Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-22

In addition to this $50 bales have been purchased
in ofdclvory The institution has made advances
cotton shipped for account of individuals Thus appears
this institution IL not banking institution but trading shop
and purchases with her notes of hand payable future
time; andby the statement Of its affairs II utterly
The Brandon Bank pursued similar they bought
ton with post notes and when this had been done great
fest the mother bank passed resolution to abolish the anch
at Psuldng and transfer the bills receivable TO Brandon
order 10 avoid the deprecated currency they put in ccu
latoa On the PRONUNCIATION Of this intention meeting Of
cren took place. which resulted in taking forcbe
OF the vaults books &C. othc bank which placed
in the hands OF committee Of five for Popular
dgnaeu becoming the grossness Of the frauds
praesed by the banks and the influence the banks
State Legislature not be sufficient TO counterac the
gathering storm.
The policy whichd this state Of things in Mississippi
pursued generally by the other banks Of the south last
year. aud the active bringing about the disastrous
state Of things in the market Prices up by
banks until consumption checked-they then
tanned By the IT, Bank through the agency Of stock opera
tons Notwithstanding all this the commercial portion Of the
south remains largely indebted to the north. They
benefited ny the high prices of cotton The market England
recovering from the depression. Cotton iso
below the prices Of yarns sufficiently 10 allow pnners
20 ou the markets would IL LETT themselves soon be-
come sctve but rrescable bank paper is. seems again
be nerpcsed TO give the material fictitious value the
benefit OF specuatos This continue choke ~, mar.
ke FOR greacstsa and consequently to dcprcs all com
mercial transactions
The continued sgnaiion o the cotton market will necesa
ry be aught with great evils TO the federal government as
well az mercantile community. With the decreased va
lu Of the exports imports must diminish. In same pro-
portion the customs will decline. This Of the chief r.
sources of the which, f receives the full amount
estimated will still be short. II Is however, undoubted
fact that the January the amount paid out dcbcn
ture certificates the port Of New York. sresds e
received Nothing has therefore, been rcceiv
ed from that The expenses of the government
last year SlsooOoo per month"; at the rate for February
and January gives deficiency Of 5000 ooo not antcpa
ted by the Secretary of the Treasury For the coming months
the imports will probably ncrasr bot the government will be
short for the year at least sioOOoooo.
To this they must create loan borrow on Trea
sury Notes orlsvy tau The last they will not ven
turc The first will take time, and wants pressing
Treasury notes the only These mede payable
IN New York. would be great benefit the mercantile world,
we'll ss reefo the government Treasury Notes bearing
interest," Of small denomination would obtain the confidence Of
large class of those who through dstrst hoard specie
They would dis rpcar from circulation and specie would come
out Thsre s however prospect that the
viii Tor years be sufficient pay expenses and allow Of
the redemption Of these bills The result must therefore, be
funded debt national bank The present expenses Of this
Government cannot al the tariff be unless
ofovertradng when imports greatly pre-
amount Of eSporis Newt TO borrowing therefore retrenc
ment ia uecessav The reduction Of salaries and the discharge
Of office holders has become necessary with the
with the banks