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

tenaencv Of prices 10 still downward In most case
Bank receded per cent; Farmers Trust 90
Bank per cent; v,cksburg pr cent? DanA u nen'
per cent In instances slight Improvement IRON yes
$50 ate. were apparent Delaware Hudson rose per
cent. Canton Co. per cent? Harlem Rail Read per sen'.
The reported failure Of western miller caused some anxiety
hut was in a manner anticipated The raPd ah III prices u
Urduse carries with the inevitable conviction oil insecurity
Those who are have advanced largely ON the staple
ce are looked upon with want Of confidence, and daily
repor Of falu rife both Of dealers and OF western
ers The profits which to the country banks by their
dealings with the mers such have formerly rendered
them anxious for business By dscountng the
notes of miller made payable in New York; they have their
f.nds vaabe eligible point The miller IN his Pur
chase. of distributes the bills the farmers WIN
whom they until collected in the hands Of the traders
who carries them city the purchase of goods and h
are then redeemed by the City Banks They thus returned
bv very circutou, route the issuing bank In many IN
stances the bs the Connecticut Banks have been
the banks New York. for the purpose OF
10 the miller FOR the benefit Of such circulation as ey give
them These occasion the banks 70 grant most
Of their facilities to the nler consequently when the market
4; falling one the banks deeply involved in the well
fare of the me and drover' that all their energies are re-
oue in sustaining them. Those, therefore, who are most
involved command the assistance from the Institutions
in the that, much larger sca'e 'he Da"x
England stepped forward to assist the American houses IN 1907
in order shield her assets or more recently Inc oes
cotton
their very boldness the of the Citizens Bank oil New
Orleans BY withholding assistance certain loss would have
accrued by backing through profit probable In the
then state of Market precisely in the came manner are the
Western Banks situated with the produce spectators with
regard to The nature oil the corn crop however,
renders calculation its extent much more liable to error
than that Of the cotton CROP The tide of emigration which
vent west in 1885, caused scarcity of more being
than was This scarcity has under
an immense reaction that tide Of emigration has sent
back from prolific soil Of the west surplus produce whh
battles and de6es the artificial restraint oil panK IN
huence The power Of the banks cannot now prevent
treadsuFs from finding their proper level An attempt now
10 sustain the embarrassed me only be followed oy
increased losses the advancing institutions The Only true
cua and prepare to meet the storm IN
The hest possb position This TO be that which
they about to pursue.
Both al the west south the complaints scarcity Of
money continue notwithstanding that prices have already
fallen in degree which would have eased the markell had
The crcuatien remained the So prices shall
heye touched lowest points, and these Will probably be
lea, than their proper rapid fall they naturally
sink below their proper les and fucuae little before they
become steady, expect re-oPenng oil the European
demand foreign exchanges to continue in oar favor
for the simple Mat business and capital invariably How
INTO that country where goods cheap for the purpose Of
transporting goods another where the value is so in
creased by pay profit to the merchants but by
forced action prices sustained to unnatural height the
demand by decreased consumption seeks other
sources for cheaper supply This was the case las ar
when the ports England opened to the impsr oregn
grain and -FOUR Although crop abundant TO have
afforded England ample supply yet speculative combination
held the price at So which about 10000 bols only
were shipped this avcrag Il about II Dbl was
sustained aud the principal supplies of England were taken
from the free granaes OF Europe Had prices been left
t. their natural they would have ruled al near their
present rate So which il could have been sold s. less in
England paid 81 profit The demand At the same
time would been increased that surplus would
have been largely rdacsd and prices governed accordingly
would have risen On hrm basis
Such an operation would also have had very material in
Auence market In looking back that trade
.r the past few years find that the Of
the panic q 1867 prices falling here while the acvi
" o the European districts remained undated
therefore, proper time for the interference Of the u
Bank The ofhe continued activity in England was the
fact that population habuacd 10 the consumption Of cotton
goods and who annually full twohird Of all the goods
wrought up Britain great removed
from pressure distress which caused such sudden and un
eramped s,agnaon the American trade. At that time the
English farmers aud their iaborer., the ship and their
sailors operative cse and miners purchased increased
proportion goods while the inhabitants Of these states did
not Law in tenth Of their usual supply.
The tables completely reyersed-Poitieal excite
rent crops done their work depressing trade
England BreadsuHs rapidly increasing the prices Of
labor at the that consumption was decreased
and the rates Of the raw material fcohly sustained on this
side by combination The high price Of our flour and grain
caused England 20 the north Of Europe with her coin to
purchase a grain which she could have bar-d her labor
with the United States been for the grasrng policy
OF the spectators The dmunton Of her coin has reacted
powerfully upon Ills country aud has resulted in the dead loss
pan sf 800 900 bales OF cotton which would hare
been consumed market renamed healthy The idea
that small consumption this year will be followed by
yroporonabe consumption next year, idle IL
individual q cotton goods, BY Of his dis
rcssed ccumaaacc. Is obliged this year 10 make half
his usual supply answer does follow that because
year his easier he increases his supply fifty
per cent Thus the laborcr usually shirts, and his
wife frosk year and being out Of work he get but
three shirts wife frocks, 1t does follow that
when ho gets work again he will nine shirts and his wife
r scks in year. II is only by analytical examinations Of
hi. sober and steady view Of position be
arrived Therefore f by combination among spectators
prices raised effect reduction in consumption
while the supply sufficient Tor full consumption at fair
prices that reduction Unbelievable loss TO the country
prices will rule proportonaby low The only policy,
therefore FOR these United States having large surplus
products eel them the lowest possible in order
T. stimulate consumption.
sales the stock Exchange.
90 shares Bank of Commerce io0325 Delaware and Hudson
,oI, nry Dock l0ol 20 do le0fl5 Las,ere Bank loII
80 North American II IS Is do 7si-40 Far 1905
o. Canal anil Bausing Co 10 do 7at do 1870 ~ o. City
BANK $500 Delaware and Hudson 72t 6m aera months
l. Il. - u. -