Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-08

for the Lala cs uu. from IN ~ tns uhIUunSV
s7sO,sos one third part Of which is taken by the
Commerce in which Prime, Ward & King, and their n
pals Barring Brothers, are largeownsrs. Others ofthe
refuse to accede to the proposition These are the
of America the Merchants Bank, and the Bank Of
York The Philadelphia B anks will, however, und
eddy resume on what they have got and do their
The present state or affairs is very singular. Sea
one year ago, Philadelphans and Philadelphia ne
pers were filled with revilings and ridicule of the
Now York Banks for what they were pleased to ca
in sane attempt to continue specie payments. Thirty
was then the extent 10 which it was supposed the
here and at the east would sustain themselves As
passed on, the banks remained firm, and the abnse
sided Prime, Ward King, aAd other interests
however strongly opposed to the u. g. Bank and thw
her many ways. In the spring the Philadelphia u
expanded and again commenced jeerng New York
cause they were doing a nominal business, while
city stuck to the cash principle. Drawing towards
TENDER, the luminosity between Prime, Ward KING
the U. s. Bank broke out into the most undisguissd
tility. The New York American, the organ Of Jams
King, filled with the most scurrilous abuse
Griswold Esq; the nest indecent and derogaory ept
were used. What change is now presented to all
The U. 8. Bank, and other Philadelphia instituti
have sent a committee chat in hand" to our abuse
stutons, to beg for a few hundred thousand dollar
place then in the situation that our banks weT
viled for maintaining and who the active agent heI
assist the u. 8. Bank2-Jamss g. King, who some
weeks since was through the public prints, calnmAa
the President of the U. s. Bank in New York. He ma
seen in Wall street, at the head Of the Philadelphia
mittee going from bank to bank, not unlike kno
mendcant friars in of the Catholic cities OF Eur
asking aims This great and sudden change Of demea
has been the subject Of much speculation and has
the belief of some new coalition between the bank
the Barugs 1t will ~ found, however, that comr
interest is the only bond Of union The principal
siness of Prime Ward King is with the Eastern Sta
which are manufacturing. The suspension cuts OIL
large amount of the trade Of the Eastern cities and
sumption for them matter Of paramount Importance
restore trade. This gives impulse to the New II
House to forward resumption by all means In their pa
err Another reason may be the great influence whic
is hoped the resumption will have upon the price Of 81
Securities in Europe In these Barring Brothers are a
IL interested 1t is conceded now, that the bank VIII
sumo but the very general opinion is that she Will not
able to stand through the year without tho same
in London that she asks hers that is renewal OF old
liqa,ons as they fail dws The hank, on resumng, nj
ourtai She has besa mach expanded last year, to cut
favor with the public for having suspended. She m
now rigidly surtail and by so doing, Will, IN all
liability lose at least per cent her commercial pap
The resumption with other circumstances may, hswe'
advance her stocks Is per cent which Will be an
We have it on good authority that the bank holds
of Stocks $soooooco
OF Commercial paper, 100000
n her assets 81 100000
Total nsssts $40 600 ,0e0
The stock OF the Institution is estimated to be wof
by good auth critics II settled up, 90 per cent II
the hone of the Directors to be able to work out VI che
ty BY obtaining restoration ofths Government deposit
under the new administration and they will probably
them The new Government will not use the sue-trsa'
ry and TO organize National Bank, Will be the wo
oftwo wears at least Small institutions cannot pero
the duties and the United States Bank to be the or
resource if she can show good front As we have aoo
limited her movements now seconded by her ieI n
opponents with aview to tosk-jobbing. They may a
wink at her having the depositss, but when the quest
Of new National Bank comes up for discussion, oPSe
interests will again conflict.
Nisvery evident that undue expansion by any ef !
eak Banks i'll be self distruston They must sfric
co.fne their TO the movements oil trade.
products of industry sufficiently large to form eo
meas greater III AN before and by keeping the ssr
dear the export will be greatly facilitated and mpo
prevented.
From data in our poss sssion we may give the oio"
estimate of the business of the Union as compared
the last year. -