Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-23


In the meantime crop OF dies has been
received and but little merchandise purchased in the north
and yet exchanges generally to
at the Of the season. great staple the
south has declined from II cents fer fair cotton New
~ November last to cents depreciation per sent
Western -four has e in the per cent real s
tate, in all sections of the country unavailable and
stocks scarcely negotiable price state of Penn
syans authorised loan of $1,000 from her suspended
banks and cannot it, All these familiar
mercantile the country he
every day making matters The ction
forces itself the peSc mind that neither business
credit Can flourish ia state or This producing
great revolution in the minds Of those who hitherto
been induced to favor the banks. After dgent inquiry
the best sources Of information convinced public
sentiment at the seat Of the disease Philadelphia will ole
rate suspension longer. Appearances there are very
favorable to speedy resumption. II in vain charge
upon the federal administration the present stagnant
dition OF trade. Practical feel in thsr daily bus
that it is the Of resumption in Philadelphia only
a etards business The this city and the east
exceedingly cautious how they sell Philadelphia and
they cannot for the banks will do nothing with southern
The whole southern country instant
that Philadelphia leads the way The rates of exchange ON
most OF the southern points Indicate indebtedness but
depreciation Of psper and BY resumption local bills were
placed on par with specie exchange many Of the points
would be found to be actually their favor against New
York This the at Chsrleson-sight bills New York
may be bought for bank notes at 81 per premium specie
commands per premium hs il the Depreciation csnse
quenty If the bills sight bills York would
be at per cent discount show actual balance favor
shareston ls 10 the natural result of large
duee and small purchases Of goods further indication Of
IS the high rate Of discount here notwithstanding scarcity
Of the funds.
This the position greater or ss degree 81 all the
southern ports The question then is why do not the banks
resumed This 10 referrabe only position and
ofthe u T. Bank That institution being possessed Of an i'm
capital sad standing in the light Of 10 the
influential institutions Of the SOUTH power which
most irresistible The nsttuon may be said now TO be almos
alone the advocate Of suspension This arises from her ao
lutte inability to pay Her influence and the OF money
persuaded the legislature for the int
rest Fl the State and the public for the
belegalsed The State well the public diseo,e
th,t suspension has benefited them their policy
se,dsny 10 resumption in order 10 the eharac
ter OF the State stock Time s however short
ton will yield sufficiently early the amount necessary 10
meet the August interest the debt This seemnsy
ders the legislature from pursuing harsh the
Bank. The however, in this emergency plain New
York overfowing with idle capital The federal govern
recently obtained 81 Of specie low
rest because her cr,dit twas undoubed All that Pennsyl
vsnia requires 10 take high stand is authorize tau be
applied 10 the meu Of her interest and comrei resump-
which WILL with the exception Of those interested in the
U. ~ Rank and Grard be unanimously coRcurred in The
state could then into Wall street and enough
low interest immediate wants Trade would
again New York and the East would again
Padep banks would take southern paper rha
phi. could become the distributor 1.-THE
The east and othe imports Of New York. south The
fall the Of produce leaves the south large surplus
be invested in new purchases The following estimate Of
the great relief the fall in produce gives the south
STn Of i ea cc s s. ss.: At 600
Surplus 1899. $40, 200
Cotton crop Of aoOo0so bales, valued at Sso00ss
Fcvr consumed 10 the south, 600 at oOcoo
Surplus 1880 s.......'s'''ss'
The m Ia pork beef AID other produce, makes difference
ofsoOo in the increased surplus Of the SOUTH which more
than doubles VI. power Of purchase while the fall IN the value
Of manufactured goods corresponding in proportion will make
difference OF 100000 Of the south last year
This great element in u. revival Of trade and the ground
work Of season Of snd nothing prevents its open
ing but the dscrdt attending suspension IL the T. 5 Bank
can resume she will, b. doing be usefa and vssabe in
s'on she cannot resume, she goes into qui-
dalion the better for all concerned.
The Planters Bank Of Mississippi pot four Other branches
into liquidation These branches wi 90 usual receive the
notes Of the institution in payment debts pay their
dollar notes but viii Heiiher discount nor receive dep.
s,s. The branches at Columbus woodve and Monticello
will be continued.