Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-05


standing AID of certain southern
disposition sell time has been evinced at the
stock exchange and prices have again receded IN a"e'
Instance large dealers operating for fall sank
of declined II per cent? Mechanics Banking Asso
citation per cent? Delaware Hudson 1t cent? D ba0S
Der cent? Caaon CO. per cent; Mohawk per cent; Pat
rson II per cent? New Jersey railroad per cent? stoniAg
ton per cent; Harlem % per cent
sale of today by Bile ecker Co., consisting Of
Harlem properly did not produce good prices as those which
were paid at late sale Of Eckord property The parca
lrs of the will be found sHder the head Of estate of trade
The depression this property perhaps attributable to
local than to the influence Of the prevailing gloom IN
financial affairs.
The depression money circles nearly amounted to
panic in Wa stree The the south already
of very dscouagng nature before the feet Of the European
news known At Mobile particular, the dhcues seem
Increase Both the specie paying and the paying
institutions pursuing rigid system OF cstameh' Inns
produces among the mercantile classes ana
so great complaint that issue Of post notes al IL months
has been asa measue relief The time is however
passed. the banks sustain themselves BY such ue
and deceptive amounting virtually suspension Tor
enc YEAR general esrepae into which company stocks
and post have alen evidence that tho y
ten of borrowing longer be successfully In
The banks may the country with this description OF paper
but like of the Union Bank Of Mississippi they
will in days be at discount Oh from ~ 10 oo per cent
at their own doors.
We mentioned Yesterday that the Cincinnati Banks had COM
enced System Of receiving only their notes or specie
This plan called forth from the brokers and country banks
the wamest opposition. that heretofore the notes Of
the Ohio country banks and those Of Indiana, Illinois, and
Kentucky been the brokers of Cnsinna at II
per cent discount BY the arrangement the Cincinnati
banks will them at ALI but have established agent
with capal Of redeens them average Of
onea per cent This arrangement is very similar to that Of
the Banks Boston, and which has heretofore worked
50 beneGcy for the public Of that ection where the Suffolk
Bank broker redeemng all the notes and sending
them redemption when the amount accamulate too
largely The operation Of this system hitherto has been to
any disposition the part Of the country banks to
speculate Produce and also to prevent the brokers from
,pecuating bills ensurag TO the public regular car
rency The system has been aailed and abused time and
again by both banks and brokers without effect The New
England public perfectly we'll aware Of the protection
which they derive from it. The plan OF the Cincinnati banks
will have the tndeacy, and will be warmly supported oy
The public so soon they acquainted with its operation
Ia the mean the country banks at the westae enseav
all in their the organization Of the project
They are perfectly well that its will forever de-
pye Of the power speculate IN pork lead oee and
AID SO soon their expansion Of is beyond
the trade and the influx OF bills into GIN
ci.aa becomes large, the amount accanuating IN the
hands Of the will be returned upon them for specie
instead Of aordng plumber the brokers The circulation Of
,,- Cincinnati Bank bills will be increased the neghbohood
Of that city, proportion the country bills are curtaed
This foundation Of which has already taken place
the brokers and the country banks opposed to the
FIVE banks The first has been on the part OF the
country banks which have through the medium Of the DE
cba,c and Traders Bank advertised sell checks at sight
a. Nv York Philadelphia Baltimore par for city
These cheeks heretofore have been sold at Ii AT per
cen, premium By this operation they will become pos
sessed OF large amount oil city paper, Tor whcA 'ns
,nce will be demanded order TO coerce an abandonment oil
The ,stem public who interested IN the matter
. hey will be the only sufferers should promptly froun down
such edng We perceive Bcknells Philadelphia kror
- ,ts ia. side Of the all those paper, issued
nv brokers, whose is to promote disarrngemen Of
~ in order the discounts at the expense
OF the public
The feeling OF dru. and Jealousy Of each other has been
since the Bank Of the United States ceased to act
:. national institution keeping the State Banks within their
proper spheres Thss view which the want Of the o.
Raul BEGINNING to be felt another beginning he
; in t, market the growing demand for specie for the
Ieda trade year the demand supplied BY the bills
Of the L. Bank Mr. Jasdon at London an opera
tOu which has ceased the part Of the institution from
.....x growing out Of the state Of the cotton and stock
market in England
The prospct Of affairs quarter very black but
there are elements at work winch may produce sudden
and great revelation the disposition to invest in American
,ecrcs These those very causes out OF which, in
grow our present the political state
ar Thus France IN imminent danger oil revolu
a., ,he end Of which be oretod In India the
az Ru.sa threaten collision with the British East India
mowers. the troop. which already in motion to hs
du h the there also symptoms political
a,.r;aY.s These events all tending general
Throughout Europe every country Of which England
LARGELY interested stakeholder. In the event Of war
ta.,e securities will become comparatively worthless On the
Sr,t outbreak either country the capitalists Of Europe
b,eouinr alarmed will naturally their attention
safer means OF The sole Of dstrust which is
now entertained against American stocks the quantity offered
and propo,ea to be created combined with the idea
Cotton crop only Of paying those loans therefore
the state Of the market greatly nasnce. the sale Of
stocks Thi, only, however, with the Sosers States
and with them enIy certain extent The rich and fertile
States Of the west depesden upon the speculative price
OF Gotten Of rspaypS loans for the construction Of
Nor the farmer with his hundred Of wheat land
dependant Tor h wealth ~ local mi.managed banks
These will naturally lead the yed Of England
withdrawing their loans from the sinking credits Of the war.
worn states Of Europe to 10 the young fresh uptrammel.
led prosperity country, standing aovf from the
ast,r, o war and rapidly increasing wealth. for means Of
.mplovug safely AZ profitable their surplus capita
the, those stocks which neglected in the agitation Of the
pomeut arising from threatened difficulties win be eagerly
sought Alter American stock, have bat lately come int favor
conf lence IL them become sufficiently firm bv Lapse
time thence they the 6rst affected in ef panic