Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-20
fs,2ss
f65.06l El6,5ll

Decrease, E44s7s f65oSl fl66n
The e.tenye sales Of foreign exchange the u s. Bank
are looked upon with quarters After the
the last packet the accrung balances drawn
in spece arepetton of such would excite appre
part Of the Banks and add much to the scarcity
of money The sales for the packet not only large but
good deal has been sold the then rates deliverable for the
packet Of the LIST July The continued depression OF
ton Market both here and the South has taken away all
disposition ship and the stocks again accumaating
ing tgh the Market which tends raise the price OF
exchange both by decreasing the supply and at the time
curtains the facilities of purchasers. The policy Of holding
will be- without doubt persisted in until the arrival of the
peced steamer her da;e, 70 the 18th nst will be of dec
sve character with regard to cotton At the last accounts
the whole prospect that of fall, rapid and large.
The nepent combining form this prospect Of
that would allow of rapid recovery from the de-
preston into which commercial affairs connected with this
country had fallen In the time the positive decrease Of
the consumption Of the material will have reached
amount which will be seriously felt by holders The differ
between the value the stock and those
before the arrival Of the Great Western large
and fall heavily both spectators and the banks hch
back them in the south.
The hanks to he nearly in the position
with regard four that the southern banks in with respec,
TO cotton The Of the at which these crops come
forward different hence the and effect Of the crop
felt few months earlier than that ofcoton The -four pe.
cuors the west backed by the banks Of that section forced
up last winter So The opening Of the spring
ton however released large quantities OF bound produce
and the circle of the lake ports has poured forth from canals
and railroads immense quantity Of wheat and -FOUR before
which the price has gradually receded to its present $3.50
Great this difference the fall has been gradual that but
little panic has attended it. The banks however, at the west
beginning show disposition to curta their
being alarmed for their former loans This will give
impulse tn. fall OF produce generally The produce dealers
how At md he Buf 10
Republican" that that city they from pur
chasing foreign money less discount than the bro
hers afford These efforts will, however, only tend
bring matters to crisis The first explosion in the cotton
ket will be the signal for general fall in prices and many pe
cuative institutions must 60 down before the Storm The
csvey necessarily be sowaa attempt to force the nau
throwing rredeemabe paper upon the
Market in order rciby hold prices will only retad the
returH health We have been commercially SICK aRd
strength by and the regular operations Of nature
The momentary excitement Of stimuans sign Of
strength the invalid than the eervescen buoyancy
which market stimulated BY redundant
oy anguor will a.surdy succeed the forced ami
nation
Monday, Jnnc 17-6 r. M.
There prevailing gloom in Wall today money
very scarce the Stock Exchange has presented but
limited business, universal fall prices. Bank Of Com.
recedea per cents Dry Dock per ce.t Delaware
and Hudson per cent; Canten cent? Paterson cent
The depression beginning affect other interests On saiur
day heavy Fonr gave way and the crisis in this branch
oflrsde seems to be rapidly approaching
The spirit monopoly long pervad.d bank
nc institution. OF the country and by which prices Of all de-
scron produce have been maintained has reached
point which longer be persevercd in The hold
poc OF the banks has proved two edged sword which
has cut both WAYS Me chandse has been held at nominal
high rate moned power has been absorbed hodsg
nothing has been left facilitate traders in their operations
and with stagnapt and low prices for labor produce
has exceedingly high With the fall Of cotton. disaster
and distress rife in the SOUTH and Of
which extend through the banks Of the western
states Those New York. which have backed the
the effects SOUTH well the heavy decline in
-four wheh has place here. Whea -four first began
give way in early spring. there many miller. who BY
obtaining enabled 10 remit funds New
York to meet their liabilities rather than sell at So Since
then price, gone down steadily their present rate $3.50
fall Of s9l per cent such decline under the circum
stances cannot involve In ruin the operators concerned
The fruits Of this Of things visible in the failure
Of -four house Saturday This event chiefly from
old operations the present unoward state Of the market
was the immediate cause The overwhelming crop Of the last
wear was such a. 10 bane the expectations Of the secuato
The quan brought forward has far exceeded their calcu
latons whole remaining power Of the banks Is nsu
ccnt sustain the specua,or a.sns, the continued fall
price In looking back upen the prices which have been
rent FOR .ur in the United from the Of
ne century, find that the action Of the currency Ia.
had marked effect upon price, osy BY raising BY
OF its redundancy but the speculative fever engendered
al such times has the crop be les which FOR
IN. Great fluctuations Of prices which the following table
hibits.
pe<. If EIo,y an ne United States series Of years