Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-17

Vile de Lyon csrriss out 100000 in specie.
The stock market very material change in
its general features United States Bank improved per
cent Delaware per cent; Long Island per cent ston
ingtoa psr cent; North American Trust Banking do
clined per cents Harlem per cents Canton per cent;
Utica and Schenectady improved per cent. Sales Of
bills on Philadelphia 81 discount Baltimore u per cent;
New Orleans 1t Il discount; Mobile 81 discount In
state stock, Ohio 6per cents brought 97a; New York
State SIS quoted 81 %; Illinois SIS 10! 7s Indiana 50
| 7's TO- do. sterling 80 81
The elements composed of the different and conflicting
interests in this country have lately all been concentrated
on one object that Of politics. and election has just
passed which has aehev entire revolution in the
minS'rstion and its prospective policy. The ee
menus are now organizing the best of turning the
new state OF things to their advantage The entire
masses OF the community may be divided into classes
One Is composed of Of real capital in regular bus
ness looking forward II steady cxrrency and gradual
increase of mercantile property Another clas. r. COM
posed oil men OF fictitious capital great Preteons
are looking forward to great increase in Mnk cspa
unlimited credit, and culave rise property OF ali
kinds based upon vast expansions of paper
Already this latter class have begun the
hst step being to persuade the moderate and hones
portion that bank expansions, without proportionate
specie basis, detrimental to the permanent inter
ests Of society.
At this time pnces produce and ommo ies GENERAL
ly are very low The supplies very large and tho
circulating medium limited in amount and sluggish
movements The latter Giro umsance has as much inAu-
ence as the former prices Real Estate and Stoeks
Sank and Corporation are not however reduced in
responding ratio The supplies OF produce have
stantly increasing aad have consany pressed upon
market, bearing down all efforts to them With
real estate and other property the has different
The supply has not increased the holders Of can in
most cases. avoid pressing the market
ofbank facilities, and the necessity for granting these IA
ses the for suspension The object of dealers
and produc 10 to find markets gradually ing
in prices and activity under the influence Of healthy de-
mand The object Of the holders to hurry this natural
operation order expedtiously reach that point
at which their property will become active their high
prices simple resumption by the banks a specie
basis in order to restore uniformity and then
an entire cessation Of upon the subject excep
to compel continuance Of specie pay men would soon
realize the wishes Of the former class The
holders wosld gain nothing by this An immediate sppli
cation ola vigorous stimuant in the shape of
of paper is the only way by which their object may
be obtained Accordingly mutudes of projects are now
on foot to replace the government sub-Treasury pan
which they hope to demolish In support of these pro-
ecs the most absurd not to say ludcrous principles are
gravely promulgated will be recollected last year
about the time Of the failure of the United States Bank
COL Webb oftks Courier then in London recommended
in letter published in that paper, with great navee
that all the banks in the Atlantic cities should ship all
their specie to London order to stop the gradual
which endangering their solvency. similar drain
has been going this year. which raised
the price Of silver materially and caused the to call
their stock loans In regard to this the Americas Of
this evening reitcrates the sage idea of Webb in the
following language
The truth is as has before been remarked in this paper
Banks and the whole country have much specie
than they want o. properly falls to their share Stability
farther c2I port OF the precious metals.
II would puzzle "a e gentlemen not little to show hsw
orI1
surency IL sdeei lacy do to eschew specie ar
has altogether That this latter is the object of the spe
cutos gathers rcs from public the Courier of
th moennk ir whieh the ultra IL redeemable paper
Doctrines srs grvely avowed The arguments used by
the Courier re almost too supremely ridiculous to DC no.
ised but they not more 50 than the recommendation
sS1sd 70 OF prcng shipment of all the coin to Europe
They also seSeso the desperation and views Of that
elassc who isagine they have 20, control ofthe
finances ofthe county The views the Courier are put
:srth under the semtlance of dialogue Of which the fol
10 wing extracts will show the nature that ia
supposed to be Col. Webb
A. STILL is generally asserted that the s,~zrry 9th.
gold and silver names Of South America by ncresng the
Of the precious metals and consequently ofths cir
custins Medium the cause Of the general rise pr
css " hich afterwards took place. 80
B. Asserted has been, true, but for other reason
that discover than at about the period the mines
South America discovered, prices slightly began
to advance, and have gradually continued to do So
A. II is said that all the circulating medium OF country
representing all the wealth it, you increase the for
mer you proporonably and nominay increase the lat
b. sheer nonsense. How does the circulating medium
represent the wealth. the wealth the circulating med
UNI You own house, a farm, aud owe nothing --ihs
house farm is certainly eah; yet in what way
be made to appear that they connected in any
degree with the circulating medium ana at loss to ina
But still you will admit the in prices alluded to
did take place iii the cause assigned was no, The true
b will admit took place in the principal connereis,
Placeso Europe but the cause oft was demand ou,s'rP
Such doctrine ru, forth the presen, day by the
Wall street press The following srsumen. is equally
musng.
B. Let illustrate my view further suppose shsulJ
dimensions Of bushel measure should he diminished
half and the, this hall bushel should henseorward be de-
bl, tho number OF bushsls you measure by IL but you
may manufacture bushel measures Cd 'rnum and as isng
retain the standard Of the capacity dmcs
Sons, will not increase the number OF bushels mes
sured By them.
Prior to 1910 the notion here attempted to be pro-
mugseJ viz: that increase Of currency did aot in
crease prices entertained in England 10 extent
The famous bullion report dspeed those illusions, and
mp the pr sent time has since been foolhsriy
enough to assert them With great deal Of ooadesoen-
son Col Webb admits that prices have risen ofste
years In the principal commercial places OF Europe, ani
asc ritss demand oustrppiAg supply. This is admit
ting what tue, and giving false to support
false position Since the beginning of,hs prescat
tury the demand for all sorts OF goods has thea
quairuped notwithstanding which, prices have fallen
than half The price Of per cent Consols has
increased than per cent, which eqai, alent to
fall In interest, The follow ing table from official
in England, willie sufficient answer TO the t~sIe
have referred contains the prices Of the chief s
ces Of produce Of Manufacturers also Of per eeat
eOnsos and gold the depreciation per cent Of the
currency during the bank restriction
Pacrs GoLp CossoLs CosS. CorroS, Wool, a-p Yaas
Tfis eosNENcENEsr rarsyyg
ASP rns sxrsECiAror rxa cx.r Dcnfvc rak
Currency ierve-
Coqgn Ysrn. Ws.i Corn. Cs~scl' Gold eisi's- rci