Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-17

dsrsl = hs lysu pesst Cor bsphsi 6sy have aeoer
Aagy bed sany sns st 70 NEST ss eat some
was Hxsd upon ustl today when Gov Seward Y spencer
sscr.,,rv Of s.als. and willis Hail. Attorney General, ap
ss.r.d /. Wal. street, sssotats Of the S4oeoOeo
loan authorised tote made BY the law Of 1898 for the more
speedy enlargement Of the Erie Canal. -s.. M, s
The loans bear per interest," and the money will be
osrsd to be paid as follows: retM tea
Seven per cent on the 18th Of November next seven
cent 18th OF December twelve cent on the Isl
January next ten cent the 18th January nex ten
cent the LIST February next per csnt the 18th Eebu
safety fund taking ANY part OF the ia proportion
The amount taken until the LIST day fully iSAo.
Tenders immediately made by the State Bank, Aer-
chants Bank, N Am T. Big Co. and others, which re-
suited purchase OF the loan for remittance to England o
the Liverpool The banks draw against at o. 90 dy, and
per 90 days This arrangement obyated the necessity OF
accepting offer made by the agen, Of the Earrings IN TINS
TO permit the banks draw them the extent OF
La addition to this supply about $4,000 are Offering oy PR
vate houses and British government bills There are
also reasonable of flour bills offerings some cotton
bills in the Market and quantit' increasing also
cashiers Of the banks Of Upper Canada and the
Gore baah, here for supply Of specie IN
order to enable those institutions to resume There IS
every probability that they will be able to get what ney
want, in which case bills England will be given
for il at low rate From all these sources, the market will
be well supplied with bills for the packet but the great scarcity
Of transactions. The slight fear which existe that specie
would move to an extent would banks
is entirely The packet United States which sailed
to-day for Liverpool had OO and the Hye packet $49
Ooe making shipment Of $0l only There was arumor
in the street, that d. Appleton, Of Boston, for whom rrme'
Ward King recently several hundred shares Of the u s.
Bank given that firm orders to remit in specie to Boston
The rurnor was traced to amy authentic source
The operations sf the state OF character to raise
the character Of the stocks in ke The loan for
the eemen, the canal authorised 1885, to the extent
OF five cent and part OF which was taken ior
remittance to-day the loan of which the Manhattan
Bank recently took $O0o0 On the application Of the COM
msoners for that amount the Manhattan Bank stated ha
the such that they could not take the loan outright
There time 100000 Of the canal funds on de-
depss with the country banks The commissioners agreedto
give drafts these funds 10 the amount
OF the loan, provided 1t taken THIS arrangement
was made taken his diversion Of the canal funds
from the Of the recent dlfncul
ties Of the Banks which obliged to stop edeeming
the country bank unexpectedly More recently the
negotiated with the bank .f America
s20s Oee for the Black canal 100000 Of which paid
the completion Of negotiation and the ohe $lOSOOO Sim-
with these movements the have sed
notice 10 the contractors all estimates Tor work under
contract be reduced 90 per cent, which is vtsa
abandonn Of the state improvements
This the result OF the exgescies of the
times IL and will be impossible 10 RAISE he money 70 Coon
with the gigantic plans The already out and
that now sold debts already incurred will be raised
by the operations they undoubtedly good
The expended will undoubtedly be loss to the state
If this i. the New York which stands highest the
point OF credit will il be with 100000 900 which has
been expended throughout the Union The expene Of the
last war and twenty Of continued pres
perity was scarcely quidate the debt As
an Of debt has again been accumulated under the
stimulus gwen to stock transactions by the movements oil
the United Bank. That institution has been one
Of the and efficient agents in selling the stocks in
Eurove In August last only 600 Of Pennsy
vaaa available security in Europe, to meet the
present exgencie They however, not available, and
the credit Of the states ad being gone forever thirty
years at least eap,e should works be car
ed on before will be again free from debt In the
meantime interest," nearly $1,000 100 per annum, will be
bursensome item to be paid for out Of our exports
The conflict the policies Of the two cities to
The New York banks becoming daily resgsr
while The Philadelphia banks 6nang banks cannot be
broken are bsrnniBg their conduct in forfeit
ing their the ns,igasn Of the United States
Bank At the meeting held the subject the day -
fore supensca Of the bank nine Of the iladeIphia
banks voted against the These bsahs 10 said
are nov endraverng to resume, and will be guided, IN
great measure BY The of the return which will
Ss made IL few days. BY the United States Bank The
upression s that total rottenness OF that
the sole motive for suspension Mr. " 3. Wilder has
turned from, Philadelphia where he had interview with
the parties and endavours made to produce the i'm
press.on the panic the stock would not extend TO
Lsudou This attempt does the feeling The
Providence b,nks TO have been guided BY similar i'm
prss.ios. in their movements. The following 10 state
meHi Of their eosditioni
STATEMENT OF RHopE ISLAND BArKs