Morning herald., 1839-10-25

isas ao5 $40 1886 a74sos
ls3s ls,s sss'1Sa sssasa q Iss Isss a iasios ios
Th, table that during the years Of in Eng.
aad the auction duties has invariably sweled-
We perceive the years 1924 and 1925 when the pressure in
England nearly reached suspension of specie payments the
greater than during the year OF great pe
cuaion 1886 This has been invariably the case and the
drain for money created has been the cause Of pres
sure here year 1885, which Of great msnuae'
turing prosperity England find the amount Of duties less
than for any year 9 The heavy stocks then
accumulated hand and caused the fall of cotton
With growing pressure in England they have been sent
raise money Last spring, large amounts came and
being then buoyan good business was d. At SIX
months by the auconeeand within the last few weeks, the
imports have far exceeded any fsrmer period.
The sold dry goods auconeers be estimated
at for which paper pressing the market
and paper has been offering freely at TO 4per
cent The effect Of the operations Of he obber is BY er mt
ing long credits to stimulate in every possible way The con
sumption goods forced upon the market raise money!
BY which constant balance kept against the coun.
try and when crop delayed unforeseen accidents
haust foreign credit these very whose hsadoug opera
tious destroying the business Of the regular
chants and wantouy creating balance against the country,
first call meetings. and Glamour against the banks for
suspcndpg enable them to the notes held by the
auctoneer The heavy discount which has been paid upon
this class Of paper has operated Heavily against the means
Of banhs the drain caused by the United States Bank
post Totes and has been OF preventing the nstu
from doing that which required Of them viz to
redeem coun, money Were not for the heavy demands Of
the obbers and for money the city banks would be
enabled country banks which, their would
erpand the crors aud facilitate its coming to market In
the presen, positoa Of affairs sa0O0ooO produce dsn
ed from coming market at critical period, simply BY the
inability Of the b inks to furnish the means.
Combined with this Of the arrangement Of the safety
snd banks the Of state finance, and canal
funds during tn past eight months arising from the po
ca nnuenc, OF the class Of Last spring when The
European horizon connected with the affairs OF the southern
states g VIII ch taugt the prudent 10 be careful he
managers ofthe finances planning the expenditure Of
the debt proposed by Mr. Russes In March the
Psapha loan for 50 100000 offered, and Caution,
we're mensd men time without getting bid The
same success attended for time the 81 Of the Canal
this State but the all street clique were then
about starting Bank Of Commesce and the loan taken
~ them pa, able n the bills The clique shut
ting their eyes the sgns Of TIE times and having il
the handling Of The whole proposed debts encouraged by
their polite iaauenc the extravaganza Of those charge Of
the finances who plunged until by recent atcmen
appears expenses OF months have bees 80 oo
oso than $4o 900 per month To meet this
they negotiated loans aud spent the canal tolls
accrung the present The following table will show The
complete receipts:
loan taken by the Bank of Commsree sI,oOoyooe
Manhattan Bank 5o0,0o0
Bank Of America, 100000
Surplus Canal Receipts, 100000
si,soo,ooo
The proceeds Of the Of rec,aty disposed Of
the banks win not be available for months II thus
appears they gone beyond their and the effect ha,
been cripple the safety fund bank. and prevent th,r usual
loaas crops The Law allows the depoe banks
tain funds deposited with then unit, the lsh Of the
ceedsg such depsse Il mas been customary retain them
90 days. but IN consequence % the necessities Of the commits
soners arising from their they have been drawn
close, and the banks thereby cramped.
Al the time the operation of the bill, Of the
banks. in driving the safety fund bills from circulation
beginning to be Perceved By the safety fund banks
certain Of them order 10 throw dcred the bsnhs
refused any longe, TO receive their bills deposit
sequence OF which the collectors canals refused take
them. This had affect of calling forth EXTRA erertion
fron the banks obtain circulation; ,hch done b
employing exchange the bills Cor safety fund.- and
returning the latter on the banks.
la this view the operations Of the same class cr
men politically and commercially tended produce that
arrangement currency s the state wcs they now
elamorng for city banks ecy The rcsult that the
safety fund banks in condition that will render
pess'on BY them very probable which will be followed by
loss Of their chart- and seriously affect the transmission Of
the crops to market Already the prospect that -four
rae to - or se There and ell that arrives
Immediately shipped and hut thirty days navigation
The worsinr glasses therefor. likely be hungry while
the nterr Is ovcno~inr state of things arising solely from
the folly and Encouragement here described The great pubic
welfare impera,eiy demands that the New York banks hold
their present osi,ion They will he supported by all regu
lar and right thinking merchant The result will be that the
the reign of folly and speculation will cease with fictitious
prices The Law Of supply and demand once more govern
s~sde and ooy who A. will receive the reward
Industry Toh.ten such aeoosuusaon hcsc who cam.r
fer suspension dhonor cf the bsahs would suspend ~
4sss Few days their d;ssraee would be felt and
only known a. an instance 81 Wholesale fraud.
sales ns she stock = Exchange.
$1,000 Cop B.nd. es.ss share. Bark 7sa 20 DO ,sl
a. 10 DO 7s L. DO 5si go do 7s ~ do IL 40 81 do III
do 17t ssoa, Bank Of Con ~ 10 do 90 s2m, IS do s
90 DO oo150 10 Dry Dock csio do Mer ~ lo0l0 10 Am
81 d. III 6n 2s do a. ss do 6i sb do ga % do 81
10 40 Morr. Canal do Del iuA 6sA so DO &C. hnw
50 do b $50 do s3 do ess as do s3l sl0d 40 90 ssi
100 do F,rrerss Trust 1ae do ~ 80 do 72l0 do Ohio
Lie Trnll MIN 10 Trust t6l - 10 i6l al 50 do