union controlled by the
quantity Of crops produced That being the basis Of
whole business and the average time Of payment of the
various credits obtained by the dealers three months, the
Of circulation will be about cnefourth Of the
value ofthe crop: