Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-01

The messages which have thus far been received from
the governors of those satos the legislatures Of which
have already assembled Alabama illinois, Georgia Ar
kansss have all strongly recommended some course
protect the credit states to compel an re
sumption ofthe banks and to ensure its continuance.
is be hoped that these Recommendations will be acted
up to in satisfactory manner The question Of resumP
ton in Pennsy is yet matter Of uncertainty The
much talked of arrangement for assistance to he ant
ed to the banks has been completed and the organs
the United States Bank have already discussed the policy
Of non resumption.
Every effort will be made and is making to procure
majority the Pennsy ania Legislaureo sanction such
a measure; but Governor Porter has publicly pledged
himsslfto veto any bill having such tendency. 1t
generally supposed, however, that the bank will strain
every to effect resumption, with view to pro-
restoration OF the government dcpostes to her
vaults under the administration. The public iunda
being active capital once in her hands, would be Of
great service to her the evident promoting the ultimate
object ofthe institution that being chartered Ne
tonal Bank. With these Interior views is highly
bable that a resumption will be effected If within th
bounds Of possibility.
resumption under these cireumstanc not have
ne effect of restoring business activity to that degree
which has been anticipated for the reason that III fail
TO restore commercial confidence.
The probable Of the administrations win
exercise great influence upon the commercial affairs IN
til they settled At the coming session bankrupt
law will be strongly urged and perhaps carried. This
will lay the groundwork for future operations The new
government will then in with debt OF $40 coo go
on their hands and will be necessary to adopt some
policy to supply the Of the government An eNrs
session cannot be called until September The terms Of
onethird Of tn expire the 4h OF March, and
their places will not be supplied until the fall The new
government will undoubtedly attempt to increase the
Tariff but that will be work Of time, and the necess
ties OF the administration will reach saooOoooo, before
any supplies be raised, and much time mus, eapse
before be repaid after system is in opcraos-I
Under these circumstances regular debt is much pre-
erable TO continuation Of the treasury note systen,
which although proposed only for year. has beeo
in operation three The futurs of the govern
ment also likely to be further reduced by revival
either Of Mr Clsys land bill, which pockeoa By
General Jackson in 1854 some method OF dstribs
ting the proceeds public lands the principle involved
in that bill The operation Of such bill would undoubt
edy have great influence in raising the credit OF thess
states which have made specific provision for the nte
rest ON their debts Many capitalists already looking
forward to this contingency, in connection With The pur
chase Of state stocks permanent Investment Some OF
the stocks present rates would ieh an Interest
Of per cent permanently
Is also contemplation, according 70 the speech OF
Mr. Webster to organize national bank with eslatal of
sooOoooo during the period that the governnsnt
will become borrowers for Siooooooo foT their own sx
pensss The viii also be in the market Tor sieoe CO.
making an extra demand FOR 500 900 The Withdrawal
OF these from the channels In which they arc nov
and applying them to ether uses, must neees
sary create an immense revolution in property ~ now
exists and will cause pressure and arrangement from
which will be very difficult to recover. When the ,sto
United states Bank chartered in 1872 the forcing Of
large Of capital into new channel caused in
mense suffering for nearly ten years, although the GO
vernment was yearly throwing into the market from
soOoooOO s5coooo yearly, by paying oil the national
debt That was Of great assistance In organizing the
markets. after the rcvulson OF isiio The reverse IS,
however now the The government instead OF Tsy
ing of yearly borrowing sloeooooo yearly
This ono independent Of all o,herswss sum
een 10 produce arrangement Under oil these eireum-
the future holds forth much 10 Induce great cas-
ton an and dealers that are sound oonA-
ton and TO dispose the nsolvent 10 hazard any enterprise
whereby they may by possibility recover themselves