Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-27

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,,0eg ,r esoo, !, Y. Thnrsday, DEC. 40, q II. M.
Themsags hasbesn long delay that
its Interest," has beth good deal impaired The
hrmness eyinccd the subrcasay question has, thrown
dampcfon The stock market; the sales have besn small
at genera aesne NJ Am Trust and Bk declined 1t pc
cent, DEL andud. fkPer cent; Trust per Cent?
Csnsom Go aper cent Dry Dock per cent; Harlem Per
cent 81 n, - ~, "a. ,,sr 49, t t,r .assufi
There svery little doing in the market generally no
material change apparent eh.r domestic exchange un
current money, or the rates for money 4 X. ,. ~.
1t IS stated in Philadelphia paper that emission Of
IL month post notes. dated Dec. 2Oh 1885, has been made by
the u s. Bank end endorsed by the Wilmington Rail Road
50 suspicious he the public become OF these operations. that
the stock Of both those institutions fell per
strength evil effects Of continued suspension
the Philadelphia BaHks the business Of that city is daily
more apparent Philadelphia the point redistribution for
large proportion Of the manufactures of the East
~ she always largely indebted to Boston and cities
lin that section The recent sdpen Sion Of the Banks caused
ahsaxy lsxs To- Gall Aha Rostoa msssants, one
great Of their embarrassment HE prostraou of
trade between ths two cisie remedy his the Boston
Merchants have addressed circular to the Banks Of PhIade
Phia strongly urging immediate resumption. They state
that they have lost from to per debts which
have fallen due SINCE the o are BY no means in
cned to renew engagements similar Trade be-
tween the two cities must therefore This the only
argumentby which they be brought honesty They
havs made 10 per cent all their debts by their fail
ures, because the sellers have taken the risk Of the
exchange but had the terms adopted by the grocer.
in this city the Spring of 1885, been perssvered in
the present suspension would perhaps taken
place. They WERE that AL not should besid amaturty in
New York funds thereby hrsing the risk Of exchange
upon the buyers In connection with the movement Of the
merchants Of Boston the banks Of that city united in or
ering to the Philadelphia institutions such Indulgence in the
time and Of paying balances due. will greatly iac
tate the resumption Of specie payments in Philadelphia the
banks in that city otherwise condiou redeem their
promises TO pay. = tIt 80. s,sttfag..t q .trrfs
number Of the directors and holders of the schuy
kill Bank were under Examination Monday LAST before the
members 81 the Grand Jury Of the criminal sessions
The Presidents message throws but little additional light
upon the financial and movensof the federal CO.
vernment The suspension Of the u s. Bank and the
banks the south generally have afforded strength
the arguments heretofore urged Of the indepe
dent treasury ofhe government The Of The past few
months have undoubtedly Increased 20, ulary OF the
scheme has, however, been supposed that the specie
clause would not have been srenuousy urged
and perhas would have been the case had not the
southern banks supssd The message states that tho
pend''ure Of the governments in 1883 was $saocooco
And 10 1899 has been, t. 26 100000
The estimated eIpensefor lsiois $2l,ooocoo
Being reduction of 80 if ittt,s . SIl geo 600
in the eutgoes Of the government The message estimates that
the receipts from the customs and lands will be sufficient To
this reduced expenditure and deay the ndnc
Of sury notes. providing the treasury can realize
from the suspended BANKS the money, due it, The customs,
Is estimated will be peduced, nis4a SIS the spo-
ration Of the prss.nt aw The era law of Colonel
Beaon for the public lands Is recommended as MEASURE
likely to increase the revenues from hat source Ia II.
ssnrtrLSy AZ me customs aAsjHttf WIGHT.
In regard 10 the specie clause Of BILL IL
tmsted that Of specie country
and Of the not than oce
or about su per only This eymste seems 10 be prd
Gated on the fact that Ia The collection OF 600 during
the past year. there hand morehan 81
suv Que time Il Is stated $is9tooo0 have been col.
ccted 10 the port New York. and the average
ect to the draft Of The collection each week. has been less
thar $3.50 ooo is sO stated, ths during the ias year and
haH although notes Of specie paying banks have been
received id payment Of the public lands than one half
has been Voluntarily psid in apecie This ger
the proposed graduation law would require three Year,
GENE From this IT il inferred, that the actual inconv.
nence OF specis less than has been supyo,sd
These principal financial Points Or the message bat
large space detoed nvtsing against the present bank
ing system and deporng Ike accumulated debts Of the
raj staies ends in ALL 10
i've within their ncone and payihs debts At and
all hazards. A = I. ! .,4ss,a fs-nYsst i
Tn. whole tons ,he ness,ge is that Of cutamen, and
prices specie bas, but TO kser them there The es.
mate II specie At ssoooooo IL, undoubtedly muck high
Il vas estimated January, 1890 1t ssooo0oo and has
without doubt been reduced $40 200 adverse foreign
exchanges thai and although the OF
saong the treasury may be less than the estimator
yet the constant activity OF the specie will eeetuay
any great amount ffom remaining in the banks. The
average land sales, Tor the ast few years. have been
ssoeOoo0 per annum, mostiy tshen at the land Offices
in the far This BY being paid specie only, will cause
constant current em The Atlantic cities TO this
ern saies where the Of the deanS will
at premium the bnt csrreney Of that section This
most ensctuay prevents any issues by any OF the banh
an event which take place only where there perfect pub
lie confidence end Of all demand either foreign
domrs,ic Cor the precoas metals In hs state Of things
artificial demand FOR produce be GRATED rndsst
currescy and the abundant SIMPLY will eectuay keep down
prices their lowest points and much below The prsssn,
rates This practical operation the pockets offarmers may
vet produce great change in public opinion adverse 10 the
sub treasury system 1890 Id
The external operation Of low prices will however, have
ial trade increasing tho srpovs Of produce
II prices of besdsts rule 80 low that the European desi
ers compete with the American shippers enough s,trs
maybe sSperssato the OF nearly $1,000
imports It also necessary nst the prices Of
crop, should BE- very law 10 stimulate
In commercial point Of view therefore the sub treasury
although may be the of prstn distress - holdes OF
siasd property may be the or obviatng much
the arrangement IN mercantile matters arises from
producon and scnndste OF commerce. may thereby be
stored. '