Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-01-13
VAR Benmess's Letters No. !.


Every thing is in eonfus n-inance-justice-trad
-taxation-politcs- commercial morals, l ma
add The legislature has met-the governor deli
vered himself of his message-but one of an,
party believes that any definite legislation will b.
ehected on the banks, currency, or state finances
The legislature will be divided into three parties
lecofocos, conservatives, and wings; each havn:
different views, but no one a positive majority -
The consequence will be an idental issue in thu
legislature, probably favorable TO let the bank
remain they and not daring 10 resort to direc
taxation till forced by absolute public necessity
thereto.
Perhaps state is in a mere deplorable situation
than Pennsy wanna, in relation to her currency and
finances, and for this position she is equally indebted
TO the politicians and fnanciers of both parties =
What the result, politically, OF this state OF coniu
sion may be TO Van Buren, or Harrison, is quite a
problem. That result will depend the contingen-
cies yet TO take place. 1t may be decided by the
turn Of single die.
Today the news from England to the 10th ult.,
was circulated. and had the effect Of advancing
United States Bank stock about three and half TO
four per cent. The quotation in one of the London
papers of that stock at fl9 10, is believed to be
error. The Extra" from the Herald office, was
regularly received at the Exchange.
The first violent ebuliti0n Of resentment Of Phila-
delpha against New York, because the latter would
not suspend cash payments has very much subsidized
now, and in is place, species of calm Quaker like
resignation has grown up, which admits, in distinct
whispers. tina, the United States Bank, the Girard
Bank, Dyotts Bank, the Schuylkill Bank, and seve
raj Loan Companies, have been less msma-
naged There is deep and settled conviction here,
pervadng the great mass of the substantial people
IF Inn LIST fro No lat
ladelphia has been nearly disgraced by of her
great inanciers. Mr. Dunlap, the President Of the
United States Bank, is esteemed very honorable,
clever, good fellow. but good deal OF bloekhead
in high finance. On the contrary, sentiment of
dislike and hatred exists, beyond moderate limits, to
Mr.. Covperthwaite, the cashier. If Mr.. Biddle or
Mr.. Jaudon had been at the helm, it is asserted
positively that the late catastrophe would not have
takeH place. The difficulties Of Mr.. Jaudon in
Europe are believed to have been eAtrely caused by
the Encouragement Of the dire ctors here. Nor
has the opinion of the old practical inanciers here
been changed by the recent change in the directors
OF the bank Nothing will ever retrieve its charac-
ter even In Philadelphia, but the return of Mr.
Jaudon, and his election to the presidency of the
bank
Many Of the other banks here are ready to re.
sumo, were it not for the "great suspended."-
Many OF the healthy depostors Of the great banks
are Withdrawing their funds and placing them in the
smaller and better managed banks. l may mention
one-the Farmers aud Mechanics Bank has depo.
sites to the amount of 81 100000 aud still increasing
Nearly ewhole circulation of this city i, in U. s.
and Girard Bank bills. A few days ago, about hun
dred laborers went up to the T. S Bank to demand
specie for their notes. 1t the day after the en-
piraton ct the 80 days. and general impression had
prevailed among the working people, that on that
day the "great suspended" would pay specie The
poor fellows went away disappointed, and thus has
another handful Of seed been planted in the public
feeling against the present banking system Nor is
there any remedy in prospect The U. S. Bank is
so bound up with the State and both deranged
in their affairs, that existing political party will
separate their destiny. Indeed, the State may be
said to be in the hands of the bank.
The recent indictments Of persons connected with
the Schuylkill Bank are beginning TO be viewed
with ming led sentiments of SURPRISE contempt, and
laughter. The principal persons on the Grand Jury,
were, Mr.. Brown, director Of the L. ;. Bank, Mr..
Chandler, who has had some singular transactions
with an exploded Loan Company, and Mr.. Peter
Fritz also recently connected with another exploded
Company. They have mixed up with Lewis, in the
indictments, several persons who had little to do
ones, to escape The W hole batch is believed to be
hoax on the moral sentiment of the public, which
required victims to proptiate for the outrages
that had taken place. If the Grand Jury be properly
selected should not be surprised to see the Grand
Jury for January, 1910, indict some of the Grand
Jury for December, 1880. OF Lewis, little is known
learn from confidential source, that he purchased
a vessel in New York. before the explosion, by the
aid Of Mr. Maxwell, the broker in Wall street. for.
merly clerk in the Schuylkill Bank, and also in
dicted, and sailed from New York for some port up
known have not heard that he has gone to Europe
most probably to the Mediterranean, Havana, or
Texas.
called today upon Mr.. Ashmsad, the agent Of
the Baltimore and Philadelphia Railroad Company
and find that there will be difficulty in es,ab
fishing an express from Washington TO New York
that will enable the NewYork papers to receive their
intelligence one day in Advance Of the mail. shall
carry this into effect before return. The merits
Of the case between MIR. Kendall and the company
ought t. be understood end let the blame rest upon
whom il ought. The Railroad Company is very
much disposed to do every thing In its power to ia
initiate the trans mission Of the news to New York
j. q. b.