Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-20

ing labor from cultivation The effect Of the revusoa was
largely increase the CROP The past two years Of
ca inactivity have favorable to large crops and have given
to production stimulation which exceed consup
os to such that prices would have gone down had
financial affairs confused comparatively prosperous.
The return Of Of speculation like that Of 1885,
distant In the meantime the increase OF production
must continue in perhaps greater proportion Of this
year. The land sales at the West which have been made
mostly to settlers, add largely to the quantity of prolific land
put under wheat culture and large numbers Of who
from being consumers in Cities become producers the
country will throw the balance largely favor Of production
In this view years must eape before prices again reach
the rates Of last winter.
Tuesday, june 1916 II. M.
The excitement in Wall street today partook Of the nature
Of paste in degree There has increased panic at
the Board today, and prices have gone down from to per
cent from the last sales Bank Of Commerce per cent; Dry
Dock Bank per cent? Delaware and Hudson per cent Far
mers Trust per cent; Vcksburg per cent? Canton per
cent; Harlem r. r. II per cent.
After the Board number Of failures in the pork and pro-
vision line reported and the gloom mach increased
The conduct of the banks throughout the country in
great the of the elevation in prices which has
led to the impending which about to involve all who
have been holders of property of any description large
quantity Of pork and provisions has been held in this market
under accepances; this market however, that for most
articles Of produce been falling and sales cannot
be made prices which will the acceptance
queny every day the difficulty Of sustaining them
selves The pork this market owned chiefly Ohio and
finds its way here, via New Orleans for market The
explosion of the produce peculaons in 1885, left the
pie Of that State with bank debt Of S5OOoo0o The
payment Of s debt depended great sustaining
the price of the chief articles of export from that state After
the panic of suspension passed. the farmers turned
their attention produce with great energy in order to get
out Of debt to the banks fast possible in order that they
might again The result immensely increased
supply Of pork and crop Of grain ourunnng the
immediate demand for consumption Still the policy pursued
toward cotton extended in greater less degree to all
other articles Cotton acknowledged to be Of primary
porance without it foreign demand for specie would
have been elected that would have resulted rcuspenson
Accordingly the Atlantic banks operated less with
those Of the cotton growing sections order sustain it,
Had the Of unforeseen political Europe
caused suspension Of the operations of the Manchester spin
the would have been mporary successful and
with cotton prices of all descriptions of produce woad have
brought prices proporonae the extent Of the supply
The cote speculation has resulted disarousy, but the
steady and cautious policy the New York banks has
ed any immediate panic in market Their has
been Influenced by the policy Of the southern and south
banks which has been that Of monopoly supported BY system
Of borrowing Last year their heavy expansions cotton
made post notes. ingenious method Of sucking up
northern funds. These found their way payment
Of goods and they being large discount The
fall and stasnaon in cotton has blown up the basis which
these issued and they not paid causing serious dis
many dealers who depended hem but far less than
would been the had the New York banks
caused southern post notes circulate freely by
putting the northern and soubern currency
hy Our banks have however been in their bust
ness while holders other produce here have found UGH diff
Guilty in sustaining themselves hitherto. During the connu
Of the spring relief furnished by the in
nux owestern money and the discounts Of western banks
acceptances against produce. This has passed away The
changed othe market have kened the banks
to the losses likely to be sustained by the fall and only
banks have become bu those Of the south
cities have suddenly and vigorously contracted their loans
The consequence general fall prices of produce which will
involve the stoppase those under The falling
ke check all disposition to speculate at the and the banks
are rapidly restricting their discounts while amount
Of produce is the hands Of the western farmers which
they decline sending forward in the present prospect Of the
The wealthy farmer has power to hold his produce
without assistance from the banks This fact with The album
crop OF this year. will insure continuance Of low prices
The decline prices Of packed provisions and breads will
necessarily involve that Of beef and every other article which
elected complaints high With fall Of
will gradual equalization Of prices and
cy The lesson which has been taught the banks will
then at least for to follow the action Of trade
rather attempt the control Of forced
nopoy When the currency shall have been put
6rm basi. and its value comparatively equal throughout
Union and prices the Aaura action Of sppy
and demand ony look for the regular and healthy
Of Of prosperity At such period the
controlling power Of national institution will be
sary order restrict the banks those forced which
derange the promote speculation and followed by
revuson and all the evils resulting the~eom. As the banks
are now constituted partly merchants partly money LENDERS
mostly brokers' whose life and well being public Distress
We cannot look in reason for a steady business.
s.rc~ 49, us.~lx ~~aumuo
Monday, June IL.
Bank Of Commerce lOli 100 do lOll b6O.