Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-30
MUM SPECIE.

The citizens of the south beginning bestr themselves
in regard the grinding oppression of the banks meeting
Of the citizens Of Macon eo have been held at the
Court House that city Saturday for the expression Of
public opinion regard to the pursued by the banks
appears that in the town of Hamburg Is. CO. within
short distance of Augusta, Nght bills New York sell
per premium for Hamburg Bank Bills and 81 for the bills
Of all other South Carolina banks Ia Augusta, the de-
scrpton of bank bills sell per cent In Macon they
ask cent for sight checks New York The Georgia
Banks the Of the 9Th Of April reported bills
Charleston and New York. running maturity
OF 81 The law in Georgia s against charging
per The that the banks have sell
although larye amount of this must have maured it being
nearly months The funds accumulated the norhby
the maturity Of the bills used in Wall street by the bank
agents purchase their funds In South Carolina the
different No absurd law interered with the
Of business and the bills furnished by the supplied the
regularly high it would command This
together the fact that South Carolina has purchased
little in the north this spring. has caused attery southern
funds become in Wall street at 81 cent This
the natural process Of business. The exports
paying the northern indebtedness and in purchasing
rapidly equasng the balance. his did not however,
suit the purpose Of the banks IL exchange New York
fall par they would be obliged to They would
then longer the that exchanges against
In order stop this process the banks suddeny raised
the TO five cent and circulated report that would
70 much higher They then drew their New York balances
and carried them Charleston. This artificial action
and be sustained There why exchange
should between South Carolina and New
They take back the they have sold they
bought goods increase their northern
There apparently remedy against these NAL practices
81 the banks without the operation Of General Bankrupt
applying them well other institutions Obge the
banks redeem their notes specie and settle their balances
promptly and there will be ,dcuy about exchange or
uniform currency Ifexchasge higher between Charles
ton and New York. between other pons than the
Of the transportation Of the precious metals specie will
drawn for precisely between this country
and Europe The great excellence Of national bank con.
ssts in the action which it had in eauasug the cur.
r-ncy by compelling the local banks settle their balances
promptly and frequently. Few banks could expand too
much under such system. The Suffolk Bank of Boston
controls all the currency in its influence in the same
manner and amid all the disaster, roguery, fraud and
Bankruptcy which overspreads the of the Union; her
currency uniform This arises from the facts that the mo.
raj e the people will tolerate suspension aud the
banks compelled to settle their balances promptly In
ether sections Of the country the moral the people
aI stronger power in the shape of bankrupt law
therefore necessary to produce the effect Having OBJ
tanned that object bank centre Of trade
establish system similar to that ofhe Suffolk system In the
absence tks the subressury bill would create an activity
sreeie that will have the effect long the
sthe government equal its expenditures and there
nuation.