Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-26


at this that the demand for exchange
Nashville, from the dry goods men, who begin travel east
for their fall supplies; the loans therefore show decrease
bills OF exchange and notes. making
increase OF part Of which has been returned the
banks for exchange and specie leaving increased circulation
of and decrease Of specie the Of $40 900
The rate Of exchange Nashville the 18th, per cent
at sight and per cent at so days.
The Long Island Bank declared semi annual dividend
Of six per cent, payable alst inst.
The following is from an Oswego paper:-
ave understand that there has been upon the Com
nercs Bank in this village for the last few days. and that
the has given notice that unless the run
continued the bank will avail itself Of the ten days al
lowed by law for the redemption Of its Bills There be
no for public alarm the bill holder probably
dcred by the fund pledged for the redemption OF the
safety fund notes."
TINS statement the progress Of that crisis to which
have steadily looked forward notwithstanding the bolster.
ing OF Spectators aud their Wall organs. The nan.
ca asd commercial world rapidly fire. ing itself from
the wreck Of 1885, and by throwing of the forced actos Of
speculative banks rices becoming healthy eq1azed-
The process which Jeveopes itself in the fall Of prices
of business does not create any panic among
the working classes because the results bese6cia to them
There less work this year than last; prices Of Ia
Dor yet affected To the lower and mddsg classes therefore,
the only apparent change decrease in their OF v
ing To this may be ascrbsd the total absence Of any
domestic demand for specie which has characterized the
gress Of the present revuon The revsoD has thea hth
erto, been confined that speculative class Of dealers and
banks whose nominal fortunes and assets dependant
the ssment Of contracts made Of inaaon and
whose interests the continuance OF l in prices win be
fatal.
natural train OF causes growing out Of the political
and agricultural state Of England aud the continent have CON-
bned render gold dearer upsn the continent than in EAg
land the result Of which has drain upoa the
bank until the verge Of bankruptcy The English pub.
&c have been situated precisely similar with regard
falling prices and doms panic has been engendered
continued camness all that necessary, and prices
would reached points which wo.d have
been profitable in England from the continent and
staples would have coveed themselves before healthy
featuring demand Possibly larger smaller amount Of spc
Gle would have left the process to return with the current
Of trade but thi. would have created uneasiness.
This natural and smooth process would however, have
red down many large speculative individuals and corpor atsn
beth countries Thi. class Of persons have beref.s,
ered themselves the check the natural order Of
things. order sustain themseye, at the expense of the
community Wall has been full Of nosiruns Of every
description effect th. oect circular after circular has
s having for its object the coercion Of high
cotton price. the English spnners The ingenuity and
substance every fnancer and bank director has bces taxed
to discover the elixir v@"of connercia life, and every
remedy applied bat the simple oftemperance and
industry each fails 10 succession The southern nosrums
do net suit northern corsuuons nor southern h uehe
fitted by sorthers applications
The project OF uniting the whole south IN ono great cotton
ho.. la. excted but little interest here where the notable
oroct Of sending specie England speculation, in order
avoid IL being sent 10 natural Of trade has been
,,,.a and attempted 10 be carried ino effect Today Mr..
lame. q Kiug OF the firm of Prime Ward King, sa',
behalf Of that firm and other houses been round to all The
bank. 10 solicit subscription Of soeoooe 70 sesd to Eng
land In order the market there This was the same
house asd ~, gentleman Who one year snee kindly un
r,eok to regulate this country and the Of trade gene
rally BY importing ssooooco from England They uov w"h
10 regulate the q England and the commerce o. Europe
rs sending them 81 100000 back 70 "hclp them along
The practical suit this ridiculous Proec, will bc y
arouse The now sleeping fears q The community hefo and cause
panic dram similar 10 that &c the O,weso bank, which
win clean out the banks few days The whole movement
l. founded on the acy that gold has ler Enslasd IN
large quantities necessarily be Jeacr there The contra.
~ however, the The of exchange show that At ~.
CIV point the connes gold dearr than N England 70
ong a. this the will continue to leave England I'D We
send there every dollar have II the fact Of scnisg
pccc England would the o trade how easy 4
would the directors e the Bank procure the
amount from the Bank &C France, in which institution the
amount on the LIT Of Jny, 100 rancs 900
more money than Lsre in the whole United The
al !. bowe,er not the particular location of certain
c cc, but Che imitation of N. currency and The forced and
lb, maintenance of prices end 50 long as the boerns
.y.,,n !. continued, 50 long will the difficulties last.
l safes &c the stack Exchange.
"A shares Manhattan Bank 1880 Leather Bank 1867
Am 4 Bk 7e3 50 do 7elbools Big Go ioai-So Della