Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-06
FRIDAY MORNING. DECEMBER s. 1889.

maintained upon the systems established in EngIand
| and the Unssed StSfes, and the commerce beticeen
those fico great commercial states be continued upon
s present footing. And if il be decreed that gold
and silver shall be the only true and egazed crcu
lating medium, then it behoves all men to consider
what must be the effect Of that decree prices Of
commodities, on debts and obligations, and capital
appropriated to manufacturing and CONNIE rcial en-.
terprises and national debts, taxation and fnan-
cial operations Of all kinds 1t is confessed all
hands that the public works Of America must be
stopped il the banks are compelled to pay in specie
must they also be stopped in England and France
and all other parts of the world? All these conse-
quences have now to be considered by statesmen ii
the welfare Of the people they govern is their prma
ny duty.
We have long observed peculiar feature of the
London discount market of which we think the sub
Iect Of Tins letter will in part afford some explanation
the principal bill brokers, who, in times OF ordinary
supply ef money the shyest 10 receive odS nenis
from new connexions and the lowest in tho rates Of
interest which they allow, have been FOR several
months the most graspng for deposits from any
quarters at the highest rate Of interest; while those
brokers degree below the former in the amount OF
their business have been perfectly easy and frequent
| ly oyerdone with capital. For long time, re-
peat iaerst-cass brokers alluded TO have been eager
TO get deposits al the highest mar ket rates. and If they
were deposited for long term at sucn rates, the
| more welcome was the brnger Of the noaey. We al
| ways expla ned this remarkable peculiarly by the
| state OF the cotton importers of he agents of The
| Am rcan Banks and of the East India merchants.
| Ihcre Is close intercourse and communion sub
slstng between these and the great operators in dis
count transactions. All these interests have hung
with fearful weight upon the money -marllet and
We nave no doubt that IN order 10 DO welt pre-.
pared TO meet any nnoward contingency that might
irlse from their condition, thai we must IN great
measure ascrloe the great desire ct the leading bill,
brokers 10 ct hold cf money for fixed, and that
not short period. They have fitqacnliy given as
nieh as SIX per cent utrng week. when their COM
pcutors who have less business would rave willingly
lent part of their surplus al. a lower rate.
There never were times SO full oI instruction as
these for all who are deeply interested The opera
lions OF Banks and currency. Ii the crcumstau ces
whsh mark the changes and novel appearances Of the
money marketas they are dsveop,d d, could be pro-
perry collected by q competent parliamentary com
iit,ee, we Cannot perceive any difficulty in deducng
from them such regulations would secure NOR
equable aud satisfactory administration of The cur
rency Ii appears from all that has tfanspired res
ting 10 the epium.trade that we mnst look for
ward 10 new drain of tie precious metals for the
extreme East; and If The hard moaey party should
| succeed in pattng down the Banks aad paper money
III the United States, we must contemplate equal
| Iy formidable drain for the Wosl These crcum-
stances involve considerations of the grestesf mo-
menL and are therefore necessary 10 be 3cied
for their important bearing on the general question,
we'll beng OF high interest 10 all who are ex-
| tenslvcly occupied in commercial pursuits.
The exchanges have improved this k; with
Hamburger they are better than they have been for
long time. The imvgen is arrived at Portsmouth,
win Z, 500 600 dollars. IN this seasonable suppl,
come in to the last month return, the bullion IN
the Bank will show an average considerably above
| three m lions sterling
The discount mark Ell his been altogether somewhat
easier this week, although the bill brokers It'll
SIX per cent for Judgments with the best guaranteed
| bills.
| Exchange on pars--three days, % 32s rs. g7b !;
three months, % 62t 20 67t. New York, lloa llUt
/ Phi ads lphia, no hing done.
! Price of gold N bars is f3l7.9 per sunce. Silver
| 10 bars, 5s.osd. per .sunce
From the Times Of Noe Is
Complaints are very common in the city a. present
spoiled, not much by recent events by the
ments made upon them, and that it is impossible to
effect large sales OF them upon any terms This is q
state Of things which may not exactly suit Mr. Jas
don, or the Jobbers dealers in them, parties
who have become holders OF them upon speculation
orupon borrowed money; but for the bona fde hold
ers, the capitalists who have placed in them a por
ton Of their spare means, is the best that could
happen. The American states have been made abso-
lutely drunk mad by the facility with which they
could raise money in England during several years
past, and have thought project for 'internal inn
provement, as they phrase il, too wild and extra
VACANT for adoption.
Under this excitement they have gone on, planning
endless schemes OF which, in the richie states,
may yield a profitable return, but with BY far the
greater part Of them such result entirely ont Of
the question. They should have waited, as other
countries have done, till the increase OF population
and the increase Of wealth had not only furnished
justification for such unde rtaksgs, but the means,
without looking abroad for that purpose Of carrying
them into effect. On other principle substan-
tial Improvement ever take place in any country.
First last it is obvious, on the superstition that
common honesty is to be observed, that the funds
must come from the state which makes the improve.
ment, and it need not be pointed out, in a country
where money bears high rate Of int rest how much
more costly the process must be with borrowed
money than with its own.
The question is, however, in what manner the
holders OF American state stocks will be benefited by
the difficulty which exists Of effecting sales in
any Of them1 Now il will be readily conceded that
the first security 10 be relied in loans made for in
terna improvements is the productive character OF
the improve themselves; but that falling there
remains the liability 81 the state itself under hose
guarantee such loans were contracted But the ques
ton has been raised. and however people may will
fully blind themselves to such consequences, II will
assuredly come forward al future time, whether
the separate states OF the Anne Union have the
power 10 levy taxes for the payment ri the interest
upon loans, and ultimate ly-in due course-the loans
Themselves contracted for undertaking in the orsia
Of which the people At argebhad SHARE and which
they would probably have repudiated, had they had
any voice in the bargirf II may be said.
and the argument is not undeserving Of attea-
tion, that, whatever the law may be, "princpe of
honor will induce them voluntarily TO submit TO
some privations for the repayment Of the money
raised Tor such purpose.
We should pity any who should act, with all
the bearings Of the before him, upon such q