Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-24


on BY the Bank viz their raising the rate Of interest upon
discounts 10 Ave per cent Aoned men, merchants bank
undsrs and Sufficiently well low this will operas
upon the trade and manufacturers Of the country bat the
and & are ,ne nrs 2
ject We shall therefore, endeavor TO explain this to them
and those Of readers who have given any serious
consideration.
large portion Of the valuable and productive trade Of
this cesntry almost wholly credit and carried
by of bills at dates ranging sixty ninety
days 80 long trade prosperous aud profits matter
how small realised these bills easily negotiable,
asa form portion Of the working currency the United
Kingdom Tey fall almost Invariably tbs hands Of
bankers stack banks and bill brokers' the latter class
persoss particularly in London being only brokers
agent. Of bankers 50 long the Bank England is willing
to receive such bills with the endorsements Of cousty bank
e or of houses sfong established credit at rate Of dscosn
from and hall four four and half cent
the country bankers seldom hesitate to receive then the
faith sad honor Of their respective commitments, with whose
paavely safe trade well profitable one, the differ
above Of discount and that charged by
the country banker with the oddities Of his commission
ing the induce and the fair remuneration ofhe latter
II have made ourselves sufficiently ineligible in the
England either to correct some OF its own errors or TO Ia
cilitae speculaon TO promote
Of state policy raises the interest IN discount to Eve psr
cent, all class OF bills which have alluded become
great nnnegoab FOR the country banker in hour
perhaps stripped Of profits and in his
We that blame this matter be cast upon
the country banker lie cannot help himself He is taken,
probably much his disappointed angry. aud
tonshed client Mems e2om risk their property give away
proaaced by and Of
great apprehension hold the pri
mary dscouner Of the bill responsible for the alarm and
which he did not create and could prevent
Having heard much msmuns ana even some loud AID &C.
rmonious complaints Liverpool within the last few and
believe these unpleasant feelings carried further in Man
chster have deemed day to submit these plain OBJ
ervaions defence of useful and much dparaged class
Of men-the country bankers.
But having done this it becomes necessary what
conssedly grievance if not calamity, to its II is
some months told ca reader. Of the
wild srecuaon in cotton which made men run to and FRO IN
n the motion Of the and depended upon
their and thereby dstractng all the monetary rules
and safeguards Of the eosnyws told them thes the pecua
Liverpool and Manchester that they would
involve the country in Tremendous difficulties We spoke with
boness knew that the market operated
upon by gross deusons false Statements fabricated returns
aud c. federated fraud Wien Mr. Nicholas Biddle, the
head of the Bank Of the United States instead of paying his
large offhy rags GOLD and silver, left the mmedia
creditors his bank struggle with their in
the lest they could and employed his capital and credit
nat onIy in cstton in the southern states under the
shallow plea Of facilitating trade by mailing advances but in
fact to gain huge and overwhelming monopoly In the Par
chase and sale cottonand when that nc was enceu
ragged in Liverpool in this must audas not nea-
scheme llegmate in the affairs Of banking by
certain bankers here ether bankers in the dis
es and by the strange Of uneathered animals who
pocket books stuffed full bills and bank in the dark
alleys and darker the city of London, made up
men aud every good man depore Mr. Nicholas Bdsle tr
umphed. He emnently successful. He obtaaed price
fer his staple far beyond his most sansne expectations
He not only raised prices he also enabled to convert his
produce into solid gs and out OF the e1uberance OF has rohs
he further enabled he wished pay requir-
ed his bills, and their running int rest Of six
Mr. Bdtle has since retired shal not with ho
fer that has value in the United States but flushed with
victory and wealth. the latter being thing leaving TO his
follow in his footsteps # they sink down
dscredt insolvency fthey please In the enstonof his
free enlightened he will be universally
teemed clever man, fortunate sse; What they will
Of him when they the Intelligence Its
anicipss.
Such stated in the above paragraph, the sept
held and advanced in cse pages months
been
equally correct treated with dsdan American paper,
the sdlun which most justly held ia
1887 and 1898 still favoraby received until laey AMI
the euss who relied upsnothe returns from the cotton
districts from Bdde. agents, and from various corrupt and
dishonest persons calling themselves bankers located At New
Orleans and Mobile planted the shores OF the Mississippi
and The state Of Alabama have found themselves NEST mis-
BY least 10000 bales than Bdes agents and easaes
succeeded in inducing the cotton dealers AND colt spectators
Of Liverpool and the manufacturing districts TO believe The
cotton crsp according the beet information have received
aid upon which rely because from variety
seter disposed capable Of misleading who have
aaE,rmly considered a none, question: ~'i we Consistently
believe this to upwards Of 100000
bales IT, then take into consideration the stsgnan state
Of the tradehe decreased OF manufactured
goodsthe contracted operations OF the milhe scarcity Of
moneythe large export Of the precious metsthe heavy
drag credit by the resolutions Of the Bank Of Kng asd
Nay then idea c The dsfre cheh impending
snS na inerifsbiy tsA upon Enssnd Hszi sui,n
Bet let place all the dksues Ia their proper light and
assign them fairly to their real authors. In ADDITION 10 the
invested aud anharpy lost in cotton 'Peeuton by
which inevitably fall upon
spnaer and cotton Manufacturers in this country, have
also take into cond the failure 81 the crop last
year. and the necessity Of importing foregs grain Few per-
themseye the trouble consider the effects or de-
n-st CROP and fewer s the consequences o any large i'm
portaon Of foreign We hold them to he disa
tross both regards the rghfsl loss 10 he nation, occasion
ed NY inadequate supply Of homcased corn but the
Of money which be distracted from ether pur
suits and Investments order 10 provide for the deficiency
single weeks deficiency calculated 10 100000
Of grain q All sorts Mr. skissons calculations In
f82s gave 100000 quarters per week. and take the other
quantity be, upon the data the truth, making
due allowances for the great increase population But
take only weeks deficient consumption 400 900 quarters
That the lowest average. 46s al charges included the
freight charges being chiefly foreign takes from the country
je.d les caused by failure IN tie crop, of f24ee00o Some
will this j. but tribe They % not know what they
talking about These sgures in msns drseiye English
men. But suppose weeks deficiency. The balance ia
tina, against England the data, would be f4
400 SEQ q osr aoney!
LtvrsrooL CorTos MARKrr May 20.-Nothing has
red the market Friday that requires particular
suffice say that the trade continue purchase
limited proportion remarked Cor several weeks past
The sales Saturday and today viii scarcely 1000
bales. without any material change price. The arrivals
since las. report vessels from New York from
Charleston from Savannah, two IRON New Orleans 81,
from Mobile from ST. Marks, from Pcfnambuco, and
two from Ceara.
LospoS MoSrr MAEKrr, MAY 1i-Thcrs il NJ abatement
money the of commercial dis
cousts Thin stghtscs Il s,rmcd ~ the money market,
ap,ar have arisen from combination Of circumstances, Of
~ decidedly the late adverse state &C the cont
mental srchasgv and another the late and existing poll
teal sgitson which has prevailed ancs, throughout the
thenstves sufficiently important 20
portion ofhc bankn and monetary interests
rerney cautious to these u may he added that !. pretty
well understood tina, the late heavy ccalsoa IN cottos AMI
a.