Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-06
MONEY MARKET.
Wednesday, June SO p. n.

Money! in Wall street Bank, and capitats
are cautious in their
the results of the late Europe on its reaching the
theatre of the cotton specuations.
The appearances manifest stock exchangs
today as were apparent yesterday ses by weak brokers
were large, time in the lcaeing fancy stock the heavy
brokers are doing but Titles prices have generally declined
although IN some advance obtained w. s. Bank
imPro'edi per ceat vekburg per cents Mechanics Bank
ing Association declined per cent Mshawk u per cent;
Paterson per cents N Jersey rsrsad per cent? stoning.
ton per cent; Harlem per cent.
At New Orleans the ul the Ross from Lv.
erpooh had board 100000 specie probably the
expected heb af Of the Decatur Branch Alabama
Bank The Alabama from New York, also had sa0ooein
pece and $4,000 arrived from Vera Cruz making an
gate ef $4,000.
We learn from baltimore THAI has
BY the city council repeating the city Bonds and also
directing the Register to refund any portion Of the
Bonds which may have been levied OF
yaar The ssoooooo loan for the payment Of the cys
sePiion the Baltimore and Ohio railroad to be issued
sterling bonds payable in London.
There seems TO be- in the haancial circles gro wing
dsnce that the next news from England will be Of
favorable character than that which last reached US
liable this may be the oerain sxcn The rensae.
ncnt Of the Melbourne ministry may have in measure re.
stored confidence at leas, far give buoyanoy
the market for stocks The position Of the banking
i
Is almost inevitably aad fact necessary equare the
currency, and place the whole basis which erect
new and more stable system Of operations
The fall Of cotton therefore, which been since the arr
val Of the Great Western nearly IL without elei.g any very
extensive ransacon looked upon rather favorable
light asa means Of clearing away that speculative monopoly
which has borne 80 heavily the community at large
spirit Of speculation has perraed the banks Of the South
ard West during the past two years. The example Of the
Bank in the cotton operations Of that institution although
sPendidy successful has been attended with evil the temp
taton which has held seedy 10 speculate
in every species Of produce During period Of
the banks Of the South and sosth West were in Number a
instances in the habit Of expanding largely cotton with
tho exchange thus Of rsdeemng their NOrhern
obligations they would scnd agent West with fund. Cor
the purpose Of specializing in pork lead and produce Of all
kinds which they sold TO the holders q their en-
orbant rates. Thus, whaevcr might have bees the nomnal
price which the planter received Cor his cotton the redundancy
Of the currency in which he received his pay eo.parcd with
the currency OF the Northern States where policy OF the
banks curtanen rendered IL impossible for him pur.
chase supplies unless prices proportion the prices
Of his cotton, Tut in proportion depreciation Of the
reRcy the banks Of his section being in situation to
draw the North TO any extent
In the Atlantic States OF the South the bank, have aso
been engaged in holding cotton speculation themselves
in advancing only TO large cotton holders The Institution,
generally have confined their business to this article creating
scarcity Of money and of northern ercange-so much so
that those basks which had actually resumed specie
obliged 10 curta their circulation almost nominal
leaving FOR circulating medium only the bills
specie payns banks and post notes and II months which
have ranged from to 90 per discount in New York
Under circumstances II is evident that the Northern deal
ers unable collect their former debts unwilling 10 open
accounts and the Southern traders able 4. procure
Northern funds deferred their customary visit 10 New York
for the purchase Of goods and the spring trade has
abortios.
THIS train Of evils has grown entirely Of the attempt Of
the southern spectators 70 force W The prices cotton back
ed by the banks which have employed all their small
effect it, TIE attempt pr,dcaed the short crop, and
by the hope ofobaniug loans England TO
bolster u through The whole has, however, resulted da'.
trously The movement q Mr. Bidde carried the trade
througa fair prices The % the present year.
Az that pe All forced action should ceased and the event
e to the contingency q The crop The true policy Of the
banks then would have BEEN cramp the mercantile inter-
BY Withdrawing from them assistance in order 10 support