Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-05-27

Messengers, &C., 10. at ECO per annum, 600 %
100000 90
Being equal to the interest at per e. 100000
Ths great advantage point Of EXPENSE bat the advaa
tage derived deacng the Of the banks from the
general business their London agents much superior
The late from England is, when viewed in connection
with the train Of events which have ra.red both sides Of
the Atlantic since the opening Of the present year. of agrave
character These events have had their origin in the
ment Of the u Bank with regard to great staple cotton
Nasy and have been the the opposing
sre connected with the Manchester spaner whose object
was to Prodsee fall in tho material In the
Of the present year. the purchases the manufacturers
from hand to mouth only Ths moderation in the purchase of
supplies did have the desired eecthe circumstances
this side defeating the movement. Threats then made
and partly put in execution, Of eeasng 10 work. least for
certain time The unfortunate state Of affairs the continent
partly favored this and the demand goods falling
or in produced decline in prices Of manufactured
goods The hertne Of the crop this side becoming
evident TO the Dealers prices still maintained The Bank
Of England then cooperating with the sn stock banks enda
vered to raise the rate. ofnere od rendering money
valuable check the investments American securities
The only nduccmea for psrca being the superior rate OF
interest derived from than, followed that by the increased
demand for money home psrehas OF American securities
woud at least be checked Th las backed
BY all those interested in the East sda and Colonial trades
class whose Interests three Of those the
can trade.
The fact became apparent to the money power in Losdos
that the high prices Of the American staple ,usased
eAly through the agency Of Banking nsttson who in
turn derived their power from the sale Of American stocks in
England With this conviction they determined check
the sale Of this description Of securities all hazards Ac
eordngy find the London papers, in many Instances
violently against the standing OF the American State stocks
The london Times particular takes the statement Of stocks
issued the several States according 10 the return OF the
comptroller Published il the Albany Argus, ssd makes
handle Of the quantity issued for Banking purposes and dis
torng c endsavors show that the Of State ob
CATION devoted 10 this purpose has been sssk To sstsse
this charge, quotes the rates Of bank paper based such
issues 20 so per discount This tr.s however only
Of the Brasdos Bank Of Mississippi and papabe m,mansge
ent and local causes have bees the sole Of . deprs
Grafton The fact however, stands selfsvdent that the State
have issued amount Of nearly stocks
nearly half Of which is owned in England This fact tn
influence opposed the sales OF the securities already had
effect the market and the sales have been limited
number Of those who went for purpose Of negoca
ing the loans unable TO effect them Dennis Peur Esq
has written home that he entirely unable negotiate the
bosds Of the first and third municipalities Of New Orleans
and also learn from private the
statements Of the correspondents Of Of the Wall street
press that Mr. j. Ducr ha. been unable to succeed in the mis-
sion for which he visited Londsr In American seesrities
therefore, but very little ha. been done
The views Of those opposed TO the farther introduction Of
American securities in the European markets have been sings
larry seconded by the movements of the legislature Of this
New York securities stand necessarily higher in the
London than Of any other state This arises from
the better Of them, AID the closer conscos il
which this state stand, Europe than any other On the
Of the pre.en, dominant state party PROPOSE
ton OF unuited credit entertained and attempted be
carried out by of their influences in the state
The e o stocks the creation Of loans has bees proposed
10 an aosni varying from 40 TO slooOooooo addsn the
present authorized The agitation Of the issue Of
such well calculated to alarm the present holders Of
York state stocks and particularly those OF the
states offering in the market The result and must
continue TO be cessation Of all business them until the event
shall defnitvely have been decided.
The general result Of issuing stock. 10 such extent
ey like that which attends the issue Of bank paper beyond the
wants OF bunes.he market becomes gIued the scrip
dundan and its vase deprecated The character Of the pro-
eeedng regard 10 state stocks manifest 10 the dominant
party o this stae very similar TO those cverasguine asd
speculative moments IN the markets. smaller scale, the
ure Of which dsmps the rising confidence and checks the