Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-17
MONEY MARKET,
Thurslay. April IC---j II. VI.

The market connu on the defensive Both institutions aud
individuals their positions by every
their power in order to meet any sudden disaster that
Since the explosion Of the United States Bank, conf
dnee has been diminishing and at each echo Of the
sion that reyerbates from all quarters Of the Union capital
lists start and cling closer to their accumuaons and the
banks receive additional admonon be cautious their
proceedings No knows from what quarter the blow
will come The fact known, that the wild spirit Of spccua-
ton Of former years, built towering Of fictitious
property and securities this the the
mischief at work in all those that
considered the most firm and occasionally bursting
with appalling effect ia quarters hitherto considered mpreg-
liable. The immense fraud in the sehuylk Bank yet
the topic Of Conversation when the Manhattan Bank orumbed
about the Of the Stockholders and aonshcd the world
with the rotenn.ss discovered within. The Mississippi Banks
then blew up, and IL is found that corruption has consumed
their substance. Many minor daily going by the
board and before the anxiety csusedby these events has passed
from the public msd the Bank Of Virginia eSpodes and posi-
tive defalcaons Of half million discovered This
scarcely attracts attention ITSELF owing to the great anxiety
creates to where the next stroke w azht every breads
that his own property matter where suses In similar
jeopardy Each explosion tends the depreciation
Of property, and consequently TO increase the risks.
The causes at work whincreaed rgor These the
indebtedness Of Spectators and the influence which they pos
sees banking institutions They all aege that they have
property sufficient to pay their debts &c they could get money
that that they have bought goods and lands caused houses
to be built and canals to be dug railroad, be constructed
at high prices by means of bank they find in the
end that the cost has been nomnay
the actual values and coin is demand to pay foreign
debit, the Of the currency reduced and they
cannot command fourth Of the estimated values in money
they then turn 10 the banks and BY means Of their
its capita fo their private purposes in The hone Thai
they yet be able 60 reale and repay But The tendency
is sh dovnvars and The ap collections burs, FIRST The
United States nk at the head and fd ten al Mis-.
sissippi faled then followed institutions one after another
Zach failure carrying down the of concern h;ob
has hitherto ecns erred herself safe.
The advocates Of the irrdemable System argued that hey
the SPECTATORS have been public service nasmuch labor
has received it, reward The WALL IN recent
apologize put forth by it in behalf Of the binkpts that
sbour had been maintained, clothed and fed and therefore
that the specu tors projectors had been o public service
This would have been the had that lahour produced
ins which added o. The wealth " the community; bot this
not The cas hour his been employed and paid undoubtedly
Do ma pr uccd pcthng or value Railroads have projected
W e wilderness en in situations where they could not my
" he Ere Rdrood Prnccly palaces have been built Cor
'se VINO nov hsc NOT the live thsm. TWAS said
~ The Venerls William Gray cf Boston tat when applied
70 70" asssauc" BY uoss VITO able work but rlead
'"so, o p"cnr" rk h- rloy ed to pi, Il
we" on sic Of lie yard aud cple them The other
ana men rturn them 10 their FIRST pcsit for which they
re.e,o ds'y waees Were labour FED clothed and main
neh' yet no en-" ~tn CONTEND that either Mr. GRAY or the
were 'he r'eher ior IT. The operation otss specvlsors