Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-07

There evidently buoy ancy in the money market
generally and the disposition to invest to be gain
ing ground. New-York State SIS were in demand this
morning The uncertainty attending the position Of the
u s. bank is sufficiently depressing to couneract all the
confidence which the progress Of political events might
otherwise create in the rise of property From the many
rumors with which the Philadelphia papers filed it
appears the u bank acknow lodges its inability to
resume without aid of the other Philadelphia banks
The papers, however which state that these banks
are proerng aid the L. bank also that they
seeking aid themselves from the Eastern banks. This boil
stering sy sten if contemplated will DO. The banks
must stand their responsibility. The attempt to
bolster Southern banks great of ruia
ing the u s. bank and when she failed last year. if the
sound had then cut her adrift did the NewYork
institutions their difficulties would have been
They have acknowledged repeatedly that the Indebtedness
of the u s. bank has been constantly increasing II will
continue until reum ion is effected independently
rot system of borrowing, but by ability to pay
their debts.
Almost the only evil under which abour is the
suspension of the southern banks The excitement OF
the elections and the prospect great contest in great
dverts the attention Of mercantile men, from the
real of existing evils which is the inability or un
willingness the south to pay long as the L. s. Bank
stands ready prey upon them in order to resuscate
its fallen fortunes The cry OF new NATIONAL BANK Is
ra,eI as the nanacea which is to remedy the evils grow
ing out of the bankruptcy of the old one Mr. Webster
bu. gave no hint to locality. New York does not
wan, another national bank located in Philadelphia
The centre of business should be the centre Of financial
operations Philadelphia will scarcely consent TO the To-
cation bank in New York The interests OF the United
States Bank will coneict with the interests Of the new
Bank But having setlel time and place, and amount of
cai.a say $50 100000, who to be entrusted with the
MANAGEMENT, Mr.. Bddle We apprehsnl that gen
temans high name would scarcely command the conf
dance Of business men, after recent late events In fact
tn GA of conducting the banking system has been
entirely broken up The splendid dasaing enterprises of
Mr. BdIe without counting cost extended their influence
through every grade of society sngly individuals and
collectively, the whole country lived hey ond their in.
come, because of doing furnished from
thc fountain head in the shape bank credits and extend
ed do through all the channels of social intercourse
When the time TO pay and every body astonish
ed nd that he had not the Mr. Bildle exclaimed
Well have eaten much, and drank much, the
rem,dy is economy"
This remedy been applied aud the debts are dis.
charged We havsnot the means however, of resumpg
former splenlour; free from debt industry is
rapidly enching the country; and trade increasing its
vgor daily The minds Of those who formerly were daz
zei with fictitious prosperity who lived upon the
Of others under the shape of credit and
of large quantities OF fictitious property hank rng
q that state OF things. To reach more bank
capital is proposed the readiest way. This cannot how
ever succeed the public mind is prepared for new
ospcculation. The multituies opeople who Quilted
their employments in former years. and engaged
in speculation, such 20 mpoy ersh the country
very great degree Since that all persons have
returned their useful and productive employ and
properly directed energies the real wealth
the country has immensely increased, and its debts
only discharged but balances accumulating its favor
Its real wealth has formed the basis of
cra.iye business doing AMI which is increasing
s able basis
The graspng spectators are at work to upset and
reverse this of things They wish the accumulated
wealth Of the country to be brought within the
speculation they looking for the public mind be
again noculated with the mania which shall draw the
Industrious from their empoyments farms up
town lots iafae prices, the country with the
products of foreign industry AMI increase the t
butte paying Europe in the shape of interest,"
until the reyusion comes and people waking from their
decisions go back heretofore to the employ they
have quilted with the fruits their industry past present
ani come mortgaged to the banks for their idle specu
1ation.