Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-24

mzuds ~ wall street. has had the effect Of drawing from
the vest ss00fo0 silver In Cincinnati on the 18th inst,
Cor this cts, The asd Cor silver has however, IN the last
few .ab.,ssa Hf dollars quoted at per cen,
premium
The pc.toa q tie Bank Of EagaaS and the monetary az
A,rs a England rapidly sppro sehng crisis The pres
.rs a the oaey market usisrsay ascrbed BY tho Eng
I papers radical defect IN the constitution OF tine haak,
which allow that nsti,ucs be. 81 the tune, both
esver Of spo.,ss and q notes. and alec to the mma
nsgem.nt DIRECTORS considering the depositss Of the
sank as pert circulation thereby eosneraeng The pro-
s.ed principle Of the bak 10 making the circulation vary
with buon the avowsl q the directors 10
this policy, which led look forward the present crisis
certain The drain o. specie has been continuous
February last while the active circulation has not varied
in any great degree Trice therefore, o. commodities
rally have prices and caused adran Of specie
To ths addition that or The purchase grain
Since the specie commenced the Bank Of England has
enaavord by every bat the right reduction Of
the circulation exchanges In favor Of England She
has gradually raised the 81 interest from "a per
per cent without effect She then arbitrarily rsfsssd 10 d
count certain bills connected with the American cotton ise
the hope that ty n reducing the pee Of cot
ton to rate she could induce exports Of the manufss
tured article TO an which would the exchanges In
favor OF England without the banks being obliged to reduce
its circulation The distress oecaoned BY this course in Lam
eashre apparent the fall Of cotton to extent which
makes difference this side of sssooooo between present
prices before the departure Of the Liverpool
Ii Therefore apparent only the feeble efforts Of
the spnners directed against the American holders but their
interests are to made ,ub.ervent in escang the bank
directors from their financial plumbers. This has
been partially understood by .. v. Wilder, Nolie and Others
bot holding far feeble TO stem the
rent which running against them. The movements were
apparent in their nepent Stages and
der the impression Of their u6lment that gave publicity
10 the following article, which appeared the erd under
M
The community both financial and mercantile be
busy making for future business plans enlarged
beyond those Of former season We mentioned days
since branch Of Wells Co about 10 be established ia this
city, also the connection Of institutions under s
law with London establishments Another Institution
be formed scale infinitely greater than either Of
is less than The eabshmentin this city and Lon
don Of agency for the southern and southwestern
banks the puos Of protecting the whole planting
against the Bank Of Engan and Man
spnIcr London we'll as Of their connections Of
this side.
The Cotton business Of the South has heretofore been
conducted placed the Interests Of the operators IN great
measure al the the agents. who being under
will protect themselves in time pressure
pense of the cotton who also exposed 10 the IN
igue. Of the spnners and The money power hs,r sere,
union Of the whole cotton interests power Of sufficient
and tact sustain ia all fluctuations Incident upon
IT, uniformity and seadne. to prices well as 10
exchange against cottos sales This partly al
operations ef the United States Bank which
followed up hy Of other banks but the Of
uniformity action incident spon the transactions Of
Der operators laid them opes TO losses and
There probably about 100 southern and southwestern In
.uions he operations Of which less connected
directly with tn London mark ct II each OF these institutions
Contribute sum Of 100000 protection Of its interests
in London capital of 600 wall thus be formed which,
proposed placed under the management Of Mr. Melville
Wilson partner OF the house of T. Wilson Som
Of Lond nteman eminenty qsahed for the post, IRON
his long AMI ultimate acquaintance with the American trade
will form power amply sufficient to elect the des'red OBJECT
The expenses agency will be paid BY the interest on the
capital employed The immense bes6,s to Dc derived from
sub obvious. Not only viii the southern IN.
sttuon receive advantages be derived from IL but the
mercantile community will be protected from those sud
den in the prices aud exchange which
so and the county large be bsnc
fitted by the increased proceeds OF the CROP which must un
CrmIv ATTAINED by skiu combination Of the trade Ia the
manner va. The bold and prompt movement of Mr. Bsd
allowed have saved So00o0o 10 the eousy IN Az enef.
gency which cannot agap under the operation d the %
TEN proposal
The time has now arrived when the position Of American
commerce requires the perfection of this plan II s accord
incy about going operation. Had such system been now
in operation the schemes Bank England would have
fallen powcre the American interests aud the supessisn
OF 1899 would added the disgrace Of that mmansgc
ment which the disasters OF 1897 1873 1872 and 1881
That management bad has, however for number
Of year, been the immediate Of those nuetua
ton. IN tin prices Of great staple which have caused the
trade to b. 90 nearly allied to gambling trsnsaston
mercantile skill could forescc counieraet those
arbitrary which could extensive rise
runou full ia any particular article The great
ed by the present association will be to give regularity and
English continental currency tits true w sustaining the
price comparative high rate own manufacturers may
suffer small degree but the interests Of the country
treat whole will be advanced Let analyre heresult o.
crop Of bales uniform price, compared With
the average left the mercy of the English sin
ners and aptalists:--
A whole crop Of 100000 bis at $50 per bale, 7so,ooco
= 100000 bis. at $40 esoooeco
Sl5cooo0o
or hi. crop spinners will probably tai onesish al
,he b,yh p,ice the account would then stand Follows
a5o0ao bales exported at $50 s6lAoo 600
i'otoopO 40, s0o00,0oo
l2,,Oo 600
oso 600 taken COR home at $50, ll,sooooo
90 ooo slo ioooo,ooo
NJ, al, A. a., country $4,000 600
NJ this v, ..rceve tina, although 'rnners may
small the country the aggregate viii be gamer ny
the movemee only by the mere amount Of dollars which
Ne NAV receive Cor the cotton, but for the uaiiormiy % The
prices and the continued credit IN London viii prevent The ru
nou. fluctuations exchange both foreign and domestic 70
which subject and also place cur merchants ~
roon ncpcnden of the movements Of The Bank of Eng
land by this plan the great law Of demand and supply vii
sc.e the market freely without forced action % az or
posing moncd power, operating for its profit o. eone
rience atths expense Of regular dealers