True American. [volume] (New Orleans [La.]) 1835-18??, 1839-06-15
MONEY MARKET,


To.davthe sales did not exceed 100 bags, and they
vera Tennessee Of middline quality at sacrifice Ship
neats Of Alalainas are going on briskly.
Grea denressun exists in the mario ct not only
with regr 70 sales the other side Of the water, but
ooscc"nn Of the 'mpossility OF planters getting adj
tancs' on IL. growing crops. Tile Bank have very
ton {" ionns intended for advances, by the
amount df security. Cotton factors OF course, will not
submit to lose their profits by the procurement OF such
security, to accommodate the planter. Hence new |
state Of things is nh"t to tnke p'ae in the Cotton
Trad The Planter will he compelled to restrain his
rrosaty 60 to work. g. gaher his crcp and lend tito
advances on the fruit OF his labor if he does not wish to
submit I" the market price. With the cotton in hand
the factor can reeocia,e his paper with ense sn bust
ness will then be based actual transactions, giving
healthy tone TO the trade. The want OF moral honesty
in past md the amazing losses Il,
which advancing house. and Banks bnve bren subjected
ae all elements in this and proper stand taken by
Tue mon'ed institutions OF onr city.
But beu,e the curren, can be fairly in mutton in
this direction, We shall nee Troublesome times. unless
great tare he taken. Let look result Of the old
aystem,-a result that is jus, transporting. Last wier
bayer appears in market with heavy credits in
err! OF our Banks He purchases some sooo' bags of
cpton His first bills are accepted in Europe but
soon as il is that is lie lost by the opera.
non the houses responsible for these credits the
bulls with such excuses these The is Of the
KIND ordered,-the cotton did mt forward in
time, &c. Sc.
II is feared that before the month Of August is over
some half million # drafts will he returned upon our
European houses, and in consequence Il III. UNIV Hing
ness 81 capitalists to accept certain spectators bills
THIS resne will henr hard upon market and tend to
cr' pie us in future operations Here then, is another
necessity 10 adot tie system OF actual business
transactions.
Fears are enerlaiue by mauy TIM, the shock given
10 our credit by the Bank Of gland in raising the
I" interest, AID thus tanishng per cent. Sto,e
stocks from the London change, will cause another
suspension Of specie payments in the United Suites
We do not seq how this can be- There only Gu
millions Of our stock owned in Europe, md some or 9
millions advanced upon. The necessity to sell the
scrip to meet the latter amount, wi only operate
tav0raby to States where securities in this dilemma
We owe no debt to England. 1t is true, heavy losses
uroa the cotton hough, here ut high prices and sent
forward hay bear hard upon banks, but with
no surh evil as suspension can ensur. That many
houses will 'r forced to suspend in all parts of the
county, we have no doubt, yet with another crop of
Meadsluffs and cotton to should moi give
up the ship.
We in this city. destined to suffer from The msera-
hle management Of the currencics in Aalamt und Miss
e*slpp brought upon those states by Van diplo
macy, and to experience great losses by the immense
amounts Of monies due M rchans by the latter
STATE, but such be the penalty paid political
banking and excess in speculation.
W heard to-day ofthe sales vi some 400 barrels Of
pork, at Is 2lS-a price rather above The New York
rate Flour drags hra,ily at IS so per barrel.
Al N. York he 9Th in mt, cotto fiat, produce
dull, curtamen the order of the day, and brokers in
tight pinch.