Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-04-04


with its probable results Capitalists and general operators
therefore remain nearly Inactive Exchange and stock opera
sons are very ned, causing prices to remain without
material change.
The Stock Market continues very inactive The sales
limited extent and prices do not vary great degree
United States Bank closed decline from yesterday
In some other frmness was manifest
Delaware Hudson improved per cent Kentucky PET
cent Vckburg per cent Paterson per cent Harlem
per Boston Providence }per cent Canton per sent
This the day which the bank of Commerce was to 60 IN
operation accordingly its doors opened and some lew
dposes made but the has attracted fariess attention
than the trupetng Of its friends led to imagine It would
The extreme scarcity money the nstament due to-
day to very hard especially Immediate relief caA
be expected from il, operations and money FAR too va1s
bic be allowed to lie idle in times like this The public
mind also apart from the prospect of unvorabe from
England becoming the fact that the Southern banks
have resumed soon inclined to with
regret to the letter Of Mr. Bdde in April last wherein he
The community against too early return to specie pay
Already in the rise of exchange the depreciation Of
papehe frequent explosion Of Southern banks and
the stagnaon of business ver6caton Of the follow
ing extracts from his letter Mr.. Adams Of last year.
The Atlantic cities for instance creditors Of the South
ern Western goods sold hem to be paid for
either 10 those states or in the Atlantic ces-her
nearly the that the exchange would not cost
much the transportation Of the When
the day of payment arrives the creditor city suddenly makes
money will receive in payment almost inaccessible to its
debtoreducng at the time the rate Of exchange and
the prices every thing This gor instantly recois on the
creditor payment made in the Southern and Western
States Atlantic merchant loses the whole depreciation in
exchange payment to be made in the Atlantic Cities aud
the debtor sends produce his debt the scarcity Of me-
ney obges him sacrifice fhe sends the bank note oil his
Gf s to s.s. Rr eel Of G
scarcity OF renders their negotiation impossible once
disappointed this sends no more produeeno more
bank the creditors urs suffer than the diff
ference by the delay.
So in respect to foreigners We large debt France
and England Why should destroy the value of only
paying it? We pay only cash produce
stocks cash. this debt contracted abundant
currency BY this artificial scarcity Of money! Obliged
to pay in currency valuable BY half third
that neither borrow the raise IT
by sales. except by ruinou sacrifice We then may pay pro-
duce or stocks city sinks the value OF bOh
when cotton twenty cents have to
pay when cotton ten cents pound we propose to pay IN
stocks these too have sunk perhaps twenty-five cent
their price year. Our then diminished in
value while debt increasing BY interest The
IN to both parties-to domestic debtor by
ing his the foreign creditor BY the delay
Of his debt II true, If he could receive his
money he could remit home at low rate But then the
scarcity which lowers the rate Of remittance prevents
his receiving thing remitand far from being inter-
ested in the early essentially Injuries him. because
the forced preparation for it, by crushing the OF his
Debtors renders them alike unwilling to pay What the Tor
eign paymcnpaymen Of the debt, not in
currency but equal currency and necessary IN
inferior currency because he can better support high rate
of re mittascc than reduced or postponed payment
described last paragraph, his favote to
make the produce OF the SOIL combined with in i'm
ports the how and easy means Of qudating our debt Tbs
Glamour Of present Bank OF Commerce clique tempted
making stocks the medium Of present payment in
order to force Resumption, Ai'
Bddle cotton forced them into following up the
measure in prices stl higher which has been
greater degree than consumption warrants Thus
their premature resumption has rendered their liabilities i'm
mediate While their policy Of holding cotton has absorbed all
and prevented trade from recognizing, thereby
coggng that demand for goods which necessary in order
perfect their cotton movement, and the crop must be
hro up falling market at rsnous loss second
suspension and utter failure Of the banks interested will lake
place. Already there is caution observed in the exchange
bills drawn against These sell
per where others will in instances command per
cent premium.
The inland exchanges which much dsordered last
spring. the time the New York banks resumed
quence the improved currency this city and the continual
expansion South became gradually equazed the Southern
n contracted in order TO resume verifying the following
passage in Mr.. Biddles letter:
The Of the exchanges in New York proves nothing
whatever except the scarcity Of money New York. The
exchanges deprecated than many other hngs
The bank nos great depreea
tiou But estate, where
these notes are sacrificed are more than the
themselves Sc, TOO, New York. the notes Of Pha
delphia at dseosnt yet at this moment New York has
pay Philadelphia less than ten millions ofdollar for
debts Philadelphia and to Foreigners represented
IL not therefore, the abundance but the want
Of eaa not strength but weakness which this diff
BY the bread and meat be reduced
price for the Of purchasers Yos make artificial
Of and then boast how much the little which
will buybut your superiority punished by the
debtor who does not settle with creditor much above
him
On the whole the which, my judgmca the banks
ought TO pursue, 10 simply this
The hanks should remain exactly they ae-prepang to
resume, bat not yet resuming
Exchanges again rapidly falling into confusion
from the comparative but from the actual depreciation the
currency As an Of which will mention the fact
bonds Of the vckbarg Bank Mss recently supend
ed we're offered Wall today A per per
equal Accents in the dollar, without fading buyers
Money exceedingly today. The old banks
vet disposition to their loans Perhaps
Of this their part
question Of renewing the charters Of the old Banks To relieve
this anxiety, would suggest that the legislature pas. Law
authorizing the old banks the expiration Of their to
merge themselves into banks under the gsaer law be
ing Obliged their operations Such
would have very beneficial snoence market al ,h.
time
8alea na the Stock Exchange.
- u Bank 1870 do ll34s60o0 do lI2l52 do IIss
Bank Of America l20l00 Phenix 1910 d, loIi.IO ~
Nork River Bank so-la5 Dry Dock l0oIlo0 do I0oiio
" A q BIZ Co 100000 Del 4 Hud 74s30-5Odo 74isyo
do 7A-io0 do 7a.s5-200 do 74asi5-50 7bbnw-s0
uerce io2iI0 10 l0li-H State Bank 0i-II do I07l-Io
do iO7i-l0 do 07i 30 Farmers Trust 1917 Ohio Life q
Trust iOOi40 do lO0i25 Kentucky e4lnw2s do a1Ibt4ds
80 do s4ab363 do IS sos-32d do s5twl00 do s6lbios4