Morning herald., 1839-09-26
W~Mlw mHDH BT.sss. ,n.-.s
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At the stock exchange this moraans s ,r,.ss 49,.
ness done q rates which show sons nucsss -. ,a
yesterday. Ohio Life Trust per cent? Delaware HUDSON
A,r the board adjournsd, there was bat little done
stoek, Ia sterling exchsage there no maer'a serA"oA
rates The Liverpool packet VIII take out 'arse sum
cce mart Of which has been shipped by importing houses
Cor GOODS direct There we're some further runners
of failures OF Pea street houses. some oi 'nem We"
ss which have never recovered from former dmcu'-
- IT, som. eusace Of the announcement made this
os tat the bills OF the Buffalo banks would be redeemed
At the North Americas Trsst Banking Co.. the amount eu
in for redemption largeThe bills Of the Macomo Co.,
M bank recedeemed at the office OF Frankiin
Co. Wall street, ut per centAt The second boar Ten
Jrucy to decae was again manifest and the following sal
took pace6O stoniugton ali so Harlem Az tw ." DO '2
w; so 10 4a l025 NJ American Trust and BSag oSai on
do 5s O so 90 5ss-24 u $. Bank, 1880 American Ex
change Bank ss-i5 Delaware K Hud.o., 594.
In Of the market apparently inach
worse than here On Monday specie draft from New fo'k
Their 10 of $sooOOO which added mucn
10 the The panic seems 10 be as great as " m
spring Of 1897 Measures have been taken 10 mA"e COUNTER
A. nnn New York in few days. The plot is daily thick
eniny
Msss., uaper states that letters have been received
, General uitman and Judge Thatcher who are now in
London in which they state that they have been entirely u
able to effect sale sf the State honds transferred oy m
Mss,ep Lee,sature the Mississippi Railroad Bank In
OF great amount oi sosAs W.
900 OOO now Offering in tae London market.
General McDu6e has published letter IN the Charleston
in refeeacs famous cotton circular recently put
Firth In letter Dir Dae dsnies any assent TO the propo-
al contained in the circular issue notes or to create
sixty mioa cotton bank. He states the following as the
whole pau SO Ear a. he had any agency in it,
nronose that the eristinx bank the coton-growng
.aes should count The notes paaers and others
mon ths urty Of Gotten actually deposited N
warehouse; ese paper eens rua "r ;.s isn
That The should bs coasted at 80 days with an un
dersandng that i tie opristor Of the cotton 81
not 10 have shipped ksrope that time the note must oe
aid maturity the baak be author iIed 70
have the .o holding the surplus after paying the no'e
But II the determined ship his cotton which
would be the cass most instances he oahx
should authorised the end Of the ninety days, TO draw
ninety ay bill upon Europe the having been al
the hpmen placed Poss ss.on Of al the ooea
or control the times and terms oi
of selling COTTON provided II be sold IN time 10 dscharge
the bill drawn against 1t at ITS maturity.
By plan is proposed to render the price oi cotton
taking the cotton the hands Of culators,
who aswas the case with Nj Nots heretofore by par
chasing shipping and drawing, accumulated large stocks IN
their hands, ba.ed other capital than bank accom-
those nodaions have failed them their
large stocks precpatsd upon the during
great decre price. So far the argument of Senera
McDue We have received from slr Note circular dated
London Sept lst goes into the facts which led
70 the IN success of his some length. Those
facts undoubtedly. from the peculiar condition Of the
money market throughout the world arising in the first
place from The stock Of manufactured goods last year. The
poca state of Europe ecxng consumption and the nu
a;c;au, Bank Of England in making money
plenty at season when drain Of buios was setting
20 the Continent payment for purchases When this
drain reached alarming Poat il became inc umbent
the vigorously to check -her 6rst efforts were
ersfa naturally directed to the most important article Of
eemmerc.. This cotton, and money Immediately
rose pe cent value ans cotton fell 80
cent Mr. Nolte rghsy ascrbes the nuc,uaton
"A cotton and caprice Of the Bank Of England
rather than 10 the movements Of spectators here
The post notes set forth in the circular
npooua at the .outh The planter had been too severely
feeced BY the process willingly submit to the
on 90 soon again That part Of the proposition has there
been aandsned and the proposal now merely to fern
which the sterling exchange furnished by
the cotton crop shall be concentrated in the hands Of such
institutions aud persons will to give the southern
importer credit Ia in preference to the northern i'm
porter and thereby force the darling Of the ssh
direct trsdeinto operation. The following passage from
general MDuHies letter explains this:
II 10 very fron my Intention, therefore, 10 do asy
thing promote the interest cf mere IN bank char
tiers. or anything el.e views Of more honey aud
kng TO the restoraton Of our trade TO s
hanae. !. h v.r the our import,
nent; know Of nothing that would place more CON-
pey the Of banks to anord that
ihan the plan proposed Having always supply sf sterling
exchange they be enabled To meet the Of i'm
rne erchan and having in like large credit in
would lie x all times able Ia these merchants
credit there better Ter them than bills Of exchange
The project direct trade has long been agtatcd and the
deranged state affairs seized upon by the leading
ofhe South with General Hamilton their head TO
force the upon the sssthsrn people is well known
10 all brokers Dealers between here and Charleston. how
much the difficulties Of exchange enhanced by the objec
ton on the part the Bank OF Charleston to favor Northern
dealers or Northern paper In the least The gene dcue
ofhe times are not little enhanced by these
time when the harmony reque to carry the whole
country safely through ac the the commercial
world has experienced
The control OF srgn exchange, Il Is supposed would be far
er oowea by o the domestic exchange aso thereby
turn diem in the south, result shich be effected
only BY ceane 10 and living within h,ir To
do his IL s necessary to hold cotton in Liverpool least sir
months as proposed the circular notorious that the
American cotton trade supported by British capital Neither
bank. the south the Liverpool agents whom
proposed draw the o holding Independent Of the
try banks which, in dependent upon the Bank
Eng and for rediscoust. Whether therefore,
hands Of proposed eoneracy follows the old channel
TO Market is price be dependent upon the Of the
market there emanatng from the Bank Of England and GOV
~rned by the state Of the crops
All these have been both the effect
othe present disastrous state Of financial anrstrade at
"A